Reuters Business News

Wall Street's main indexes slumped with the S&P 500 falling below 3,000 points on Monday after a spike in new coronavirus cases in China and parts of the United States dampened hopes of a swift economic recovery.

France's PSA , the maker of Peugeot cars, on Monday said it would only transfer a small group of Polish workers to help out in a French plant where production is being increased, following a backlash over the knock-on effect for local jobs.

Oil prices fell on Monday as new coronavirus infections hit China and the United States, adding to concerns that a resurgence of the virus could hamper economic recovery and fuel demand.

Goldman Sachs Group Inc on Monday pledged an additional $250 million to fund the federal aid program to help businesses hurt by the COVID-19 pandemic.

Honeywell International Inc, a major supplier of aerospace products, said Monday it launched an unmanned aerial systems business to bet on the autonomous aviation space – drones, air taxis, and unmanned cargo delivery vehicles.

U.S. stocks opened sharply lower on Monday as a resurgence in new coronavirus cases in China and parts of the United States dampened hopes of a swift economic revival that drove the Nasdaq to record highs last week.

Hungary is ready to give financial support to Audi to allow its Hungarian manufacturing plant to run at full capacity in the wake of the coronavirus pandemic, Prime Minister Viktor Orban was reported as saying on Monday as he visited the plant.

General Electric Co said on Monday David Joyce, the chief executive of the company's aviation unit, would retire after 40 years with the industrial conglomerate, and would be succeeded by Embraer executive John Slattery.

Brazilian planemaker Embraer SA said on Monday it was replacing the head of its commercial aviation unit after a planned deal to have Boeing Co take over that division fell apart in April.

Wall Street was set to drop sharply at the open on Monday as a recent jump in coronavirus cases in China and parts of the United States dashed investor hopes of a quick economic rebound that had powered the Nasdaq to record levels last week.

General Electric Co said on Monday David Joyce, the chief executive of the company's aviation unit, would retire after 40 years with the industrial conglomerate.

Delta Air Lines has received approval from the Shanghai government to resume flights from June 18, a company spokeswoman said on Monday, paving the way for the carrier to resume services to China after months of suspension due to COVID-19.

United Airlines said on Monday it is securing a $5 billion loan backed by its MileagePlus loyalty program, bringing potential total liquidity to $17 billion, an amount that senior executives said would be enough to carry it through a potential second or third wave of the new coronavirus that could hit the aviation industry.

Passenger revenue at Latin America's No. 2 airline, Avianca Holdings , has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken on the company.

Italy's Intesa Sanpaolo has agreed to sell more branches and assets to rival BPER to try to overcome antitrust objections to its proposed takeover of UBI Banca .

Volkswagen expects a very bad second quarter, but also sees a positive adjusted operating profit before special items for 2020, Chief Financial Officer Frank Witter said in an internal newsletter.

Delta Air Lines has received approval from the Shanghai government to resume flights from June 18, a company spokeswoman said on Monday, paving the way for the carrier to resume services to China after months of suspension due to COVID-19.

Fears of a second wave of COVID-19 infections sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as government bonds.

The number of publicly accessible charging points for electric vehicles (EV) jumped 60% in 2019, the biggest increase in three years and outpacing sales of battery-powered cars, according to the International Energy Agency (IEA).

Fears that a second wave of COVID-19 infections is under way sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt.