Reuters

Gap Inc warned on Thursday it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally.

Wall Street was in positive territory on Tuesday but surrendered strong earlier gains after a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial.

Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.

General Motors Co on Thursday won preliminary U.S. court approval of a $120 million settlement with owners who said defective ignition switches caused their vehicles to lose value.

A stunning 26.5 million Americans have sought unemployment benefits since mid-March, confirming that all the jobs gained during the longest employment boom in U.S. history have been wiped out as the novel coronavirus savages the economy.

President Donald Trump's plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration's strategy to shield drillers from a meltdown in energy demand - but company officials and industry groups say the program has been too slow and won't be enough to save them.

Wall Street rose on Thursday as a third straight decline in weekly jobless claims raised hopes the worst of the coronavirus pandemic's impact on the labor market was over, while energy stocks jumped on a rebound in oil prices.

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

The Italian government will take full control of Alitalia [CAITLA.UL] in June, Industry Minister Stefano Patuanelli said on Thursday, adding the airline would have gone bust due to the coronavirus crisis otherwise.

Zoom video conferencing app's user base grew by another 50% to 300 million in the last three weeks, as the company fought to quell a backlash around security and safety that has seen a number of governments and firms ban its applications.

Apple Inc plans to sell Mac computers with its own main processors by next year based on the chip designs currently used in its iPhones and iPads, Bloomberg reported on Thursday.

Lufthansa aims to finalise a state aid rescue package worth up to 10 billion euros ($10.8 billion) next week after the coronavirus crisis forced it to ground almost all of its planes, people close to the matter said.

The U.S. House of Representatives returned to Washington on Thursday to pass a $484 billion coronavirus relief bill, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented nearly $3 trillion.

Some businesses prepared on Thursday to reopen in Georgia and a handful of other U.S. states for the first time in a month, as another week of massive unemployment claims highlighted the grim economic toll of the coronavirus pandemic.

Blackstone Group Inc , the world's largest manager of alternative assets such as private equity and real estate, reported a 4% rise in first-quarter distributable earnings on Thursday, driven by a surge in management fees, even as its funds took a hit in the coronavirus-induced downturn.

Hundreds of members of the U.S. House of Representatives gathered 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. coronavirus deaths topped 48,000 on Thursday as the number of lives lost in April rises by an average of 2,000 a day, according to a Reuters tally.

Some workers in Georgia and other U.S. states prepared to go back to work for the first time in a month, as data released on Thursday showing soaring unemployment claims reaffirmed the grim economic toll of the coronavirus pandemic.

Wall Street's main indexes pared gains sharply on Thursday, after a report that Gilead Sciences experimental coronavirus drug flopped in its first randomized clinical trial.

Sales of new U.S. single-family homes dropped by the most in more than 6-1/2 years in March and further declines are likely as the novel coronavirus outbreak batters the economy and throws millions of Americans out of work.