Business & Finance News
Most companies in Britain don’t have insurance cover for closures caused by the coronavirus outbreak, the Association of British Insurers said on Tuesday.
The Bank of England and Britain’s finance ministry launched a scheme on Tuesday to purchase debt known as commercial paper issued by companies hit by the coronavirus.
Uber Technologies Inc and Lyft Inc Tuesday began suspending shared rides on their ride-hailing platforms in the United States and Canada to limit the spread of the coronavirus.
In the United States and many other countries, the government guarantees a certain amount of each customer’s deposits in the event of a bank failure, to protect both consumers and the broader financial system.
The United Auto Workers said Tuesday it had asked Detroit’s Big Three workers to shutdown all U.S. plants for two weeks in the wake of the coronavirus outbreak.
U.S. retail sales fell by the most in more than a year in February and the coronavirus pandemic is expected to depress sales in the months ahead, which could strengthen economists’ expectations of a consumer-led recession by the second quarter.
Some European telecoms operators reported connectivity problems on Tuesday as millions of people logged on for work at home due to the coronavirus pandemic, driving up data traffic by as much as 30% and testing networks.
Speculative stocks that stand to benefit from social distancing during the coronavirus pandemic soared on Tuesday, lifted by a broad rebound market following Wall Street’s worst day in three decades.
Wall Street rebounded on Tuesday, following its steepest declines since the 1987 crash, as the Federal Reserve took more steps to boost liquidity in a market sapped by business and travel disruptions in the wake of the coronavirus pandemic.
General Motors Co and Ford Motor Co said on Tuesday they each have had one employee, both working at U.S. engineering centers, test positive for coronavirus.
Daimler , which owns the Mercedes-Benz luxury car brand, on Tuesday said it will suspend most of its production in Europe for two weeks in an effort to contain the spread of the new coronavirus.
Boeing Co shares tumbled as much as 22% to a more-than-six-year low on Tuesday following a rating downgrade that reflected its worsening cash flow due to the extended grounding of its 737 MAX jet and the blow from the coronavirus pandemic.
British foreign minister Dominic Raab said on Tuesday the government was working with airlines to come up with the ways to support an industry badly hurt by travel restrictions put in place to combat a growing outbreak of coronavirus.
The U.S. Senate on Tuesday was weighing a multibillion-dollar emergency spending bill passed by the House of Representatives offering economic relief from the coronavirus pandemic as the Trump administration pressed for $850 billion more.
Global airlines need to up to $200 billion of government support to help them survive the coronavirus crisis, the International Air Transport Association said on Tuesday.
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