Business & Finance News
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak, scrapping flights and ditching financial forecasts.
General Electric Co’s aviation unit will cut its U.S. workforce by about 10%, Chief Executive Officer Larry Culp said in a letter to staff on Monday, as a shattered airline industry sought state support to survive the coronavirus crisis.
Wall Street slipped on Monday as the still rapidly spreading coronavirus forced more U.S. states into lockdown, eclipsing optimism from an unprecedented round of policy easing by the Federal Reserve.
U.S. corporate credit spreads narrowed on Monday, indicating positive investor sentiment, following the Federal Reserve’s announcement that it would backstop an unprecedented range of credit.
The U.S. Federal Reserve on Monday mounted an extraordinary new array of programs to offset the “severe disruptions” to the economy caused by the coronarvirus outbreak, backstopping an unprecedented range of credit for households, small businesses and major employers.
PG&E Corp said on Monday its utility unit agreed to plead guilty to 84 involuntary manslaughter counts in connection with the 2018 Camp Fire, the most destructive fire in California’s history.
Sweden’s H&M , the world’s second largest clothing retailer, said on Monday it had decided to scrap its proposed dividend due to the coronavirus outbreak, and that it was reviewing all parts of its operations, including all costs.
U.S. stock index futures surged more than 3% on Monday, overturning early losses after the Federal Reserve took unprecedented steps to support U.S. households and companies more directly with credit as it seeks to blunt the economic damage from the coronavirus pandemic.
Netflix said on Monday it would reduce network traffic in Israel over the next month following a government request to ease data congestion from people staying home due to the coronavirus.
U.S. stock index futures tumbled on Monday on rising estimates of the economic damage from the coronavirus pandemic, with Goldman Sachs estimating a 24% plunge in U.S. real GDP in the second quarter.
Ford Motor Co said on Monday it will temporarily shut down vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus.
A product that traders use to profit from surges in volatility has soared as coronavirus fears ravaged stocks, prompting concern about a plunge if the market’s wild swings subside.
Fiat Chrysler Chief Executive Mike Manley told employees that the carmaker would help with the production of masks during the coronavirus emergency, a union representative said on Monday.
Royal Dutch Shell will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.
With more employees working from home to help slow the spread of the coronavirus, demand is surging for laptops and network peripherals as well as components along the supply chain such as chips, as companies rush to build virtual offices.
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