Reuters Business News

Shared-office operator WeWork told investors on Thursday the $4.4 billion in cash and cash commitments it had at year-end 2019 is enough to execute its five-year plan and manage the challenges posed by the coronavirus crisis.

A Wall Street rally powered global gains in stocks on Thursday despite a record number of new unemployment filings in the United States, as traders focused on the unanimous passage of a $2 trillion coronavirus relief bill in the U.S. Senate and the possibility that there is more stimulus to come.

Sweden's Volvo Car Group, owned by China's Geely, scaled back its guidance for the full year, warning that sales, earnings and cash flow in the first half of 2020 would decline from a year ago as the coronavirus pandemic weighed on its business.

Peter Tuchman, dubbed the "most photographed trader on Wall Street", took to Instagram on Thursday to tell his 10,000-odd followers that he had tested positive for coronavirus.

The number of jobs lost around the world due to the coronavirus crisis could be "far higher" than the 25 million the International Labour Organization (ILO) estimated just a week ago, a senior ILO official said on Thursday.

Senior cabinet officials in the Trump administration agreed to new measures to restrict the global supply of chips to China's Huawei Technologies, sources familiar with the matter said, as the White House ramps up criticism of China over coronavirus.

The International Air Transport Association on Thursday urged the group of the 20 major economies to act quickly to prevent irrecoverable damage to the airline industry that has been shaken by the coronavirus crisis.

Caterpillar Inc withdrew its earnings guidance for 2020 on Thursday and suspended some operations, citing economic uncertainty amid the novel coronavirus pandemic that has dented equipment sales and hit supply chains.

In order to put recession-fighting checks into the hands of millions of Americans, the U.S. government will rely on a tax agency that has fewer workers, a smaller budget and the same 1960s-era computer systems it had the last time it was asked to do so.

U.S. Federal Reserve Chair Jerome Powell told Americans on Thursday progress in controlling the spread of the coronavirus would determine when the economy reopens but assured them the Fed was taking every action to support a vigorous rebound when it comes.

(This March 25 story corrects paragraph 11 to show Sean Kennedy represents the National Restaurant Association)

Two employees of Tesla Inc have tested positive for coronavirus, Business Insider reported on Thursday, citing an internal email.

The U.S. Senate's unanimous passage of an estimated $2.2 trillion coronavirus relief bill sent the unprecedented economic rescue legislation to the House of Representatives, whose leaders hope to pass it on Friday.

Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus.

Americans should receive cash payments within three weeks to help offset the financial hardships of the coronavirus crisis, Treasury Secretary Steve Mnuchin said, adding that the record jobless claims announced on Thursday are not relevant.

Wall Street gained more ground on Thursday as the record weekly jobless claims came in below investors' worst fears, but added to the case for more stimulus to combat the economic impact of the coronavirus pandemic.

Japan's Mitsubishi Corp could potentially invest in Renault as part of scenarios being discussed to reinforce an alliance between the French carmaker, Nissan and Mitsubishi Motors, two sources familiar with the matter said.

WeWork told investors on Thursday the $4.4 billion in cash and cash commitments it had on hand at year-end 2019 is sufficient to execute its five-year plan, including managing the challenges posed by the recession-bearing coronavirus crisis.

U.S. drugstore operator CVS Health Corp said on Thursday its medical membership and payment collection have been hit due to the coronavirus pandemic, although it cannot reasonably estimate the impact on its businesses, cash flows or operating results.

Nestle , the world's biggest food company, said it would pay full salaries to employees affected by work stoppages for a minimum of three months, to protect them from the fallout of the coronavirus pandemic.