Reuters Business News

Anthem Inc said on Wednesday that the COVID-19 pandemic could trigger a big shift in business mix and push more people into Medicaid or Obamacare health plans from employer-sponsored ones due to job losses across industries.

Chesapeake Energy Corp, the oil and gas exploration and production company that was at the forefront of the past decade's U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday.

Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday and said it has seen "signs of stability" for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors.

SoftBank Group Corp said it sees a loss of around 700 billion yen ($6.6 billion) in the year ending March on the portion of its WeWork investment held outside the Vision Fund, extending the group's expected net loss to 900 billion yen.

The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole.

Federal Reserve policymakers on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the economy, saying the ongoing coronavirus pandemic will "weigh heavily" on the near-term outlook and poses "considerable risks" for the medium term.

Tesla Inc's outspoken CEO Elon Musk on Wednesday called sweeping U.S. stay-at-home restrictions to curtail the coronavirus outbreak "fascist" as the electric carmaker posted its third quarterly profit in a row.

Asian equity markets were poised to gain on Thursday, tracking Wall Street's rally after positive trial results of an experimental COVID-19 treatment, a U.S. Federal Reserve pledge to shore up the economy and a jump in oil prices.

U.S. stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.

Microsoft Corp on Wednesday beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working and playing from home because of the novel coronavirus pandemic.

Volkswagen AG and Toyota Motor Corp said on Wednesday they will delay restarting U.S. production amid the coronavirus pandemic and concerns about the automotive supply network.

Tesla Inc on Wednesday posted its third quarterly profit in a row, but said the novel coronavirus was hurting deliveries and lockdown restrictions made it impossible for the electric carmaker to provide guidance for the full year.

Boeing Co said on Wednesday it would cut its 160,000-person workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the coronavirus pandemic that drove its second consecutive quarterly loss.

Qualcomm Inc on Wednesday forecast current-quarter revenue largely in line with expectations as it signed more contracts for 5G phones, which use higher-priced chips, at a time when the COVID-19 pandemic has disrupted production channels and led to a fall in demand for smartphones.

Austria might demand a stake in Lufthansa in exchange for granting emergency aid to the German flag carrier's unit Austrian Airlines, the country's conservative chancellor, Sebastian Kurz, said on Wednesday.

Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday and said it has seen "signs of stability" for sales in April after a plunge in March, in yet another indication that tech giants may weather the coronavirus-induced economic collapse better than other sectors.

Tesla Inc on Wednesday posted its third quarterly profit in a row, but said the novel coronavirus was hurting deliveries and lockdown restrictions made it impossible for the electric carmaker to provide guidance for the full year.

EBay Inc forecast current-quarter revenue above Wall Street estimates on Wednesday, as the e-commerce company benefited from a surge in online orders with people staying indoors because of the COVID-19 pandemic.

Microsoft Corp reported quarterly revenue above Wall Street estimates on Wednesday, boosted by higher usage from its online app Teams collaboration and higher demand for the Windows operating system as millions shelter and work from home during the coronavirus pandemic.

Qualcomm Inc on Wednesday beat Wall Street estimates for quarterly results and forecast current-quarter sales largely in line with expectations even though several other chipmakers had flagged concerns of a significant hit from the coronavirus outbreak.