Business & Finance News
Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.
Toyota Motor Corp said on Thursday it expects to gradually resume North American production starting May 4 and will impose significant new safety procedures after it halted operations in March because of the coronavirus pandemic.
Argentina plans to issue a decree setting a higher local oil barrel price to protect the domestic industry from being further decimated by a collapse in global prices and slumping fuel demand due to the coronavirus pandemic, two industry sources told Reuters on Thursday.
The U.S. House of Representatives returned to Washington on Thursday to pass a $484 billion coronavirus relief bill, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented nearly $3 trillion.
Facebook Inc has removed “pseudoscience” as an option for advertisers who want to target audiences, a category available until this week even as the world’s largest social media network vowed to curb misinformation about the COVID-19 pandemic.
Wall Street was in positive territory on Tuesday but surrendered strong earlier gains after a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial.
Wall Street rose on Thursday as a third straight decline in weekly jobless claims raised hopes the worst of the coronavirus pandemic’s impact on the labor market was over, while energy stocks jumped on a rebound in oil prices.
Zoom video conferencing app’s user base grew by another 50% to 300 million in the last three weeks, as the company fought to quell a backlash around security and safety that has seen a number of governments and firms ban its applications.
New York Governor Andrew Cuomo said on Thursday a screening of 3,000 people found nearly 14% tested positive for antibodies for the novel coronavirus, suggesting that 2.7 million residents across the state may have been infected with the disease.
Some businesses prepared on Thursday to reopen in Georgia and a handful of other U.S. states for the first time in a month, as another week of massive unemployment claims highlighted the grim economic toll of the coronavirus pandemic.
Lufthansa aims to finalise a state aid rescue package worth up to 10 billion euros ($10.8 billion) next week after the coronavirus crisis forced it to ground almost all of its planes, people close to the matter said.
General Motors Co on Thursday won preliminary U.S. court approval of a $120 million settlement with owners who said defective ignition switches caused their vehicles to lose value.
The Italian government will take full control of Alitalia [CAITLA.UL] in June, Industry Minister Stefano Patuanelli said on Thursday, adding the airline would have gone bust due to the coronavirus crisis otherwise.
A stunning 26.5 million Americans have sought unemployment benefits since mid-March, confirming that all the jobs gained during the longest employment boom in U.S. history have been wiped out as the novel coronavirus savages the economy.
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced.
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