Business & Finance News
General Motors Co and Mercedes Benz will furlough all employees in Brazil later this month, the companies said on Wednesday, suggesting that production in South America’s main auto center will be heavily impacted by the coronavirus outbreak.
Borrowing costs in the United States, euro zone, Britain and Japan surged on Wednesday after two days in which governments across the globe announced trillions of dollars of spending to support locked-down economies frozen by the coronavirus.
U.S. regulators are considering giving banks additional regulatory points for lending to mid- to low-income Americans hurt by the coronavirus, as they seek to mitigate the economic impact of the pandemic, an official within a banking agency told Reuters.
Sharp Corp has filed a patent infringement lawsuit against the Japanese unit of Tesla Inc, seeking an injunction to halt imports of some electric vehicles (EV) to Japan, a source familiar with the matter said on Wednesday.
Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low, as governments worldwide accelerated lockdowns to counter the coronavirus pandemic that is causing global fuel demand to collapse.
Brazil’s antitrust watchdog on Wednesday dismissed allegations against a proposed takeover by Boeing Co of Embraer SA’s commercial plane division, maintaining its approval of the deal.
The Detroit Three automakers have agreed to shut down their U.S. plants to stop the spread of coronavirus, bowing to pressure from the union representing about 150,000 hourly workers at those facilities, a person familiar with the matter said on Wednesday.
S&P 500 companies’ earnings are expected to decline in the first quarter from the year-earlier period, reversing a forecast for profit gains, according to IBES data from Refinitiv, as companies face the toll from the coronavirus outbreak.
The French government will consult with its Dutch counterpart before making any decision over support for Air France, the French subsidiary of Air France-KLM , Finance Minister Bruno Le Maire said on Wednesday.
Delta Air Lines said on Wednesday it was parking more than 600 jets, cutting corporate pay by as much as 50%, and scaling back its flying by more than 70% until demand begins to recover from the coronavirus epidemic hit.
Tesla Inc’s vehicle factory in California appeared to be operating normally on Wednesday despite an order by local officials to comply with a three-week lockdown in the San Francisco Bay Area to rein in the spread of coronavirus.
The S&P 500 index fell on Wednesday when trading resumed after an initial automatic 15-minute cutout, as investors priced in a complete breakdown in business activity and consumer spending from the coronavirus pandemic.
Global equities tumbled anew on Wednesday, with bond and gold prices also falling in an unusual tandem, as markets grappled with the sheer scale of government programs and handouts aimed at softening the economic shockwave from the coronavirus.
Delta Air Lines said on Wednesday it was parking more than 600 jets — at least half of its fleet — cutting more flights and implementing a round of paycuts for officers, managers, and directors while members of the board forgo compensation.
U.S. regulators are considering issuing guidance that would encourage lenders to offer loans to low-income individuals and to provide leniency on some repayments amid the coronavirus pandemic, an official within a banking agency told Reuters.
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