U.N. chief calls on G20 nations to boost resources to aid coronavirus pandemic

Latest Business News - Tue, 03/24/2020 - 22:55
U.N. chief Antonio Guterres, in a letter to the Group of 20 (G20) major economies seen by Reuters, on Tuesday called for more resources to help keep the global coronavirus pandemic from reaching "apocalyptic proportions."

Surveys show coronavirus pandemic savaging global economy

Latest Business News - Tue, 03/24/2020 - 22:53
Business activity collapsed from Australia, Japan and Western Europe to the United States at a record pace in March as measures to contain the coronavirus pandemic hammer the world economy, cementing economists' predictions of a global recession.

Ford joins GE, 3M in speeding up ventilator, respirator production

Latest Business News - Tue, 03/24/2020 - 22:52
Carmaker Ford Motor Co on Tuesday jumped into the emergency push by major U.S. manufacturers to produce thousands of ventilators and respirators needed to help combat the spread of the coronavirus under a partnership code-named "Project Apollo."

Britain to stricken airlines: try raising your own money first

Latest Business News - Tue, 03/24/2020 - 22:48
Britain has told airlines it will only consider stepping in to help them survive the coronavirus crisis once they have explored the possibility of raising capital from other sources including existing investors.

Shutdowns stoke debate over what's an 'essential industry'

Latest Business News - Tue, 03/24/2020 - 22:44
Shortly after British Prime Minister Boris Johnson ordered the closure of non-essential retailers on Monday to curb the spread of coronavirus, the parent company of Sports Direct wrote to its staff to let them know: the next day would be business as usual.

Latin America's oil producers sweat to cover costs as price war takes toll

Latest Business News - Tue, 03/24/2020 - 22:43
A price war between the world's oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months.

Chevron leads another wave of massive oil-industry spending cuts

Latest Business News - Tue, 03/24/2020 - 22:42
Chevron Corp cut its capital spending budget by $4 billion on Tuesday, leading a wave of cost-cutting announcements across the oil-and-gas industry as it reels from declining demand in the face of the coronavirus pandemic and a dramatic slide in prices.

Philips warns protectionism could derail critical medical supplies

Latest Business News - Tue, 03/24/2020 - 22:26
Broad powers over U.S. factories brought in by President Donald Trump could fuel protectionism and jeopardise the supply of critical medical equipment to fight the coronavirus pandemic, Dutch health technology company Philips warned on Tuesday.

How the U.S. could intervene to weaken its surging dollar

Latest Business News - Tue, 03/24/2020 - 22:23
A blistering dollar rally has revived speculation that the U.S. may rein in its currency if the buck goes much higher.

Fear gauges throttle back after rollercoaster run

Latest Business News - Tue, 03/24/2020 - 22:18
Stock and currency fear gauges that soared to the levels of the 2008 global financial crisis have become less frantic since central banks and governments stepped up efforts to combat spreading economic damage from the coronavirus epidemic.

U.S. lawmakers nearing deal for $32 billion aviation sector bailout

Latest Business News - Tue, 03/24/2020 - 22:18
U.S. lawmakers are nearing agreement on a package of grants for passenger and cargo airlines and contractors worth $32 billion as part of a massive U.S. stimulus and rescue package amid the massive travel demand falloff because of the coronavirus outbreak, three people briefed on the matter said.

Coronavirus redraws battle lines on airline emissions

Latest Business News - Tue, 03/24/2020 - 22:16
European airlines crippled by the coronavirus have demanded lasting relief from environmental taxes - in a move that pits their immediate survival against longer-term emissions goals.

As Europe fights coronavirus and climate, is 'green stimulus' the way?

Latest Business News - Tue, 03/24/2020 - 22:01
For European governments battling to brace economies pummelled by the coronavirus, there might be no better time to go green.

McConnell, Pelosi, Mnuchin see deal soon on $2 trillion U.S. coronavirus aid

Latest Business News - Tue, 03/24/2020 - 21:42
Senior Democrats and Republicans said on Tuesday they were close to a deal on a $2 trillion coronavirus economic stimulus package, raising hopes that the divided U.S. Congress could soon act to try to limit the pandemic's economic fallout.

AB InBev scraps 2020 outlook as coronavirus crisis expands

Latest Business News - Tue, 03/24/2020 - 21:40
Anheuser-Busch InBev, the world's largest brewer, said on Tuesday it was scrapping its 2020 outlook as the scale of the coronavirus increased.

Fed's 'bazooka' soothes dollar funding squeeze

Latest Business News - Tue, 03/24/2020 - 21:37
The U.S. Federal Reserve's efforts to shield the economy from the effects of the coronavirus have -- for now - slowed a scramble for dollars that threatened to clog funding markets.

Global stocks, gold bounce on new stimulus from Fed, others

Latest Business News - Tue, 03/24/2020 - 21:30
Financial markets rebounded sharply on Tuesday, with a measure of global equities headed for its biggest bounce since the crisis erupted a month ago, while the safe-haven dollar recoiled as investors welcomed unprecedented global stimulus efforts.

Wall Street bounces on hopes of $2 trillion stimulus, Boeing boost

Latest Business News - Tue, 03/24/2020 - 21:17
Wall Street bounced from three-year lows on Tuesday on hopes of a major fiscal stimulus to blunt the economic damage from the coronavirus, while Boeing helped the Dow surge 1,400 points on signs that its grounded jet could fly by the middle of the year.

Oil rises over 3% on Fed steps to support economy, hopes of U.S. aid package

Latest Business News - Tue, 03/24/2020 - 21:16
Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a $2 trillion coronavirus economic package.

Palladium, platinum soar on South Africa lockdown; gold jumps

Latest Business News - Tue, 03/24/2020 - 21:11
Palladium soared as much as 15% on Tuesday, on track for its biggest daily gain since 2001 as major producer South Africa was locked down due to the coronavirus outbreak, while U.S. gold futures surged over 4% as fresh stimulus stopped a cash hunt among investors.