Business & Finance News
Exxon Mobil Corp said on Tuesday that production at the Payara project, its third development in Guyana, could be postponed due to delays in government approvals as the company scales back spending elsewhere due to the crude price crash.
The Trump administration on Tuesday asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the coronavirus pandemic, as Senate Majority Leader Mitch McConnell pushed for passage as soon as Thursday.
The White House was due to speak with banks on Tuesday, as the administration’s $350 billion program to support ailing businesses continued to confront hurdles, with some of the nation’s largest lenders sitting on the sidelines and others unable to access the system.
Clinical data on potential treatments for the new coronavirus could help sustain a market bounce that has buoyed stocks after last month’s plunge, as investors look for signs that authorities may be able to stabilize the pandemic.
Treasury Secretary Steven Mnuchin said on Tuesday he wants Congress to approve an additional $250 billion for a small business relief program by Friday.
Many small businesses were struggling with funding shortfalls and financial challenges even before the coronavirus pandemic hit, leaving them with little cash on hand to weather the slowdown caused by the virus, according to data released by the Federal Reserve on Tuesday.
United Airlines Holdings Inc said on Tuesday it was temporarily, but significantly, reducing daily flying in and out of Los Angeles and San Francisco airports to better match demand that has dropped due to the new coronavirus.
The Trump administration is aiming to reopen the U.S. economy when the nation’s top health experts give the go-ahead, but Americans’ lives will be drastically different, White House economic adviser Larry Kudlow said on Tuesday.
The U.S. economy could shrink 30% or more this quarter as stay-at-home orders aimed at slowing the coronavirus outbreak choke off business, and it could be a couple years before the economy regains its footing, former Federal Reserve Chair Ben Bernanke said on Tuesday.
Facebook Inc on Tuesday launched a new messaging app for couples called “Tuned” that allows them to chat, share photos and music as well as have a timeline of shared memories.
Oil edged lower on Tuesday on uncertainty over whether the world’s biggest producers would agree to cut output in the face of a swelling crude oil glut as fuel demand has been hammered during the coronavirus pandemic.
Off-price retailer TJX Companies Inc said on Tuesday it would furlough most of the employees at its stores and distribution centers, as outlets remain closed to curb the spread of the coronavirus.
Workplace disruptions caused by the COVID-19 pandemic are expected to wipe out labor equivalent to the effort of 195 million full-time workers, or 6.7% of hours clocked worldwide, in the second quarter of this year, the International Labour Organization (ILO) said on Tuesday.
Wall Street rose on Tuesday on early signs of the coronavirus outbreak plateauing in some of the biggest U.S. hot spots, with the New York state’s governor saying social distancing measures to curtail the spread of the virus were working.
Lufthansa said it will close down its Germanwings low-cost airline as part of a broader overhaul which includes cutting capacity across the group, warning it could take years for the industry to recover from the coronavirus crisis.
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