Reuters Business News

Michigan Governor Gretchen Whitmer on Thursday said the state's factories can reopen on May 11, removing one of the last major obstacles to North American automakers bringing thousands of laid-off employees back to work amid the coronavirus pandemic.

Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff's study of cellphone tracking data.

Wall Street's indexes jumped on Thursday, with the Nasdaq turning positive for the year, following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.

Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff's study of cellphone tracking data.

A jump for PayPal on Thursday put the Nasdaq on course to turn positive on the year, with Wall Street also boosted by hopes of a faster economic recovery following a surprise rise in Chinese exports.

The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said.

U.S. stocks jumped on Thursday as an upbeat outlook from PayPal and a surprise rise in Chinese exports raised hopes of a faster economic recovery from what is expected to be a deep coronavirus-led recession.

Airbus deliveries tumbled 80% to just 14 aircraft in April, compared with a year earlier, as operations were hit by the coronavirus crisis, company data showed on Thursday.

Virgin Atlantic's planned 3,150 job cuts will show the airline is taking "self-help" measures and help it to win financial support from either the British government or a private sector investor, an internal memo to pilots seen by Reuters said.

H&M , the world's second-biggest fashion retailer, said local currency sales had tumbled 57% since the start of March compared with a year ago as the COVID-19 pandemic and lockdowns kept most of its stores closed.

Michigan Governor Gretchen Whitmer on Thursday is expected to announce that the state's factories can reopen soon, removing one of the last major obstacles to North American automakers bringing thousands of laid-off employees back to work amid the coronavirus pandemic, two people familiar with the plans said.

Wall Street gave a resounding vote of confidence to ride-hailing stocks ahead of Uber's results on Thursday, after Lyft indicated a slow recovery in demand and lower costs as rising unemployment creates greater supply of drivers.

Lufthansa is negotiating a 9 billion euro ($9.71 billion) bailout with Germany's economic stabilisation fund to ensure its future, the airline said on Thursday, confirming an earlier Reuters report.

Panama's Copa Airlines said on Thursday that it is planning to retire early its fleet of 14 older Boeing 737-700 NG planes, the latest carrier to do away with planes due to the coronavirus crisis.

Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.

The U.S. agency that enforces laws prohibiting disability discrimination said on Thursday that employers must try to accommodate workers with medical conditions that make them vulnerable to the novel coronavirus before sending them home.

Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.

Anheuser-Busch InBev , the world's largest beer maker, forecast a "materially worse" second quarter as coronavirus restrictions curb drinking across the globe, although China was showing early signs of recovery.

Liberty Global and Telefonica have agreed to merge their British businesses in a $38 billion deal that will create a powerhouse in mobile and broadband to take on market leader BT .

U.S. stocks jumped on Thursday as an upbeat outlook from PayPal and a surprise rise in Chinese exports raised hopes of a faster economic recovery from what is expected to be a deep coronavirus-led recession.