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Updated: 4 years 29 weeks ago
Fed's Barkin: coronavirus blow to U.S. economy will be deep
The economic downturn from the coronavirus outbreak in the United States will be deep and any recovery will depend on consumers feeling safe enough to start spending again, Richmond Federal Reserve Bank President Thomas Barkin said on Wednesday.
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Wall Street recovers ground as Sanders gives health insurers a boost
U.S. stock markets rose on Wednesday on hopes the coronavirus outbreak in the United States was close to its peak, with health insurers boosted by Democratic presidential candidate Bernie Sanders suspending his campaign.
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Oil futures higher on production cut hopes as inventory build limits gains
Crude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains.
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Google wins U.S. DOJ backing to use segment of U.S.-Asia undersea cable
The U.S Justice Department on Wednesday recommended U.S. regulators approve Alphabet Inc unit Google's request to use part of an U.S.-Asia undersea telecommunications cable after the company warned it would face significantly higher prices to carry traffic by other means.
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BMW to start producing face masks
German carmaker BMW will start producing face masks to help protect its own staff and the public against the spread of the new coronavirus, Chief Executive Oliver Zipse said on Wednesday.
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Fed modifying asset cap so Wells Fargo can make more small business loans
The U.S. Federal Reserve said on Wednesday it would "temporarily and narrowly" modify the growth restriction on Wells Fargo & Co's balance sheet, allowing the bank to make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.
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Wall Street climbs on hopes of outbreak peaking, Sanders suspending White House bid
Wall Street rose on Wednesday on hopes the coronavirus outbreak in the United States was close to its peak, with health insurers boosted by Democratic presidential candidate Bernie Sanders suspending his campaign.
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Pulp friction: Border jams delay supply of toilet paper's only ingredient
As several European borders limit travel to stop the spread of COVID-19, two of the world's biggest pulp makers say transportation logjams are delaying shipments of the raw material - the only ingredient in the toilet paper that people are hoarding to weather quarantines.
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U.S. Justice Department backs Google request to use part of U.S.-Asia undersea cable
The U.S Justice Department on Wednesday recommended U.S. regulators approve Alphabet Inc's request to use part of an U.S.-Asia undersea telecommunications cable.
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U.S. oil firms likely to 'organically' cut four million barrels per day: regulator
OPEC members and other oil producers need to cut at least 20 million barrels per day of output, a Texas oil and gas regulator said on Wednesday.
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Dow Jones CEO Will Lewis to step down: FT
The chief executive officer of News Corp owned Dow Jones, Will Lewis, is stepping down, according to a report by Financial Times on Wednesday, citing people familiar with the matter.
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Agnelli family's Exor vows to push through big deals despite pandemic
The boss of Exor showed confidence on Wednesday in the success of three transformative deals set to reshape its multi-billion portfolio of corporate holdings, despite being caught at mid-air by the coronavirus crisis.
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Toyota extends North American plant shutdown; will stop paying 5,000 temporary workers
Toyota Motor Corp said Wednesday it plans to reopen its North American auto plants on May 4, extending its current shutdown by two additional weeks.
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Norwegian Air seeks $4.3 billion debt-for-equity deal as crisis deepens
Norwegian Air plans to convert up to $4.3 billion of its debt into equity and to issue new shares as it seeks to stay in business following the COVID-19 outbreak that has grounded almost all of its fleet, the budget carrier said on Wednesday.
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Timeline: Norwegian Air targets relaunch with debt-for-equity deal
Norwegian Air plans to convert up to $4.3 billion of its debt into equity and to issue new shares as it seeks to stay in business following the COVID-19 outbreak that has grounded almost all of its fleet.
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Airbus cuts jet production to cope with coronavirus crisis
Airbus on Wednesday cut production across the board to absorb the hit to manufacturing from the coronavirus crisis.
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Lufthansa's Austrian unit negotiates state aid, job cuts
Austrian Airlines is in negotiations with the government regarding state aid to save jobs and keep Vienna as a transfer hub for long-haul flights, the carrier said on Wednesday, adding the talks were at an early stage and will probably take weeks.
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Fed modifying asset cap so Wells Fargo can make more small business loans
The U.S. Federal Reserve said on Wednesday it would "temporarily and narrowly" modify the growth restriction on Wells Fargo & Co's asset cap so the bank can make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.
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Walmart's Mexico unit hires over 7,700 employees to manage higher demand
Walmart de Mexico, known locally as Walmex , has hired 7,741 employees to manage higher volume and demand at its stores, the retailer said in a statement on Wednesday
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McDonald's pulls forecast as coronavirus outbreak hits quarterly sales
McDonald's Corp posted a steeper-than-expected decline in first-quarter comparable store sales and the burger chain pulled its full-year forecast as coronavirus-led lockdowns forced it to shutter stores and stick to delivery or take-out.
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