Business News

Corporate America is gearing up for leaner times.

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A senior U.S. senator on Tuesday accused U.S. firms of willfully ignoring “horrific” forced labor conditions in China’s Xinjiang region and called on the Commerce Department to stop American companies and consumers buying goods produced by such labor.

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Leading U.S. airlines on Tuesday ditched 2020 forecasts and unveiled more sweeping capacity cuts and cost-saving measures in response to the spreading coronavirus, while United Airlines warned of a deep hit to the sector.

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Banks and other large financial companies in major cities across the world ramped up their emergency measures to combat the spread of the coronavirus on Tuesday, with Barclays Plc and BlackRock Inc confirming one case in their New York offices.

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Two U.S. lawmakers expressed serious concern on Tuesday about the effect of a planned merger of college textbook publishers Cengage Learning Holdings II and McGraw-Hill Education Inc, saying the deal would create a new industry leader with nearly half the market.

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Bank of America Corp’s chief technology officer, Howard Boville, has left the company, according to a source familiar with the matter.

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Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.

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Short interest on the New York Stock Exchange rose 2.74% in late February, the exchange said on Tuesday, suggesting an increase in bearish sentiment in the stock market.

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Short interest on the Nasdaq rose 0.3% in late February, the exchange said on Tuesday.

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Oil and global equity markets charged back on Tuesday after the prior day’s steep losses as the world’s biggest economies moved to cushion the impact of the coronavirus, but stock gains in Europe failed to hold as investors remained skittish.

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Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain-hunting and hopes of government stimulus calmed investors’ fears surrounding the coronavirus and growing signs of imminent recession.

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Mexico is seeking to mediate the oil dispute between Russia and Saudi Arabia, its finance minister said on Tuesday, saying the conflict that has battered global oil prices has affected Latin America’s second-largest economy.

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Here is a list of international sports events hit by the coronavirus outbreak:

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Airlines around the world sank deeper into crisis on Tuesday as the worsening coronavirus epidemic and Italy’s lockdown hammered passenger numbers, forced the cancellation of thousands of flights and led to the delaying of plane orders.

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Barclays Plc has told employees that a member of its trading staff in its Manhattan office has tested positive for the coronavirus, the company said on Tuesday.

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