Airlines must suggest possible compensation in return for government cash assistance and agree to conditions that include not cutting pay or laying off employees through Sept. 30, the U.S. Treasury Department said in guidelines issued on Monday as it prepares to quickly hand out $25 billion.
Amazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while more than half the population faces government stay-at-home orders.
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.
(Bloomberg) — Two decades since the euro began, one of the principal worries of its founders is materializing as the coronavirus rages through the region’s third-largest economy.The longstanding suspicion that Italy’s profligate borrowing could ultimately become the whole of Europe’s problem was the recurring nightmare of German finance officials throughout the 1990s.Now, as the crisis forces Giuseppe Conte’s government to jettison a decade of tightly capped Italian budget deficits, the country’s strategy for the future is once again built on piling up debt, sending its public borrowings swelling toward or even beyond 150% of gross domestic product.The increasing death toll …read more […]
(Bloomberg) — Chris Smalls, an Amazon.com Inc. fulfillment center employee, said the company fired him after he led a strike at a warehouse in Staten Island, New York, over coronavirus safety conditions.“Taking action cost me my job,” Smalls said Monday in a Bloomberg TV interview. “Because I tried to stand up for something that’s right, the company decided to retaliate against me.”A group of workers at the Staten Island fulfillment center walked off the job Monday to demand Amazon close the facility for extended cleaning, the latest in a wave of virus-related protests. They say a number of their colleagues …read more […]
Warehouse, delivery and retail gig workers in the United States went on strike on Monday to call attention to safety and wage concerns for people laboring through the coronavirus crisis.
Asian shares managed a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down.
Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps.
The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a shortage of the U.S. currency before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis showed no signs of abating.
Yum Brands Inc , owner of Pizza Hut, KFC and Taco Bell restaurant chains, sold $600 million in bonds on Monday, reopening the U.S. market for junk-rated debt issues after its longest lull since the 2008 financial crisis.
Boeing is contractually obligated to remedy the deficiency at no additional cost to the government, the Air Force said in a statement. “The Service’s KC-46 Program Office first identified excessive fuel leaks in July of 2019 after an air refueling test,” the Air Force said, adding it is working with Boeing to determine the root cause of the issue and take corrective action. It is the latest problem for Boeing, which has been struggling to get its 737 MAX aircraft flying again following two fatal crashes in 2018 and 2019. …read more […]
(Bloomberg) — As the coronavirus prompts talk of an earnings recession for most Asian emerging stocks, there’s an industry that’s holding up: chipmaking.The worldwide lockdowns due to the virus and the ensuing contractions in output have sparked indiscriminate selling across industries, and dismal earnings forecasts for this quarter and beyond — except for the tech industry.Micron Technology Inc. last week reported adjusted earnings that beat Street estimates by 24% and predicted stronger-than-expected revenue, fueling optimism about other chipmakers’ prospects. With most of the population in major economies worldwide working or learning remotely, online and ecommerce services are booming, stoking demand …read more […]
Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps.
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