Reuters Business News

Global stock markets slid on Tuesday as investors continued to assess the economic damage from the coronavirus pandemic, leaving the MSCI benchmark of world equities on pace to finish its worst quarter since the financial crisis of 2008.

Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilising energy markets, with benchmarks climbing off 18-year lows, though the coronavirus-related demand hit capped gains.

Wall Street was set to open lower on Tuesday, with the S&P 500 headed for its worst first quarter since 1938 as evidence grew of the scale of the damage caused by the collapse in oil prices and business activity due to the coronavirus.

Last week's record-setting U.S. jobless claims number will be quickly surpassed, economists and state officials predict, as local labor offices digest a pile of pending applications, and the new stimulus bill extends benefits to the self-employed.

Furniture giant IKEA is producing face masks and other protective gear for hospitals, joining a growing list of companies branching out of their normal business areas to help meet equipment shortages in the fight against coronavirus.

The International Monetary Fund said on Tuesday its board approved a new three-year framework for bilateral borrowing agreements, ensuring that its full $1 trillion lending capacity will be maintained as member countries battle the coronavirus pandemic.

British aero-engine maker Rolls-Royce will likely have to slash its 2020 cash flow target after airline customers parked hundreds of planes due to the coronavirus pandemic, analysts said.

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

Ford Motor Co said on Tuesday it was postponing its plan to restart production at its North America plants due to safety concerns for its workers amid the coronavirus pandemic.

Walt Disney Co's video streaming service, Disney+, will launch in India on April 3 through its local partner Hotstar, the Economic Times reported https://economictimes.indiatimes.com/magazines/panache/amidst-lockdown-disney-plus-makes-it-way-to-india-users-can-start-streaming-from-april-3/articleshow/74913298.cms on Tuesday.

The U.S. Transportation Department on Tuesday proposed minimum flight requirements for passenger airlines receiving aid from the government's $50 billion grant and loan fund.

Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.

Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric's healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.

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.

Google on Tuesday defended the impartiality of its search results after users in Japan seeking to corroborate rumors of an imminent state of emergency declaration by the government were met with no results on its website.

Huawei warned on Tuesday that 2020 would be its most difficult year yet due to American trade restrictions which dealt a blow to its overseas sales in 2019, and predicted the Chinese government would retaliate against the United States.

Global airlines warned on Tuesday that many carriers may not survive a record cash squeeze in the second quarter, as revenues and traffic plunge because of the coronavirus crisis.

British bank Virgin Money said on Tuesday that it will halt until further notice the planned closure of 52 branches and 500 job losses, as it grapples with the fallout from the coronavirus outbreak.

Chemicals manufacturer INEOS [INEOSG.UL] said on Tuesday it will build a hand sanitiser plant in France in 10 days to help meet a European shortage and has begun production at its new British and German plants ahead of schedule.

Ford Motor Co said on Tuesday it was postponing its plan to restart production at its North America plants due to safety concerns for its workers amid the coronavirus pandemic.