Reuters Business News

A surge in Target Corp's online sales due to panic buying during the coronavirus crisis helped the big-box retailer post better-than-expected quarterly results on Wednesday, even as it grappled with soaring operational costs.

Dow Inc said on Wednesday it has shut down all operating units at its headquarters in Midland, Michigan, after flood waters breached its sites following the collapse of two dams.

Lawmakers in the U.S. House of Representatives plan to vote again next week on giving small businesses more time to utilize their coronavirus aid under the Paycheck Protection Program, House Speaker Nancy Pelosi said on Wednesday.

When JPMorgan Chase & Co staff return to offices in regions slowly re-opening from the coronavirus lockdown, some may be required to sit at common desks, or "hot desks," a temporary seating arrangement that management hopes will make it easier to clean, according to a memo seen by Reuters.

The French government will insist on preserving Renault production plants in France and wants it to remain the carmaker's global centre for engineering, research, innovation and development, Prime Minister Edouard Philippe said on Wednesday.

French carmaker Renault will re-open its Normandy-based Sandouville plant in northwestern France on Friday, a trade union source told Reuters on Wednesday.

Wall Street's main indexes surged and the Nasdaq hit its highest level in three months on Wednesday as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

Oil prices climbed more than 4% on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.

U.S. authorities on Wednesday arrested a former Special Forces soldier and another man wanted by Japan on charges that they enabled the escape of former Nissan Motor Co boss Carlos Ghosn out of the country.

Lowe's Cos Inc warned on Wednesday that high spending on do-it-yourself projects by people hunkered down at home due to coronavirus lockdowns would taper off in the coming months, as a deep economic recession looms on the horizon.

Wall Street's main indexes surged and the Nasdaq hit a three-month high on Wednesday, as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market.

The French government will insist on preserving Renault production plants in France and wants it to remain the group's global centre for engineering, research, innovation and development, Prime Minister Edouard Philippe said on Wednesday.

Johnson & Johnson will stop selling its talc Baby Powder in the United States and Canada, it announced on Tuesday, saying demand had fallen in the wake of what it called "misinformation" about the product's safety amid a barrage of legal challenges.

Global stocks rose to a 10-week high on Wednesday as investors regained hopes of recovery from a coronavirus-fuelled recession, while oil prices also strengthened.

Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.

Britain's government stands ready to help those affected by a plan at engine maker Rolls-Royce to cut at least 9,000 jobs, a spokesman for Prime Minister Boris Johnson said on Wednesday.

U.S. stocks jumped more than 1% at the open on Wednesday on upbeat quarterly earnings reports from retailers and hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

JPMorgan Chase & Co shareholders voted to reelect all of the bank's board members on Tuesday, including a former Exxon Mobil Corp CEO who drew criticism from environmental groups and New York City's comptroller and pension system leader.