Business & Finance News
A federal judge said Tesla Inc and Chief Executive Elon Musk must face a lawsuit claiming they misled shareholders when Musk tweeted that he had secured funding to take his electric car company private in a $72 billion transaction.
Several major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said.
By Marc Jones, Karin Strohecker, Tom Arnold and Cassandra Garrison
Canadian auto supplier Magna International Inc is planning for a return to production in North America on May 4, with a subsequent gradual increase in output as the industry recovers from the shutdown caused by the coronavirus pandemic, a top executive said on Wednesday.
U.S. companies have been battered by the fallout from the novel coronavirus outbreak, with economic activity plunging at an unprecedented speed over the past few weeks, a Federal Reserve report released on Wednesday showed.
The Trump administration plans to buy milk and meat from U.S. farmers as part of an initial $15.5 billion effort to help them weather the impact of the coronavirus outbreak, Agriculture Secretary Sonny Perdue said on Wednesday.
U.S. crude prices fell to an 18-year low and Brent lost more than 6% on Wednesday after the United States reported its biggest weekly inventory build on record, while global demand is expected to fall to quarter-century lows due to the coronavirus pandemic.
U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
J.C. Penney Co Inc said on Wednesday it will not make a $12 million interest payment on its long-term corporate bonds, a day after Reuters reported the department store operator was considering filing for bankruptcy protection.
Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic.
U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
Lyft Inc on Wednesday said it has launched a new on-demand delivery service to provide essential goods, including groceries, meals and medical supplies, to people in need during the coronavirus crisis.
A federal judge said Tesla Inc must face a lawsuit claiming it misled shareholders when Chief Executive Elon Musk tweeted in August 2018 that he was considering taking the electric car company private.
Some investors are wary about buying into a recent stock market rally. Even with hopes for a quick reopening of the economy, they want more evidence that the United States will not restart, only to have to fall back under another coronavirus lockdown soon.
A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns.
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