Reuters Business News

International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday the Fund was deploying all its resources and was looking to triple its concessional financing for the poorest countries to over $18 billion.

Japanese automaker Honda Motor Co said Wednesday it will extend a shutdown of its Mexican plants through April 30 and plans to furlough most U.S. salaried workers for two weeks as a result of the coronavirus pandemic.

Tesla's stock extended its recent rally on Wednesday following a surge in China car registrations and after Goldman Sachs initiated coverage of the electric car maker with a "buy" recommendation.

British fashion brands Oasis and Warehouse have fallen into administration, threatening over 2,000 jobs and joining a growing list of store groups pushed over the edge by the coronavirus crisis.

Oil prices sank on Wednesday after the United States reported a 19 million-barrel increase in inventories, the biggest weekly build ever, while forecasts showed global demand crumbling to its lowest levels in a quarter of a century due to the coronavirus pandemic.

UnitedHealth Group Inc on Wednesday reaffirmed its financial targets for the year, but cautioned it was uncertain of the impact of elective procedures being postponed by Americans during the COVID-19 pandemic.

U.S. retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts' views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the spread of the novel coronavirus shut down the country.

Apple Inc on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company's smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy.

From solar panel installers to electric vehicle factory workers, the clean energy sector lost more than 100,000 U.S. jobs in March as stringent measures to control the new coronavirus shut down manufacturing and halted plans for home and business upgrades.

British fashion retailers Oasis and Warehouse have fallen into administration, joining a growing list of store groups pushed over the edge by the coronavirus emergency.

American Airlines Group Inc Chief Executive Doug Parker told CNBC on Wednesday that the $10.55 billion it will receive in federal grants and loans should be "more than sufficient" to cover its financing needs, assuming a gradual recovery in demand by the end of the year.

Bank of America Corp reported a 48.5% drop in first-quarter net income on Wednesday, warning that it anticipated a recession because of the novel coronavirus and setting aside an additional $3.6 billion to cover potential losses.

U.S. crude oil stockpiles rose by 19 million barrels last week, the biggest one-week increase in history, the U.S. Energy Information Administration said, as refiners throttled back activity due to slumping demand as a result of the coronavirus pandemic.

Days after OPEC+ reached a record deal to cut oil output in an attempt to shore up a market reeling from the coronavirus crisis, their calculations are in question.

Global accounting and consulting firms Deloitte and EY said on Wednesday they were cutting pay for partners at their UK businesses by a fifth to protect jobs during the coronavirus crisis, mirroring moves at rivals PwC and BDO.

The Pentagon's inspector general on Wednesday said it could not determine whether the White House influenced the award of a $10 billion contract to Microsoft Corp over Amazon after several officials said their conversations were privileged "presidential communications."

The European Union is looking at ways to get the economy back on its feet next year after what is expected to be the 27-nation bloc's deepest ever recession, caused by the coronavirus pandemic.

Financial officials of the Group of 20 major economies said on Wednesday they had agreed on a coordinated approach for a suspension of debt service payments for the world's poorest countries starting on May 1 until the end of the year.

Oil prices sank on Wednesday after the United States reported its biggest weekly build of crude oil inventories on record, while forecasts showed global demand crumbling to its worst levels in a quarter of a century.

Aston Martin is extending by a week the manufacturing suspensions in place at its two car factories, ahead of the arrival of its crucial first sport utility vehicle, whilst lockdown measures to combat coronavirus continue.