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