Business News

During the early days of March, Jill Fopiano was having trouble sleeping, waking up at 3 o’clock in the morning, maybe 4 o’clock. She’d been watching news of a virus in China, first out the corner of her eye – was this like swine flu? – then more squarely, as headlines rushed in about outbreaks on the west coast of America. Fopiano wondered, in the darkness, if she should shut down her office in Boston’s upscale Back Bay neighborhood.

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U.S. small businesses may need as much as $500 billion a month to fully ensure their survival through the widespread closures and disruptions slamming their revenue during the coronavirus crisis, Atlanta Federal Reserve bank President Raphael Bostic said Thursday.

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A $350 billion emergency U.S. loan program to help small businesses keep workers on their payrolls amid the novel coronavirus disruption has run out of funds, the U.S. Small Business Administration said on Thursday.

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Maybelline make-up manufacturer L’Oreal said on Thursday it was counting on a quick recovery in cosmetics demand once global lockdowns to combat the coronavirus pandemic ease, pointing to a recovery already under way in China.

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A $350 billion emergency U.S. loan program designed to help small businesses keep workers on their payrolls amid the novel coronavirus disruption has run out of funds, the U.S. Small Business Administration said in an email on Thursday.

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U.S. small businesses may need as much as $500 billion a month to fully ensure their survival through the widespread closures and disruptions slamming their revenue during the coronavirus crisis, Atlanta Fed President Raphael Bostic said Thursday.

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Louis Vuitton owner LVMH on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus pandemic, as government-imposed lockdowns in Europe forced it to close stores and production sites.

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New York Governor Andrew Cuomo has tapped high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart pressure from President Donald Trump to move more rapidly, state government sources told Reuters.

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Luxury carmaker Ferrari has begun making parts to convert snorkel masks into respirators for treating patients with coronavirus and protecting medical workers.

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The S&P 500 and Dow Jones slipped on Thursday, giving up early gains as concerns about dismal first-quarter earnings and lasting economic damage from the coronavirus pandemic offset better-than-expected weekly jobless claims numbers.

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Turkey’s latest squeeze of its $37 billion-a-day London lira market may succeed in boosting scarce hard currency reserves but analysts say it will not stem the lira’s decline and that the country’s reliance on foreign capital means it could backfire.

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Swiss supervisor FINMA has received cryptocurrency project Libra’s application for a payment system licence, it said on Thursday, after the Geneva-based association announced a major revamp of its planned payments system and oversight by global watchdogs.

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The U.S. Small Business Administration is telling lenders a $350 billion emergency loan program for small businesses designed to help them keep workers on their payrolls is expected to run out of funds imminently, a source familiar with the situation said.

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Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.

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U.S. homebuilding fell by the most in 36 years in March amid a broad decline in activity, offering further evidence that the economy was buckling under the weight of drastic measures to control the spread of the novel coronavirus.

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