Business & Finance News
Wall Street was set to resume a strong rally on Tuesday as early signs of a slowdown in coronavirus cases in U.S. hot spots raised hopes that the sweeping lockdown measures were working.
Global airlines cannot afford to refund cancelled flights because of the coronavirus crisis, said the head of the industry’s representative body IATA, and carriers are issuing vouchers instead as they conserve cash to survive.
The special committee on the board of The We Company, which operates office-sharing startup WeWork, filed a lawsuit against its largest shareholder SoftBank Group Corp on Tuesday, challenging its decision to terminate a $3-billion tender offer.
Japan’s Softbank Group Corp reached an agreement to invest 250 million reais ($48 million) in pet products online retailer Petlove, the companies said in a statement on Tuesday.
Global airlines said 25 million jobs across the world could be at risk from the coronavirus travel downturn, as the industry’s representative body launched a plea for urgent government support amid warnings that carriers are running out of cash.
China was the biggest source of applications for international patents in the world last year, pushing the United States out of the top spot it has held since the global system was set up more than 40 years ago, the U.N. patent agency said on Tuesday.
Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by 30% as the coronavirus pandemic saps energy demand and oil prices.
Honda Motor Co on Tuesday said that it had furloughed workers at its U.S. plants which will be closed until May 1 as demand for cars in the country has plummeted due to the spread of the coronavirus.
The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
German carmaker Volkswagen hopes to partially reopen its plant in Spain’s Navarra region on April 20 after its closure in mid-March due to the coronavirus outbreak, a spokesman for the plant said on Tuesday.
Oil prices clawed their way into positive territory on Tuesday as hopes that the world’s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.
U.S. stock index futures bounced for a second straight day on Tuesday as risk appetite returned on tentative signs the coronavirus outbreak was starting to plateau in hard-hit U.S. states. All three major indexes rallied more than 7% on Monday after the governors of New York and New Jersey said their states, hot spots of the COVID-19 disease, were showing early signs of a “flattening” of the outbreak.
Any final agreement for how much OPEC and its allies, a group know as OPEC+, will cut during their talks on Thursday would depend on the volumes that other producers such as the United States, Canada and Brazil are willing to reduce, an OPEC source said on Tuesday.
World stock markets enjoyed a second day of sharp gains on Tuesday as signs of progress against the coronavirus in both Europe and the United States and more liberal helpings of stimulus kept investors charging back in.
Luckin Coffee’s app has rocketed to become the second most popular in China as consumers rushed to claim a free drink that it has long offered for downloading, worried the chain might collapse after it said much of its sales last year were fabricated.
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