Reuters Business News

U.S. Treasury Secretary Steven Mnuchin said on Wednesday most, if not all, of the U.S. economy should be reopened by later in the summer after a devastating shutdown to try to stem the spread of the coronavirus.

Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, but said its daily cash burn would halve through June as it braces for a recovery that could take two to three years. "We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.

The European Commission will next month present a set of rules for the safe reopening of air travel when coronavirus pandemic lockdowns end, including social distancing in airports and planes, the EU's transport chief said on Wednesday.

Zoom Video Communications Inc said on Wednesday it was upgrading the encryption features on its video conferencing app to better protect meeting data and offer resistance to tampering. The new version of the app, Zoom 5.0, will release within the week, the company said in a statement.

The U.S. House of Representatives will pass Congress' latest coronavirus aid bill on Thursday, House Speaker Nancy Pelosi said, paving the way for nearly $500 billion more in economic relief amid the pandemic.

Wall Street looked set to rebound on Wednesday as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, although companies warned of more pain in the coming months.

Netflix Inc said on Wednesday it plans to raise about $1 billion in debt, a day after the streaming pioneer doubled its own projections for new customers as stuck-at-home users binged on original shows.

A growing body of scientific research linking tyre wear to microplastic pollution, as well as increasing scrutiny from lawmakers in the European Union (EU), has led the $180 billion-a-year tyre industry to fight back.

Nissan will restart production at its Barcelona factory from May 4 and it will begin piloting safety measures at its British plant with the return of around 50 staff this week, the Japanese carmaker said on Wednesday.

Global remittances are set to tumble by $142 billion in 2020, the sharpest fall in recent history, the World Bank estimates, as the coronavirus crisis chokes off a cash lifeline for hard-pressed households in poorer countries.

Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment.

Brent crude oil rose on Wednesday after slumping below $16 a barrel to its lowest since 1999, supported by voluntary as well as the prospect of forced production cuts to tackle a glut caused by the coronavirus crisis.

Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, but said its daily cash burn would slow through June as it braces for a recovery that could take two to three years."We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.

Oil producer countries should respect crude production cuts aimed at stabilizing the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday.

The European Union is looking at ways to revive its economy after what is expected to be the 27-nation bloc's deepest recession, caused by the coronavirus pandemic.

Kimberly-Clark Corp said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales.

AT&T Inc's first-quarter revenue fell short of Wall Street expectations and the company pulled its financial forecast on Wednesday, as the impact of the coronavirus outbreak overshadowed strong growth in monthly phone subscribers.

Kone reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak.

U.S. stock index futures rebounded on Wednesday as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, although companies warned of more pain in the coming months.

Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, and warned that a recovery could take two to three years. "We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.