Feed aggregator

Hundreds of members of the U.S. House of Representatives will gather in Washington on Thursday to pass a $484 billion coronavirus relief bill, bringing the unprecedented total of funds approved for the crisis to nearly $3 trillion.

U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced.

A record 26 million Americans sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy.

Gap Inc warned on Thursday it may not have enough funds to run its operations in the next 12 months as it weathers the impact of the coronavirus pandemic, and said it would need to cut costs and raise money by issuing debt.

U.S. stock index futures headed lower on Thursday as investors braced for another staggering jobless claims report and a plunge in business activity data as state-wide lockdown measures hammer economic growth.

Middle Eastern and African governments are failing to take the action required to protect their airlines from the economic crisis caused by the new coronavirus pandemic, the International Air Transport Association (IATA) said on Thursday.

World stocks inched up on Thursday on hopes for a massive joint stimulus fund to support the European Union during the coronavirus crisis and on an ongoing rebound in oil prices, while investors brushed off a slew of awful economic data.

German car and truck maker Daimler reported a plunge of nearly 70% in first-quarter operating profit on Thursday due to the coronavirus pandemic and warned that the cash flow it uses to pay dividends would fall this year.

Domino's Pizza Inc on Thursday forecast a 7.1% rise in U.S. comparable store sales in the first four weeks of the current quarter, benefiting from home-delivery orders from diners put under lockdown to curb the spread of the coronavirus.

Gap Inc said on Thursday its existing cash levels and credit facilities may not be sufficient to run its business and it would have to take additional measures such as job cuts and new debt financing within the next 12 months to boost its liquidity.

Eli Lilly and Co beat quarterly profit estimates and raised the top-end of its 2020 earnings forecast on Thursday, benefiting from customers stockpiling on medicines such as its diabetes treatment Trulicity amid the coronavirus pandemic.

South Korea's Hyundai Motor Co said on Thursday it expects only a modest recovery in Chinese auto demand and weak sales elsewhere this year after the coronavirus pandemic caused first-quarter vehicle sales to tumble 18%.

U.S. stock index futures retreated on Thursday as investors braced for another staggering jobless claims report and an expected plunge in business activity data as sweeping lockdown measures hammer economic growth.

Often rowdy and confrontational, this year's bank shareholder meetings have so far been brief and uneventful as the annual gatherings move online amid U.S. coronavirus lockdowns.

A surge in online sales for Target Corp in March and April offset the bulk of damage done by coronavirus lockdowns to in-store sales, but its margins continue to suffer along with profit from higher costs, the retailer said on Thursday.

Chinese electric vehicle maker BYD said on Thursday it has partnered with Toyota-owned truck maker Hino Motors to develop electric commercial vehicles, as BYD deepens electric collaboration with Japan's top automaker.

Middle East governments are failing to take the action required to protect their airlines from the economic crisis caused by the new coronavirus pandemic, the International Air Transport Association (IATA) said on Thursday.

African airlines could lose $6 billion in passenger revenue in 2020, the International Air Transport Association said on Thursday, as flight restrictions due to the novel coronavirus hit the sector on the continent.

As Toyota prepares to nearly halve production at Japanese factories, a regional governor said on Thursday he would offer 400 billion yen ($3.72 billion) in emergency loans for small and mid-size companies including Toyota's suppliers.

German sportswear firm Adidas plans a multi-billion euro bond so that it no longer needs the state-backed loan it agreed to take earlier this month to help it get through the coronavirus crisis, Manager Magazine reported on Thursday.