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U.S. Treasury releases $2.9 billion in airline support, finalizes payroll agreements

Reuters Business News - Mon, 04/20/2020 - 20:31
The U.S. Treasury Department said on Monday it had disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.
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Oil prices bounce back, U.S. crude futures trade above zero

Reuters Business News - Mon, 04/20/2020 - 20:27
Oil prices rebounded on Tuesday, with U.S. crude turning positive after trading below $0 for the first time ever, but gains were capped amid unresolved concerns about how the market can cope with fuel demand decimated by the coronavirus pandemic.
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U.S.' Pelosi: negotiators agreed 'principles' of next coronavirus aid package

Reuters Business News - Mon, 04/20/2020 - 19:55
U.S. House Speaker Nancy Pelosi said on Monday Republican and Democratic negotiators have come to terms on the "principles" of the next coronavirus relief package, which is expected to focus on more aid for small businesses and be taken up in the U.S. Congress this week.
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U.S. crude futures up more than $20, but still trade below zero

Reuters Business News - Mon, 04/20/2020 - 19:50
U.S. crude oil jumped more than $20 per barrel on Tuesday but still traded below $0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.
Categories: Reuters

U.S. Senate sees possible Tuesday coronavirus vote, Pelosi said optimistic

Reuters Business News - Mon, 04/20/2020 - 19:37
The U.S. Congress inched toward a $450 billion deal to help small businesses and hospitals hurt by the coronavirus pandemic, with House Speaker Nancy Pelosi saying she expected an agreement on Monday as the Senate set a Tuesday session for a potential vote on it.
Categories: Reuters

Asian stocks set to sink after historic U.S. oil rout

Reuters Business News - Mon, 04/20/2020 - 19:03
Asia shares were poised to track a Wall Street tumble on Tuesday after U.S. crude futures turned negative for the first time in history, crushed by a spectacular collapse in oil demand as the coronavirus pandemic derails the global economy.
Categories: Reuters

Virgin Australia enters voluntary administration with aim to recapitalise

Reuters Business News - Mon, 04/20/2020 - 18:39
Virgin Australia Holdings Ltd said on Tuesday it entered voluntary administration to recapitalise the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load.
Categories: Reuters

Exclusive: Brazil considers further flight cuts as coronavirus crisis bites

Reuters Business News - Mon, 04/20/2020 - 18:05
Brazil's government is discussing with the country's main airlines further reducing a minimal flight schedule implemented due to the coronavirus crisis as travel demand remains close to zero, three sources told Reuters.
Categories: Reuters

U.S. energy industry steps up lobbying for Fed's emergency aid: letters

Reuters Business News - Mon, 04/20/2020 - 17:55
The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters.
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Wall Street drops as oil traders cannot give away U.S. crude

Reuters Business News - Mon, 04/20/2020 - 17:50
Wall Street tumbled on Monday after U.S. crude futures turned negative for the first time ever, with traders forced to pay to unload crude as the May contract expired during a global economic slump unleashed by the coronavirus outbreak.
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Trump hopes for deal in U.S. Congress on small business program, vote possible in Senate Tuesday

Reuters Business News - Mon, 04/20/2020 - 17:34
U.S. President Donald Trump said on Monday he hoped negotiators in Congress would reach a deal to provide more aid for small businesses hurt by the coronavirus pandemic, with a vote possible in the Senate on Tuesday.
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U.S. crude futures up over $20, but still trade in negative territory

Reuters Business News - Mon, 04/20/2020 - 17:26
U.S. crude oil jumped over $20 per barrel on Tuesday but still traded below $0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.
Categories: Reuters

IBM sees shift in client spend priorities, withdraws annual forecast

Reuters Business News - Mon, 04/20/2020 - 17:07
International Business Machines Corp's clients have shifted priorities toward saving capital in recent weeks because of COVID-19, hitting software sales in particular, new Chief Executive Officer Arvind Krishna said as the company withdrew its 2020 annual forecast.
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GE enters into $15 billion loan agreement

Reuters Business News - Mon, 04/20/2020 - 17:03
General Electric Co entered into a revolving credit agreement for $15 billion, according to a regulatory filing on Monday.
Categories: Reuters

Negative $40 oil reflects panic - and U.S. crude market economic reality

Reuters Business News - Mon, 04/20/2020 - 16:58
Traders desperate to avoid owning oil fled the markets on Monday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present on U.S. soil.
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U.S. car rental company Hertz to lay off 10,000 staff on coronavirus hit

Reuters Business News - Mon, 04/20/2020 - 16:37
U.S. car rental company Hertz Global Holdings Inc said on Monday it plans to lay off 10,000 employees across its North America operations to cut costs amid the economic fallout of the COVID-19 pandemic.
Categories: Reuters

Oil price crashes into negative territory for the first time in history amid pandemic

Reuters Business News - Mon, 04/20/2020 - 16:00
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
Categories: Reuters

WeWork committee pushes back against SoftBank, defends right to represent shareholders

Reuters Business News - Mon, 04/20/2020 - 15:44
A special committee of WeWork board members on Monday rejected an assertion by SoftBank Group Corp that it does not have authority to represent the interests of minority shareholders of the office-sharing startup.
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IBM withdraws 2020 forecast on virus uncertainty, dividends to continue

Reuters Business News - Mon, 04/20/2020 - 15:43
International Business Machines Corp on Monday withdrew its 2020 annual forecast due to uncertainty caused by COVID-19, but said its customers were relatively well positioned for the pandemic and it would continue to pay dividends.
Categories: Reuters

IMF may need 'exceptional measures' to facilitate pandemic response: Georgieva

Reuters Business News - Mon, 04/20/2020 - 15:42
The International Monetary Fund may need to step outside its comfort zone and consider "exceptional measures" to help countries deal with the coronavirus pandemic and mitigate its economic impact, Managing Director Kristalina Georgieva said on Monday.
Categories: Reuters
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