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Wells Fargo, BofA and JPMorgan grant overdraft relief as stimulus checks roll in

Reuters Business News - Wed, 04/15/2020 - 20:05
The top U.S. retail banks said on Wednesday they would provide relief to customers who had overdrawn checking accounts, so that they could reap the full benefits of the federal government's cash stimulus program.
Categories: Reuters

Tesla, Musk must face shareholder lawsuit over going-private tweet

Reuters Business News - Wed, 04/15/2020 - 20:02
A federal judge said Tesla Inc and Chief Executive Elon Musk must face a lawsuit claiming they misled shareholders when Musk tweeted that he had secured funding to take his electric car company private in a $72 billion transaction.
Categories: Reuters

J.C. Penney skips interest payment amid bankruptcy fears

Reuters Business News - Wed, 04/15/2020 - 20:02
J.C. Penney Co Inc said on Wednesday it will not make a $12 million interest payment on its long-term corporate bonds, a day after Reuters reported the department store operator was considering filing for bankruptcy protection.
Categories: Reuters

Best Buy to furlough 51,000 hourly U.S. store employees

Reuters Business News - Wed, 04/15/2020 - 20:00
Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic.
Categories: Reuters

Dollar stands tall as U.S. retail slump fans flight to safety

Reuters Business News - Wed, 04/15/2020 - 19:53
A flight to safety bid pushed the dollar higher against its peers on Thursday after dire retail and factory data showed the severity of the collapse in U.S. economic activity caused by the novel coronavirus pandemic.
Categories: Reuters

Royal Caribbean sheds 26% of U.S. workforce as coronavirus hits travel

Reuters Business News - Wed, 04/15/2020 - 19:50
Royal Caribbean Cruises Ltd said on Wednesday it would lay off or furlough about 26% of its workforce in the United States, affecting nearly 1,300 of its more than 5,000 employees in the country, as the coronavirus chokes international travel.
Categories: Reuters

Samsung to tap Xilinx chips for 5G network equipment

Reuters Business News - Wed, 04/15/2020 - 19:35
American semiconductor firm Xilinx Inc said on Wednesday it had won a deal to supply chips to Samsung Electronics Co Ltd for 5G networking equipment.
Categories: Reuters

Google to slow hiring for rest of 2020, CEO tells staff

Reuters Business News - Wed, 04/15/2020 - 19:28
Alphabet Inc's Google will slow hiring for the rest of the year, Chief Executive Officer Sundar Pichai told the company's staff in a memo on Wednesday.
Categories: Reuters

Asia stocks set to tumble as investors fear worst recession since 1930s

Reuters Business News - Wed, 04/15/2020 - 19:02
Asian stocks look set to tumble on Thursday, as fears that the world is in its worst recession since the 1930s were heightened by data showing U.S. retailers suffered a record sales collapse in March due to the coronavirus outbreak.
Categories: Reuters

Exclusive: Major U.S. airlines eyeing government loans after grants - sources

Reuters Business News - Wed, 04/15/2020 - 18:32
Several major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said, as the industry braces for a slow recovery from the coronavirus pandemic.
Categories: Reuters

U.S. retail sales, factory output sink as coronavirus batters economy

Reuters Business News - Wed, 04/15/2020 - 18:18
U.S. retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts' views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the spread of the novel coronavirus shut down the country.
Categories: Reuters

Your questions on the lockdown and U.S. small business, answered

Reuters Business News - Wed, 04/15/2020 - 18:16
After closing their doors to prevent the spread of the coronavirus, many small businesses face an uncertain future following government-ordered lockdowns.
Categories: Reuters

Costco, P&G, J&J among few to hike dividend during coronavirus crisis

Reuters Business News - Wed, 04/15/2020 - 17:44
Warehouse operator Costco Wholesale Corp on Wednesday raised its quarterly dividend by about 8%, joining a small but growing list of companies to do so at a time when most of corporate America is suspending shareholders returns in order to shore up liquidity as the coronavirus crisis deepens.
Categories: Reuters

Mylan's Robert Coury back as executive chairman

Reuters Business News - Wed, 04/15/2020 - 17:34
Mylan NV on Wednesday named Chairman Robert Coury to the role of executive chairman to help steer the drugmaker through the coronavirus pandemic and its delayed merger with Pfizer Inc's off-patent branded drug unit, Upjohn.
Categories: Reuters

Amazon's EU head of operations steps down amid virus crisis

Reuters Business News - Wed, 04/15/2020 - 17:25
Amazon.com Inc's vice president of the European Union segment, Roy Perticucci, has stepped down, the company confirmed on Wednesday.
Categories: Reuters

Trading becomes a plus for Goldman once again during coronavirus rout

Reuters Business News - Wed, 04/15/2020 - 17:20
For the first time in years, Goldman Sachs Group Inc's having a sizeable trading business and a tiny consumer bank seems like a good idea.
Categories: Reuters

Airbus puts off planned ramp-up of A220 jet

Reuters Business News - Wed, 04/15/2020 - 17:17
Airbus SE is delaying its planned Canadian production ramp-up of its A220 jet by a year, a company spokeswoman said on Wednesday, as the coronavirus outbreak weighs on broader airline demand for aircraft.
Categories: Reuters

Smithfield Foods shuts U.S. bacon, ham plants as coronavirus hits meat sector

Reuters Business News - Wed, 04/15/2020 - 17:14
Smithfield Foods Inc, the world's largest pork processor, said on Wednesday it would shutter two U.S. plants that process bacon and ham, after closing a separate hog slaughterhouse because of an outbreak of the coronavirus among employees.
Categories: Reuters

Trump will announce guidelines on reopening the economy Thursday

Reuters Business News - Wed, 04/15/2020 - 17:09
U.S. President Donald Trump said on Wednesday that data suggested the county had passed the peak on new infections with coronavirus, and said he would announce "new guidelines" for reopening the economy at a news conference on Thursday.
Categories: Reuters

Google to slow hiring for rest of 2020, CEO tells staff: Bloomberg

Reuters Business News - Wed, 04/15/2020 - 16:48
Google Chief Executive Officer Sundar Pichai told his staff on Wednesday that parent Alphabet Inc will slow hiring for the rest of the year, Bloomberg reported, citing an internal email.
Categories: Reuters
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