FT News Briefing Oil price war, vaccines, banks on stimulus
Apr 3, 2020
Oil prices skyrocketed nearly 50% amid talks of a supply cut deal, marking a historic one-day rally. Meanwhile, biotech firms are pushing for faster vaccine trials to combat COVID-19, navigating tough safety regulations. Banks face scrutiny regarding their small business loan initiatives and their past role in the 2008 crisis. The discussion highlights how banks can redeem themselves by effectively channeling government stimulus to support struggling businesses, a crucial factor in economic recovery.
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Oil Price Volatility
- Oil prices rallied after Trump hinted at a supply cut deal between Saudi Arabia and Russia.
- However, conflicting statements from the involved parties suggest a deal is far from certain.
Vaccine Development
- Biotech groups urge regulators to ease restrictions on coronavirus vaccine testing to expedite development.
- Faster trials could lead to vaccine availability by year's end, but regulators must balance speed with safety.
Small Business Loan Program Uncertainty
- The US government's $350 billion small business loan program launch is uncertain due to logistical challenges.
- Bankers cite lack of information and cumbersome application processes as potential roadblocks to timely disbursements.