Reuters Business News

Wall Street bank Goldman Sachs is offering employees 10 days of paid family leave to care for children or elderly parents who are at home during the coronavirus pandemic, according to a memo sent to staff on Tuesday that was seen by Reuters.

Global stock markets dipped in volatile trading on Tuesday as investors assessed the economic damage from the coronavirus pandemic, while the MSCI benchmark of world equities was on pace to finish its worst quarter since the financial crisis of 2008.

Billionaire trader Steven A. Cohen is cautioning the staff of his investment firm, Point72 Asset Management, to remain cautious amid markets that have recovered slightly from coronavirus-driven lows.

President Donald Trump is holding a call with seven of the biggest U.S. internet and mobile phone providers on Tuesday to talk about how the networks are holding up as tens of millions of Americans work from home.

Oil prices steadied on Tuesday, with the U.S. crude benchmark climbing off 18-year lows after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilizing energy markets.

American Airlines Group Inc is set to sharply increase the number of jets it is planning to retire beyond its announced plans as it accelerates a fleet transformation to respond to the coronavirus crisis, people familiar with the matter said.

The dollar rose against the euro and the Swiss franc on Tuesday but was off its highs, modestly pressured by the weight of Federal Reserve measures meant to ensure there was enough liquidity in the global financial system.

J. C. Penney Co Inc said on Tuesday it would furlough a majority of its hourly staff and salaried associates next month, the latest U.S. retailer looking to weather the financial strain from store closures due to the coronavirus pandemic.

Britain's biggest retailer Tesco said on Tuesday it had recruited 35,000 additional workers in the last 10 days to help get it through the coronavirus emergency, which has triggered a dramatic increase in demand for groceries.

Goldman Sachs said on Tuesday the second-quarter U.S. economic decline would be much greater than it had previously forecast and unemployment would be higher, citing anecdotal evidence and "sky-high jobless claims numbers" resulting from the coronavirus pandemic.

Global stock markets edged higher on Tuesday as investors assessed the economic damage from the coronavirus pandemic, while the MSCI benchmark of world equities was on pace to finish its worst quarter since the financial crisis of 2008.

Germany's Adidas on Tuesday said it will suspend a 1 billion euros share buyback it had planned for this year as a way to conserve cash after closing its retail outlets in Europe and North America.

The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases.

Walt Disney Co will launch its Disney+ service in India on April 3, the company said on Tuesday, intensifying rivalry with Netflix Inc and Amazon.com Inc's Prime Video in a country where demand for online streaming is surging.

JPMorgan Chase & Co told employees on Tuesday it is changing its customer complaint system and how staff choose which customers are eligible for certain banking products after the New York Times reported allegations of racial discrimination against black customers at the bank last year.

Oil prices steadied on Tuesday, with the U.S. crude benchmark climbing off 18-year lows after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilising energy markets.

U.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place.

U.S. stock markets steadied on Tuesday at the end of the worst first quarter for the S&P 500 since 1938 amid growing evidence of the largescale damage caused by the collapse in oil prices and business activity due to the coronavirus.

Southwest Airlines Co said Tuesday it will cut more than 40% of flights from May 3 through June 5 amid a sharp decline in travel demand from the coronavirus pandemic.

How much damage has the coronavirus and the oil price collapse inflicted on global financial markets this year? Put simply, it has probably been the most destructive sell-off since the Great Depression.