Reuters Business News

FedEx Corp said on Friday it would slash its chief executive officer's pay and draw down $1.5 billion from a credit facility as parcel delivery services take a hit from coronavirus-led lockdowns across the globe.

The economic crisis spawned by the coronavirus pandemic has produced a wave of grim U.S. data, with likely more to come as millions lose jobs, businesses shutter and spending stops.

Benchmark Brent crude oil futures climbed to as high as $34.91 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.

Bank of America Corp Chief Executive Brian Moynihan said the bank has already received roughly 10,000 applications for federally backed small business loans within the first hour of starting to accept them.

Top White House economic advisor Larry Kudlow said on Friday that there would be big demand for a small-business loan program but that the banks were prepared for it despite concerns that they would be overwhelmed by the need created by an economic shutdown aimed at slowing the spread of the coronavirus.

U.S. services sector activity slowed to a more than 3-1/2-year low in March, with industries reporting a moderation in new orders and decline in employment amid the coronavirus pandemic, which has brought the country to sudden stop.

A price war between world oil producers has slashed Venezuela's revenue for its top export and exacerbated the country's financial crisis as it also faces the coronavirus pandemic, U.S. sanctions and sliding crude output.

Global stock markets sank Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply.

Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to "unprecedented" demand loss, the head of the International Energy Agency, Fatih Birol, said.

Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.

Ford Motor Co said on Friday Chief Executive Officer Jim Hackett's total compensation fell to $17.4 million in 2019 from $17.8 million in 2018.

Wall Street's main indexes opened lower on Friday as the novel coronavirus brought the longest U.S. employment expansion on record to an abrupt end.

Aircraft lessor Avolon on Friday announced the cancellation of an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023, saying it was adjusting its order book to the disruption caused by the coronavirus pandemic.

U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small-business loans aimed at shoring up the economy during the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism.

The dollar resumed its climb against major currencies on Friday as investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic.

The U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway.

The U.S. economy abruptly ended a historic 113 straight months of employment growth in March, as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.

3M Co said on Friday it would continue to increase the production of respirators, after U.S. President Donald Trump announced he was invoking the Defense Production Act to get the company to manufacture more face masks.

The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.