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<p>On April 20th, the effects of the pandemic and a price war between Saudi Arabia and Russia forced oil prices to sink below zero and into the negative territory for the first time in history. The unprecedented loss put countless retail investors and the American economy under a great financial risk. Although experts suggest it is unlikely to happen again since oil prices recorded its best month yet in May, it gives a glimpse into the inner workings of the oil trade industry and the dangers of the</p>


Why Oil Prices Can Turn Negative

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<p>When the coronavirus pandemic hit, Kohl&#8217;s closed all of its stores nationwide on March 19, and wasn&#8217;t able to reopen until early May. Like many other retailers, Kohl&#8217;s has been hit hard by the Covid-19 pandemic, seeing its stock plummet more than 65% in 2020. Coupled with being a primarily brick-and-mortar business in an era where online retail remains enormously popular, Kohl&#8217;s fight to stay alive is a tough one.</p>
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Can Kohl’s Survive?

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About CNBC: From &#8216;Wall Street&#8217; to &#8216;Main Street&#8217; to award</p>


How Labor Markets Could Bounce Back From High Unemployment

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What Today’s Sell-off Has To Do With Robinhood Traders: CNBC After Hours

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What’s Next For The U.S. Economy: Dambisa Moyo

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<p>In May 2020, Italian supercar maker Ferrari soared to a $30 billion market value, beating the top three major U.S. automakers. Compared to GM, Ford, and Fiat-Chrysler, Ferrari is a small carmaker known for limiting production and only makes about 10,000 units per year. But the auto industry is poised for some tremendous changes that raise questions about the long-term future of even high-end exotics</p>
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<p>Tech offices, from Apple’s 2.8 million square-foot “spaceship” campus, to Facebook’s Menlo Park headquarters complete with a botanical garden, have always pushed the envelope of office space. But coronavirus may make this type of work environment a thing of the past, at least for the near future, as companies try to balance communal work with safety. Here’s a look at how tech companies are changing their offices and work policies as they ease into reopening.</p>
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<p>The coronavirus pandemic has been especially crushing for the meat supply chain. Over 20,000 processing plant workers have contracted the virus and 74 have died. As plants have had to shut down due to the labor disruptions, producers were left with thousands of animals ready for slaughter. Some even resorted to euthanasia. Experts predict 2020 losses to be upward of $20 billion for the industry.<br />
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<p>Stocks have soared despite high unemployment and social unrest. The economic crisis spurred by the coronavirus pandemic has deepened the divide between Wall Street and Main Street.</p>
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<p>When NBA star Rudy Gobert tested positive for the coronavirus in early March, it set off a chain reaction of professional sports cancellations, the likes of which the country has never seen. Now, three months later, sports are slowly beginning to come back, although for fans, athletes and owners, things will never be the same. Watch this video for a timetable of how pro sports shut down, and how they’re reopening now.</p>
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How Pro Sports Leagues Plan To Return


<p>ABIDJAN (Reuters) &#8211; The <a href="https://www.cnbcafrica.com/west-africa/2020/06/03/nigerias-president-backs-embattled-african-development-bank-chief/">African Development Bank’s (AfDB)</a> board on Thursday said it stood by an internal investigation that had cleared its president of improper conduct, but it would carry out an independent review of the report in the interest of due process.</p>



<p>AfDB President Akinwumi Adesina has been accused of abuse of office by a whistleblower at the bank, including favouritism in hiring. He has denied the allegations and a report by the bank’s ethics board cleared him of wrongdoing.</p>



<p>The United States, AfDB’s second-largest shareholder, has demanded a new independent probe into the allegations, rejecting the bank’s investigation over reservations about the integrity of the bank’s process. Meanwhile, top shareholder <a href="https://www.cnbcafrica.com/videos/2020/06/04/understanding-nigerias-debt-strategy-4/">Nigeria</a> has voiced its support for Adesina.</p>



<p>In a statement, AfDB’s board of governors said it believed the bank’s ethics committee, which produced the report, had carried out its role correctly. But the board has nevertheless agreed to authorise a review.</p>



<p>“The independent review shall be conducted by a neutral high caliber individual with unquestionable experience, high international reputation and integrity,” it said.</p>



<p>On Tuesday, Nigerian President Muhammadu Buhari gave his backing to Adesina in his bid for a second term as AfDB president despite the allegations.</p>



<p>Adesina later this year plans to pursue a second term as the head of the multilateral lender, which is headquartered in Ivory Coast’s commercial capital Abidjan.</p>



<p>The board said the review of the investigation would take no more than four weeks and not interfere with the bank’s electoral calendar.</p>



<p>The bank’s whistle-blowing and complaints handling policy will also be reviewed at a later date to ensure it is being properly implemented, it said.</p>



<p>(Reporting by Bate Felix; Additional reporting by Ange Aboa; Writing by Alessandra Prentice; Editing by Sam Holmes)</p>



<p>This article was first published on Reuters <a href="https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG">https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


AfDB board stands by embattled President Adesina

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<p>Nobel Prize-winning economist Joseph Stiglitz says U.S. government stimulus programs have failed to help the most vulnerable workers and companies during the coronavirus pandemic. He discusses longer-term challenges facing the U.S. economy and education system and explains how a younger generation of workers can retrain for jobs in the future.</p>
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How The Stimulus Programs Failed Americans: Joseph Stiglitz

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International News

Why Oil Prices Can Turn Negative

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