Business & Finance News
The S&P 500 index plunged over 9% on Monday as trading resumed after an initial automatic 15-minute cutout, driven by mounting fears of the damage the coronavirus is doing to the global economy.
German airline Lufthansa said it would further cut its flight schedule after Monday’s announcement that its Austrian Airlines division was scrapping all flights in response to the coronavirus-induced collapse in passenger demand.
French carmaker PSA said on Monday the company will close its European factories until March 27 due to the coronavirus outbreak spread.
Lockheed Martin Corp said on Monday company veteran Marillyn Hewson will step down as chief executive officer, and tapped board member and American Tower Corp boss James Taiclet as her replacement.
Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up.
Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in U.S. interest rates in as many weeks — effectively to zero — and supportive measures from all corners failed to quell coronavirus fears.
Carmakers including Fiat Chrysler , VW and its premium unit Audi throttled back production at their European plants on Monday as fears over the coronavirus took their toll on producing goods.
The London Stock Exchange Group said on Monday it had gained approval from the U.S. Committee on Foreign Investment for its $27 billion takeover of analytics firm Refinitiv, judging there were no national security concerns with the deal.
JPMorgan Chase & Co has asked all managers globally to allow employees who can effectively work from home to begin doing so to help with social distancing as the coronavirus pandemic spreads, according to a memo seen by Reuters.
Lockheed Martin Corp said on Monday Marillyn Hewson will step down as chief executive officer, effective June 15.
A German supermarket chain called on Monday for students whose universities have shut due to the coronavirus crisis to help it refill its shelves after shoppers stockpiled many essential goods, known as “hamstering” in German.
Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.
When the U.S. Federal Reserve cut interest rates to near zero on Sunday, the dollar fell, since the move blew away the yield on owning dollars and with it much of their attraction.
Payments group Finablr on Monday expressed doubts about its ability to continue as a going concern and said its chief executive would step down.
Hong Kong’s Cathay Pacific Airways Ltd on Monday said it would sell six Boeing 777-300ER aircrafts and its associated equipment for $703.8 million to BOC Aviation Ltd .
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