Reuters Business News

Air New Zealand said on Tuesday nearly a third of its employees, about 3,500, will be laid off in the coming months, as it grapples with severe global travel curbs due to the coronavirus that has forced it to cancel nearly all flights.

Around one-third of those working at an Amazon delivery station in central Italy went on strike on Monday, a union representative said, citing a request for enhanced safety measures for workers amid the coronavirus health emergency.

Fiat Chrysler top executives will temporarily cut their salaries to preserve the automaker's financial soundness during the coronavirus emergency, Chief Executive Mike Manley told employees on Monday.

U.S. stocks rallied on Monday, led in part by a climb in healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from the spread of the coronavirus.

Global equity benchmarks rose on Monday despite a drop in oil prices to their lowest levels since 2002, as central banks and the United States tried to contain damage from the rapidly spreading coronavirus that has upended the global economy.

U.S. senators are calling for investigations of record profit margins for beef processors like Tyson Foods and Cargill, after ranchers complained surging meat prices due to coronavirus hoarding did not translate into higher cattle prices.

Department store operators Macy's Inc and Kohl's Corp said on Monday they would furlough thousands of employees as U.S. retailers keep their stores shut to curb the spread of the coronavirus outbreak.

JPMorgan Chase & Co's alternative investments unit is looking to raise up to $10 billion to boost its spending power in the face of the coronavirus pandemic, a source familiar with the matter said on Monday.

American Express Co will avoid job cuts in 2020 as the credit card issuer "rides out the storm" brought on by the coronavirus pandemic, Chief Executive Officer Steve Squeri said in a video message to employees on LinkedIn.

The head of the U.S. Securities and Exchange Commission said on Monday that it should not ban short-selling of shares, amid speculation on further measures the agency might take to arrest a market rout that stems from fears the coronavirus will spark a global recession.

The United States has given banks a two-year break from provisions for loans soured by the coronavirus pandemic, seeking to keep credit flowing while borrowers struggle to stay afloat as economic activity grinds to a halt.

Oil major BP PLC will not cut jobs over the next three months, Chief Executive Officer Bernard Looney said, even as the company seeks to reduce spending following an oil price crash.

The U.S. government has cut deals with Johnson & Johnson and Moderna Inc and said it is in talks with at least two other companies to expand manufacturing capacity within the United States for vaccines to prevent the new coronavirus even before safe and effective ones become available.

Kohl's Corp said on Monday it would extend the duration of store closure, and fully draw down on its $1 billion revolving credit facility to control damages from the coronavirus pandemic.

As U.S. officials role out trillions of dollars in new economic support, a Federal Reserve policymaker on Monday said focus will now shift to whether those programs prove adequate or need to be expanded even further.

Emergency room doctor Thomas Krajewski stopped at the hospital room door at 2 a.m. to glance at the chart. He knew instantly the long odds faced by the patient inside: A man in his 70s, with a fever, short of breath.

Sean Hernandez says he covers his mouth and nose with a t-shirt or towel when he leaves his cell, the only defense he can improvise against the coronavirus outbreak now sweeping through New York’s Rikers Island jail system.

Fresh partisan divisions flared on Sunday on the next steps for the U.S. Congress in dealing with the coronavirus crisis, with the top House of Representatives Republican casting doubt on the need for more economic stimulus legislation while House Speaker Nancy Pelosi signaled she plans to move forward with it.

Hollstadt Consulting CEO Molly Jungbauer has had to let go 30 of the 150 employees at her St. Paul, Minnesota firm to weather the drop in revenue from travel industry clients because of the coronavirus.

Britain's Aston Martin said on Monday it is furloughing some employees as it handles the fallout from the coronavirus outbreak which has closed its car factories.