Reuters Business News

Oil prices slumped on Monday, pulling back from last week's gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.

CVS Health Corp , called on by the Trump administration last month to help test Americans for infections from the new coronavirus, said it was launching two offsite testing locations with Abbott Laboratories' faster diagnostic kit and would be able to handle 1,000 tests per day.

Honda Motor Co said on Monday it will extend its auto production shutdown in the United States and Canada through May 1.

A tiger at the Bronx Zoo in New York City has tested positive for the respiratory disease caused by the novel coronavirus, in the first known case of a human infecting an animal and making it sick, the zoo's chief veterinarian said on Sunday.

Airbus said on Monday it had decided additional production pauses, in Germany and in the United States, in response to an industry-wide slowdown triggered by the coronavirus crisis.

RavnAir Group, the largest regional carrier in Alaska, filed for bankruptcy on Sunday and grounded all of its 72 planes, saying it was clear that government aid would not arrive before it ran out of cash in the midst of an "astonishing" decline in bookings and revenue due to the coronavirus.

U.S. stocks surged on Monday, with each of the major indexes rallying more than 5%, after a drop in the daily death toll in New York, the country's biggest coronavirus hot spot, fueled hopes a leveling off of the pandemic was on the horizon.

The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the Fed for cash, easing concerns among banks about getting stuck holding the low interest loans.

Capri Holdings Ltd will furlough all its 7,000 retail staff in North America due to the coronavirus outbreak and expects to reopen stores around June 1, the owner of Michael Kors and Versace brands said on Monday.

Shares of Zoom Video Communications Inc fell 8% on Monday, adding to their sharp declines in the past few days, as the video conferencing app battles privacy concerns and increased competition from deep-pocketed rivals.

New York Governor Andrew Cuomo on Monday cited tentative signs the coronavirus outbreak was "flattening" in his state but warned against complacency as the U.S. death toll topped 10,000 and the number of cases reached 350,000.

The U.S. carrier had earlier planned to reduce its April capacity by at least 10% and May capacity by at least 15%.

RavnAir Group, the largest regional carrier in Alaska, filed for bankruptcy Sunday and grounded all of its 72 planes as it waits on a decision from U.S. Treasury for government assistance.

Mandatory coronavirus quarantines of seasonal foreign workers in Canada could hurt that country's fruit and vegetable output this year, and travel problems related to the pandemic could also leave U.S. farmers with fewer workers than usual.

The S&P 500 was on track to recover about $1 trillion in market value in a furious rally on Monday after a drop in the daily death toll in New York, the country's biggest coronavirus hot spot, raised hopes that the pandemic could level off soon.

Qatar Petroleum (QP) is pressing ahead with foreign as well as domestic expansion despite the global market turmoil caused by the coronavirus pandemic, its chief executive told Reuters on Monday.

The S&P 500 was on track to recoup about $1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus hot spot, reported a fall in daily deaths, raising hopes that the pandemic could level-off soon.

Luckin Coffee Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu's family defaulted on a $518 million margin loan, one of the banks said on Monday.

World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases in some of the world's hot spots, while a delay in talks between Saudi Arabia and Russia to cut supply sent oil prices tumbling again.

British drugmaker GlaxoSmithKline will invest $250 million in Vir Biotechnology Inc and collaborate to develop potential antibody treatments for COVID-19, the disease caused by the new coronavirus, the companies said on Monday.