In documents published alongside Carnival Corp’s $6.25 billion debt and equity offering, the beleaguered cruise ship operator showed why it might not keep much of that cash for long. Carnival held $4.7 billion in customer deposits at the end of February for trips that passengers paid for in advance but hadn’t yet taken. Because their cruises have been cancelled amid ...

The Federal Reserve seems determined to do whatever it takes to help protect the US economy from being devastated by coronavirus-related shutdowns. It’s buying so many bonds that its balance sheet is approaching $6 trillion: Traditionally in recessions, the Fed buys increasing amounts of government bonds, which reduces interest rates. That usually lowers borrowing rates for businesses as well, helping ...

After 10 days of persistent symptoms, Boris Johnson is the first leader of a major country to be hospitalised with Covid-19. There’s never a good time to be sick, but there could hardly be a worse moment for a prime minister who has become such a towering figure in his party and the UK and who has enjoyed strong ratings ...