Reuters Business News

Shares of the top four U.S. airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry.

The French government has rejected a request by Amazon to tap a state partial unemployment scheme for employees at its six warehouses in the country, a spokeswoman for the labor ministry said on Monday.

Amazon plans to extend the closure of its French warehouses until May 8 included, the e-commerce giant said on Monday.

Oil rose on Monday as more countries announced they would begin easing coronavirus lockdowns and crude supply cuts take hold, though a fresh spat between the United States and China over the origin of the virus limited the rise in prices.

The S&P 500 and Dow Jones dropped for the third session on Monday following a U.S.-China spat over the origins of the coronavirus outbreak and billionaire Warren Buffett's Berkshire Hathaway's move to dump stakes in major U.S. airlines.

Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter.

Luxury sports car maker Ferrari still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis.

Sad piano chords, somber shots of empty streets and close-ups of people staring out their windows. So prevalent were coronavirus-themed ads that followed a similar template just a few weeks ago, they were parodied in a YouTube compilation video: "Every COVID-19 Commercial is Exactly the Same."

Czech carmaker Skoda Auto, part of the Volkswagen Group , reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter.

Wells Fargo & Co said on Monday it has received an "outstanding" rating on a U.S. regulatory test for community lending between 2012 and 2018.

The S&P 500 and Dow Jones dropped for the third session on Monday following a U.S.-China spat about the origins of the coronavirus outbreak, while major carriers slumped after billionaire Warren Buffett's Berkshire Hathaway dumped its stakes in the sector.

Nissan Motor Co Ltd will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters.

Oil prices were mixed on Monday as countries started to ease coronavirus lockdowns, though a fresh spat between the United States and China over the origin of the virus weighed on prices.

Like the myriad approaches governments are taking to tackle the coronavirus crisis, the way the world's top banks are calculating their potential losses also differs widely, with puzzling outcomes for investors.

General Electric Co said on Monday it was planning to cut the global workforce of its aviation unit this year by as much as 25%, or up to 13,000 jobs, including both voluntary and involuntary layoffs, citing prolonged aircraft reduction schedules caused by the coronavirus pandemic.

Luxury sports car maker Ferrari cut its 2020 core profit forecast on Monday due to disruption caused by the coronavirus pandemic, which it said would mainly hit second quarter results.

Global stock markets fell on Monday on concerns U.S.-Chinese bickering over the origin of the coronavirus outbreak will ignite a new trade war, speculation that strengthened the dollar and drove gold prices higher.

Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus.

Shares of the top four U.S. airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry.

U.S. stocks opened lower on Monday following growing U.S.-China tensions about the origins of the coronavirus outbreak, while billionaire Warren Buffett's admission he had dumped his airline shares crushed major U.S. carriers.