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New York charges Mallinckrodt with insurance fraud over opioid claims
New York state brought civil charges on Tuesday accusing Mallinckrodt Plc of insurance fraud for misrepresenting the safety and efficacy of its opioid drugs, leading to medically unnecessary prescriptions.
Categories: Reuters
Corporate America seeks legal protection for when coronavirus lockdowns lift
Major U.S. business lobbying groups are asking Congress to pass measures that would protect companies large and small from coronavirus-related lawsuits when states start to lift pandemic restrictions and businesses begin to reopen.
Categories: Reuters
Kering cautious on China rebound after coronavirus hits Gucci sales
Gucci sales were hit hard early in the coronavirus crisis due to the fashion group's reliance on Chinese customers, owner Kering said on Tuesday, adding that it was premature to say how quickly China sales would rebound.
Categories: Reuters
Wall Street tumbles as oil crash adds to pandemic fears
Wall Street tumbled for a second straight day on Tuesday as a collapse in U.S. oil prices and glum forecasts by companies foreshadowed the worst economic slump since the Great Depression.
Categories: Reuters
Trump calls for U.S. oil industry bailout as prices plunge
U.S. President Donald Trump said on Tuesday he has asked his cabinet to devise a plan to inject cash into the ailing U.S. oil-drilling industry to help it survive a historic collapse in crude prices.
Categories: Reuters
Indian court quashes government's call for ban on Deloitte, KPMG affiliate
An Indian court on Tuesday quashed efforts by the federal government to impose a ban on auditors Deloitte Haskins & Sells LLP and a KPMG affiliate for their alleged abetment of a financial fraud at a domestic firm.
Categories: Reuters
Telecom Italia and Open Fiber crank up war of words over single network
A war of words between Telecom Italia (TIM) and Open Fiber over the creation of a single broadband network in Italy escalated on Tuesday as Telecom Italia called its smaller rival's business model a "failure".
Categories: Reuters
In Versailles, king of online retail Amazon fights unions backlash
Amazon made its case on Tuesday in a French court of appeal to keep deliveries on track in the country, rejecting unions' allegations that it was not doing its best to protect employees from COVID-19.
Categories: Reuters
Brent oil drops 25%, near two-decade lows on scant demand, storage
Brent crude futures plunged 25% on Tuesday to the lowest in nearly two decades, a day after panicked traders sent U.S. oil below minus $40 per barrel on fears of a historic glut due to the destruction of fuel demand by the coronavirus pandemic.
Categories: Reuters
CPC oil producers eye boost to flows via Russia from May
Kazakh oil producers, which export crude via the Caspian pipeline consortium (CPC), are seeking to divert flows to Russia's Transneft from May in an attempt to minimize losses as CPC Blend margins and demand fall, five market sources said.
Categories: Reuters
Wall Street falls as U.S. crude crash adds to pandemic woes
Wall Street retreated for a second straight day on Tuesday as a collapse in U.S. crude prices and glum annual forecasts by companies foreshadowed the biggest economic slump since the Great Depression.
Categories: Reuters
Explainer: What is a negative crude future and does it mean anything for consumers?
The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.
Categories: Reuters
Lockheed Martin trims sales outlook as coronavirus hits supply chain
Lockheed Martin said on Tuesday the spread of coronavirus has delayed shipments of vital supplies to its numerous businesses and will likely hurt its sales this year.
Categories: Reuters
JPMorgan Chase developing plan to return employees to work in phases: memo
JPMorgan Chase & Co , the largest U.S. lender, said on Tuesday it was working on a plan to bring thousands of employees currently working from home back onsite in phases, according to an internal memo seen by Reuters.
Categories: Reuters
Amazon extends closure of French warehouses until April 25: statement
Amazon is extending the closure of its French warehouses until April 25 included, the online retail giant said in a written statement on Tuesday.
Categories: Reuters
We can make more ventilators if government ups order, says UK business consortium
A group of firms, including Airbus and Ford, could build more than the current government order of 20,000 ventilators and continue once normal operations begin to resume, the head of the project told Reuters on Tuesday.
Categories: Reuters
Hailstorm devastates hundreds of hectares of Bordeaux vines in SW France
A violent hailstorm that hit the Bordeaux wine region last Friday has caused severe damage, with several hundred hectares of vines nearly destroyed, notably in the famous Saint-Emilion region, the local chamber of agriculture said on Tuesday.
Categories: Reuters
U.S. home sales tumble as coronavirus keeps buyers indoors
U.S. home sales dropped by the most in nearly 4-1/2 years in March as extraordinary measures to control the spread of the novel coronavirus brought buyer traffic to a virtual standstill, with realtors and economists expecting a further deterioration in housing market activity through the second quarter.
Categories: Reuters
Air Canada to suspend flights to U.S. on coronavirus concerns
Air Canada said on Tuesday it would suspend flights between Canada and the United States after April 26 due to the coronavirus pandemic.
Categories: Reuters
New York charges Mallinckrodt with insurance fraud related to opioids
New York state charged Mallinckrodt Plc on Tuesday with insurance fraud for misrepresenting the safety and efficacy of its opioid drugs, leading to medically unnecessary prescriptions.
Categories: Reuters