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Updated: 4 years 29 weeks ago
Coronavirus hammers U.S. homebuilding; permits tumble
U.S. homebuilding dropped by the most on record in April and permits for future construction tumbled, underlining fears that the coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.
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Airlines say ticket cancellations slowing; business models may change
Top U.S. airlines and Air Canada on Tuesday reported slower ticket cancellations and an improvement in bookings on some routes, though executives said overall demand remained weak and changes to travel rules may force new business models.
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Lockheed's F-35 production could slow by 24 jets as COVID-19 hits suppliers
Lockheed Martin said on Tuesday it will slow production of its stealthy F-35 fighter jets at its Texas facility, possibly delaying delivery of between 18 and 24 jets due to a parts shortage as the coronavirus hampers production across the jet's vast supply chain.
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Nasdaq informs China's Luckin Coffee it plans to delist it
Luckin Coffee Inc said on Tuesday that Nasdaq Inc has given it notice that it plans to delist it from the U.S. stock exchange a month after the Chinese coffee chain disclosed that some of its employees fabricated sales accounts.
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Mnuchin says seeing large second quarter unemployment, negative economic data
U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he is continuing to see large unemployment numbers and other negative economic indicators during the second quarter, but the situation is expected to improve as the U.S. economy starts to reopen.
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Facebook to launch new shopping feature across apps
Facebook Inc is launching Shops, a service that will allow businesses to display and sell products on the world's largest social network's platforms, Chief Executive Mark Zuckerberg said on Tuesday.
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As coronavirus crushes small restaurants, big chains see room to move in
Prime storefronts left empty by failed businesses. Cheaper or even flexible rents. Landlords willing to add drive-thru lanes.
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Euro gains on EU recovery-fund plan, oil climbs
The euro and European government debt rallied on Tuesday, lifted by a Franco-German proposal to fund grants for regions hit hardest by the coronavirus pandemic, while oil traded mostly higher on growing demand as countries eased business lockdowns.
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White House panel: Build new tech infrastructure for future jobs
A White House advisory panel on Tuesday urged the government and private industry to work together on new technological infrastructure to support future jobs and underpin a solid economic recovery from the coronavirus pandemic.
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U.S. energy secretary criticized by advocacy groups for 'redlining' comment
Liberal groups criticized U.S. Energy Secretary Dan Brouillette on Tuesday for a comment they interpreted as comparing the reluctance of some banks to finance fossil fuels projects with discrimination against minorities.
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S&P 500 edges higher after mixed retail earnings
The S&P 500 edged up on Tuesday, taking a breather a day after its best one-day performance in six weeks, as investors attempted to glean information from a mixed bag of results from major retailers such as Walmart and Home Depot.
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American Airlines may use loyalty program as collateral for U.S. debt: President
American Airlines Group Inc may use its Advantage loyalty program as collateral for a secured U.S. government loan, President Robert Isom said at a conference on Tuesday, noting that government talks are ongoing.
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FAA to mandate new safety-management tools for airplane manufacturers
The Federal Aviation Administration said Tuesday it would require Boeing Co and other aircraft manufacturers to adopt new safety-management tools in the wake of two fatal Boeing 737 MAX crashes that killed 346 people.
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Fed, Treasury chiefs face heat over uneven U.S. coronavirus response
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin found themselves in the hot seat on Tuesday as U.S. lawmakers grilled them about the uneven nature of the fiscal response to the fallout from the coronavirus pandemic.
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Oil dips as U.S. Senate grills Fed chair, Treasury secretary
Oil prices pulled back slightly on Tuesday as a U.S. Senate committee grilled Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin about aid packages intended to bolster the economy.
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Airlines say ticket cancellations slowing but demand recovery still distant
Top U.S. airlines and Air Canada on Tuesday reported slower ticket cancellations and an improvement in bookings on some routes, sending their shares higher, though executives warned that rebuilding demand to pre-pandemic levels would be tough.
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S&P 500 flat after mixed retail earnings
The S&P 500 was largely unchanged on Tuesday, after a strong rally in the prior session, as investors sifted through a mixed batch of results from major retailers including Walmart and Home Depot.
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Fiat Chrysler's loan request raises doubts about 5.5 euro billion dividend
Italy could look into Fiat Chrysler's planned 5.5 billion euro ($6 billion) payout as part of its merger with Peugeot after the Italian-American carmaker asked for a 6.3 billion euro state-backed loan, a senior government source said.
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Lucky U.S. chickens fly the coop as pandemic hits egg demand
About 1,000 lucky chickens flew on two chartered cargo planes to a California sanctuary from an Iowa farm that has been euthanizing its flock as the coronavirus outbreak slashes restaurant demand for eggs, an animal rights group said.
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Lufthansa expects hundreds of aircraft to be grounded until 2022
Lufthansa is bracing for hundreds of aircraft to remain grounded due to the coronavirus pandemic well into 2022 and that further job cuts at its maintenance and catering businesses were inevitable.
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