Reuters

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.

U.S. passenger railroad service Amtrak told Congress in a letter made public Tuesday it needs a further $1.475 billion bailout or it will be forced to make sweeping service cuts and suspend some routes.

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.

U.S. stocks jumped and the S&P 500 breached 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions.

U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to dig out of the hole amid record unemployment.

British retailer John Lewis Partnership said on Tuesday it will re-open its department stores on a "phased basis" after the government said non-essential retail could re-open from June 15.

Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their troubled alliance to try to recover from the coronavirus pandemic, five senior sources told Reuters.

The coronavirus crisis, which has virtually grounded global air traffic since March, has pushed several struggling airlines over the edge.

A banker went on trial in Switzerland on Tuesday charged with failing to sound the alarm over millions of dollars linked to scandal-tainted Malaysian sovereign wealth fund 1MDB.

U.S. passenger railroad Amtrak told Congress in a letter made public Tuesday it needs another $1.475 billion bailout or it will be forced to make sweeping service cuts and likely suspend some routes.

U.S. stocks jumped and the S&P 500 breached 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions.

British supercar manufacturer McLaren Group, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the fallout from the COVID-19 pandemic.

U.S. stocks surged at the open and S&P 500 breached a major technical barrier on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors overlook Sino-U.S. tensions.

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to fully dig out of the hole amid record unemployment.

Sales of new U.S. single-family homes unexpectedly rose in April, but the gains are likely temporary as the coronavirus crisis ravages the economy, unleashing record unemployment.

The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets.

Lufthansa is hoping for a quick nod from the European Commission for its 9 billion euro ($9.8 billion) bailout agreed on Monday to make sure the cash arrives in time for the company to stay afloat.

Uber Technologies Inc has cut about 600 jobs in India as part of plans to reduce its global workforce by 23%, the company said on Tuesday, joining local rival Ola as the COVID-19 pandemic crushes demand for app-based cab services.

Investment bank Moelis & Co is in talks with a group owning around $3 billion in bonds and loans owed by Latam Airlines Group SA to represent them in the company's bankruptcy, one source with knowledge of the matter said on Tuesday.