Reuters Business News

Developing countries may be the hardest hit economically by the fallout from the spread of the new coronavirus, IMF managing director Kristalina Georgieva said on Monday.

U.S. oilfield services giant Halliburton on Monday reported a $1 billion first-quarter loss on charges and warned that bleak conditions in the U.S. shale patch would depress its results for the rest of the year.

U.S. Democrats and Republicans were near agreement on Monday for extra money to help small businesses hurt by the coronavirus pandemic, a top Republican lawmaker said, but he accused Democrats of holding up a deal.

Norwegian Air on Monday reported that four Swedish and Danish subsidiaries had filed for bankruptcy and that it had ended staffing contracts in Europe and the United States, putting some 4,700 jobs at risk.

Airbus has put six jets made for one of its largest customers up for sale after giving up on Malaysia's AirAsia taking delivery of them, sources familiar with the matter told Reuters.

A Chicago Federal Reserve measure of the national economy plunged to recessionary levels in March as the country responded to the coronavirus pandemic, a broad and swift turnaround from growth that had been well above trend just weeks before.

U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.

United Airlines said on Monday it expects to report a pretax loss of about $2.1 billion in the first quarter, hurt by a sharp drop in travel demand from the coronavirus pandemic.

Virgin Australia is poised to enter voluntary administration, two sources close to the matter said on Monday, with the cash-strapped airline unable to weather the coronavirus crisis because of its A$5 billion ($3.2 billion) of debt.

U.S. Democrats and Republicans are near agreement on extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday, President Donald Trump said on Sunday.

Caution recaptured world markets on Monday as a near 30% drubbing for U.S. WTI crude oil kicked off a busy week of data and earnings that will drive home the damage being inflicted by global coronavirus lockdowns.

New Indian rules to ensure scrutiny of investments from companies based in neighbouring countries, especially during the coronavirus outbreak, will also apply to Hong Kong, two senior government sources told Reuters on Monday.

Yum China's KFC fast food chain will begin selling plant-based fried chicken for the first time in China over a limited time period, it said on Monday.

Four Swedish and Danish subsidiaries of Norwegian Air have filed for bankruptcy due to the ongoing coronavirus crisis which has grounded most of the company's fleet, the budget carrier said on Monday.

Halliburton Co on Monday joined its bigger rival Schlumberger in taking impairment hits in the first quarter and issued a bleak outlook for North America as oilfield providers grapple with an unprecedented decline in oil prices.

India's new rules to more closely scrutinise foreign investments from companies based in neighbouring countries will also apply to Hong Kong, two senior government sources told Reuters on Monday.

Brazil appears set to embark cautiously on unconventional monetary policy using small interventions to tackle dysfunction in bond markets, as it does with foreign exchange, but the severity of the crisis may ultimately force it to emulate the dramatic steps taken in the United States and Europe.

Halliburton Co on Monday recorded $1.1 billion in impairment charges during the first quarter, lowered its spending forecast for the year, and gave a bleak outlook for North America activity as it grapples with an unprecedented decline in oil prices.

Japanese tyremaker Bridgestone Corp said on Monday it will suspend operations at its 11 domestic plants, including 8 tyre factories, from late April to early May to cope with dwindling demand due to the coronavirus pandemic.

U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.