Reuters Business News

U.S. House Speaker Nancy Pelosi on Tuesday rejected Senate Majority Leader Mitch McConnell's proposed emergency spending plan to help small businesses cope with the coronavirus outbreak, saying it did not do enough to help hospitals or state and local governments.

The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.

Bank of Japan Governor Haruhiko Kuroda said on Tuesday he explained to his G7 counterparts that the central bank would not hesitate easing monetary policy further depending on how the coronavirus pandemic affects the country's economy.

G7 finance leaders agreed on Tuesday on the need to provide financial and technical assistance to emerging economies battling with the fallout from the coronavirus pandemic, Japanese Finance Minister Taro Aso said.

Hyundai Motor Co's Czech car plant was the first in the central European country to get back to work on Tuesday after a three-week outage, potentially easing some of the strain on the hard-hit economy.

Bombardier Inc said on Tuesday it plans to resume production at some of its facilities in the United Kingdom, which had been halted in March due to government-mandated social distancing to battle the coronavirus pandemic.

The Spanish government said on Tuesday the International Monetary Fund's forecast of an 8% economic slump this year due to the coronavirus pandemic, to be followed by a recovery in 2021, confirmed the view that the crisis would be intense, but short-lived.

Global debt is expected to increase significantly over the next year, the top economist of the International Monetary Fund said on Tuesday, while moratoriums on debt payments and debt restructuring may need to be continued as the world economy emerges from the coronavirus pandemic lockdown.

U.S. stock markets opened more than 1% higher on Tuesday as the quarterly earnings season kicked off with JPMorgan and Johnson & Johnson giving a first glimpse of the coronavirus outbreak's impact on corporate America.

U.S. import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of other goods, pointing to import deflation that could deepen amid the coronavirus pandemic.

Oil prices plunged again on Tuesday as investors were unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic.

Wall Street's main indexes were set to open higher on Tuesday as the quarterly earnings season began in earnest with JPMorgan Chase and Johnson & Johnson offering the first glimpse of the coronavirus outbreak's impact on corporate America.

A French court on Tuesday ordered Amazon to limit its business to essential goods within 24 hours to allow for an assessment of epidemic risks, trade union Sud said on Tuesday.

Hyundai Motor Co's North American unit will expand its support for "drive through" testing for the coronavirus and donate 65,000 tests to hospitals in the United States, the South Korean automaker said on Tuesday.

Delta Air Lines has taken over an order worth roughly $3 billion at list prices for 10 Airbus A350 jetliners from Latam Airlines Group ), two industry sources said.

Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic.

JPMorgan Chase & Co's profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.

Global airlines will lose $314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry's representative body IATA, which raised its estimate from the $252 billion figure given on March 24.

The administrators of troubled hospital operator NMC Health have announced a new board for the London-listed company, bringing in four non-executive directors with international restructuring experience.

Johnson & Johnson on Tuesday beat analysts' estimates for first-quarter profit on higher sales of its cancer drugs and consumer products including Tylenol, while cutting its full-year forecast due to coronavirus shutdowns.