Business & Finance News
Dish Network Corp has cut staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic, the U.S. satellite TV provider told Reuters, without disclosing the number of employees laid off.
Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
Wall Street was set to open lower on Monday after a strong rally last week, with investors bracing for an expected slide in quarterly earnings and signs of the lingering impact of the coronavirus outbreak on Corporate America.
Employees at global fashion giant Inditex’s 10 logistics centres in Spain – from where it sends garments to its stores worldwide – returned to work on Monday but only to less than half their normal levels of activity, workers said.
U.S. food distributor Performance Food Group Co said on Monday it had signed agreements with 13 new retail partners and would have over 1,000 of its employees helping out at grocery stores as retailers try to keep their shelves stocked during the coronavirus pandemic.
The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday.
Russia’s sovereign wealth fund will continue to invest in Saudi Arabia’s Vision 2030 development programme, the Saudi-owned Al-Arabiya channel on Monday cited the head of the fund as saying.
SoftBank expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) due to the worsening performance of its tech bets, which will tip the group as a whole into its first loss for 15 years.
Volkswagen AG said on Monday it would give financial assistance to its U.S. dealers who wish to use their loaner fleet to pickup and deliver essential supplies in areas affected by the COVID-19 pandemic.
Amazon will begin to put new grocery delivery customers on a wait list and curtail shopping hours at some Whole Foods stores to prioritize orders from existing customers buying food online during the coronavirus outbreak, the company said on Sunday.
Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
Norway, Western Europe’s largest oil producer, will announce its decision on whether to slash crude output soon, potentially adding its weight to a global push to shore up prices, the energy minister said on Monday.
Big U.S. banks made a pretty penny in trading during the first quarter as the coronavirus pandemic caused wild market swings, analysts said, but those gains will likely be overshadowed by declines in other businesses and a bleak outlook for the rest of the year.
At a Wayne Farms chicken processing plant in Alabama, workers recently had to pay the company 10 cents a day to buy masks to protect themselves from the new coronavirus, according to a meat inspector.
Russia’s average oil production was down to 11.24 million barrels per day (bpd) on April 1-12, an oil industry source told Reuters on Monday.
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