Business & Finance News
Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand.
Honda Motor Co said Wednesday it is temporarily halting production in North America for six days because of the anticipated decline in auto sales due to the coronavirus outbreak and will reduce production by about 40,000 vehicles.
Emirates is asking pilots and cabin crew to take unpaid leave and rival Qatar Airways laid off about 200 staff in Doha this week as the coronavirus outbreak hammers demand for travel.
JPMorgan Chase & Co said on Wednesday that it committed $50 million to funds and community groups that are providing food, support and medical supplies for people in the United States, Europe and Asia affected by the cornavirus.
Australia and Taiwan joined governments offering financial aid to airlines, while authorities in Europe rushed on Wednesday to agree steps to rescue carriers which have had to park planes and cut jobs as the coronavirus puts the brake on travel.
Wall Street’s main indexes slumped at the open on Wednesday as growing signs of coronavirus damage to corporate America overshadowed optimism about sweeping official moves to protect the economy.
Global stocks resumed a steep slide on Wednesday while bond markets rushed to price in the sheer scale of government support programs and handouts announced over the past 24 hours, all aimed at softening the economic shock of coronavirus.
Danish toymaker Lego said on Wednesday it would close all of its stores, except for those in China, until at least March 27 due to the spread of coronavirus.
Rolls-Royce motor cars said it would suspend production at its British plant for two weeks to ensure the health of its employees.
EasyJet launched an early sale on cut-price winter 2020-21 flights, even as the airline industry heads into a deepening coronavirus crisis that threatens to ground most of the British low-cost carrier’s planes.
Australia and Taiwan joined governments offering financial aid to airlines as coronavirus and stricter travel controls forced carriers to deepen cuts to capacity and staffing.
The Belgian government held talks with representatives from the country’s airline and travel industries on Wednesday as they seek state support to help with their fight for survival in the face of the coronavirus pandemic.
Cash-strapped Chinese electric vehicle (EV) maker Nio Inc said on Wednesday there was substantial doubt in its ability to continue as a going concern.
BlackRock Inc executives who set the asset manager’s influential proxy votes on Tuesday outlined tougher priorities tied to climate change and executive pay for the upcoming corporate annual meeting season.
Israel’s biggest bank, Hapoalim, said on Wednesday it expects to pay $870 million to settle a U.S. tax evasion investigation.
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