Business & Finance News
Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.
The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the Strategic Petroleum Reserve (SPR), as it tries to comply with President Trump’s directive to fill the facility to capacity, two industry sources said.
U.S. pension funds that delayed rebalancing their portfolios are likely to pump about $400 billion into stocks over the next two quarters, analysts at JP Morgan said, providing a potential boost to equity markets battered by the coronavirus pandemic.
U.S. President Donald Trump said on Tuesday he would join Saudi Arabia and Russia, if need be, for talks about the sharp fall in oil prices resulting from a price war between the two countries.
U.S. printer maker Xerox Holdings Corp walked away from its $35 billion hostile cash-and-stock bid for HP Inc on Tuesday, after the coronavirus outbreak weighed on its campaign to take over the PC and printing equipment manufacturer.
Macy’s Inc will be removed from the benchmark S&P 500 stock index , the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping.
An independent group of workers at Whole Foods Market called on colleagues to phone in sick to the grocer’s stores on Tuesday to protest what they say is a lack of adequate compensation and protections from the coronavirus.
Zoom Video Communications Inc’s average user numbers in March were nearly three times that of its nearest rival Microsoft Corp’s Teams, according to research firm Apptopia, as the cornonavirus-driven stay-at-home lifted demand for video conferencing platforms.
Caterpillar Inc on Tuesday said it will not hand out annual salary increases this year as part of cost cut plan to deal with the coronavirus economic fallout.
Wall Street’s three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic.
New York City Mayor Bill de Blasio said on Tuesday he had ordered the city’s human rights commission to open an investigation into the dismissal of a worker at an Amazon.com warehouse who participated in a walkout.
Citigroup Inc said on Tuesday it would postpone its 2020 investor day that was scheduled to take place on May 13 due to the coronavirus pandemic.
JetBlue Airways Corp plans to reduce daily flights in and out of the four New York City-area airports where it operates by as much as 80% in April as part of wider schedule cuts due to the coronavirus outbreak, a spokesman said.
President Donald Trump has signed off on a plan to defer U.S. tariffs for most-favored nations for three months, according to a source familiar with the decision.
Nine Democratic U.S. senators on Tuesday urged the chief executives of 11 major airlines to issue full cash refunds to customers canceling flights during the coronavirus pandemic after Congress approved a massive rescue package for the hard-hit industry.
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