Business & Finance News
Two top U.S. airlines and Air Canada said on Tuesday ticket cancellations were slowing and demand was showing signs of improvement since the coronavirus pandemic brought global travel to a virtual standstill last month.
Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.
AT&T Inc said on Tuesday it has closed its DirecTV Latin America operations in Venezuela amid sanctions by the United States on the country.
U.S. homebuilding dropped by the most on record in April and permits for future construction tumbled, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.
Thyssenkrupp’s CEO on Tuesday said that she could not put a timeline on the group’s fresh turnaround plans, saying that selling assets – a key part of its strategy – was difficult in the current environment.
French carmaker Renault plans to cut about 400 out of some 3,200 jobs at its Slovenian unit Revoz after the coronavirus epidemic hit demand for its products, Revoz said on Tuesday.
U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.
British supermarket group Asda got a sales boost in the first quarter from consumers stocking up before the coronavirus lockdown but it also highlighted that 90% of its shoppers now fear an economic depression.
U.S. stock index futures were trading flat on Tuesday, handing back some gains from the S&P 500’s best day in six weeks in the previous session, as investors digested a mixed set of quarterly results from retailers including Home Depot and Walmart.
Two top U.S. airlines said on Tuesday ticket cancellations were slowing and demand was showing some signs of improvement, with Southwest Airlines Co recording more trip reservations than cancellations so far this month.
White House economic adviser Larry Kudlow said on Tuesday that President Donald Trump wants to see a 7.6% cut in the payroll tax, hoping it will help staunch economic pain caused by the coronavirus pandemic.
Nasdaq Inc has delivered a notice to China’s Luckin Coffee Inc informing it that it has to delist from the U.S. stock exchange, people familiar with the matter said on Tuesday.
U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he is continuing to see large unemployment numbers and other negative economic indicators during the second quarter, but the situation is expected to improve as the U.S. economy starts to reopen.
U.S. President Donald Trump’s administration has awarded a $354 million contract to U.S.-based Phlow Corp to manufacture drugs being tested or used to fight the new coronavirus as well as some medicines that are in shortage.
United Airlines Holdings Inc said on Tuesday it has seen a moderate improvement in demand for air travel so far in May in the United States and some international markets, as well as a reduction in cancellation rates.
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