Reuters Business News

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in U.S. history.

The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.[]

Yes Bank Ltd said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender.

Harley-Davidson Inc on Thursday withdrew its financial forecasts as the coronavirus outbreak hurts its supply chain, and warned further disruptions could dent its ability to supply and sell motorcycles.

HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said.

Wall Street jumped at the open on Thursday, building on a two-day rally, as investors bet on more stimulus measures after the U.S. jobless claims surged past 3 million last week, underscoring the economic impact of the coronavirus pandemic.

Norway's sovereign wealth fund, the world's largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic.

The United States "may well be in recession" but progress in controlling the spread of the coronavirus will determine when the economy can fully reopen, Federal Reserve Chair Jerome Powell said Thursday in a rare network television interview on NBC's Today Show.

Americans should receive direct deposits for financial aid within three weeks as soon as the coronavirus economic relief bill is signed into law, the U.S. Treasury Secretary said, adding that the record jobless claims announced on Thursday "are not relevant."

Japanese conglomerate Mitsubishi Corp could potentially take a 10% stake in French carmaker Renault as part of scenarios being discussed to reinforce an alliance between Renault, Nissan and Mitsubishi Motors, Les Echos newspaper reported on Thursday.

Oil prices fell on Thursday, after three sessions of gains, as plunging demand due to restrictions on movement worldwide to contain the coronavirus overshadowed expectations that a $2 trillion U.S. stimulus package will bolster economic activity.

Construction and mining equipment maker Caterpillar Inc said on Thursday it was suspending operations at some facilities and withdrawing its 2020 outlook as it struggled with the impact of government-ordered shutdowns on its plants and supply chains.

A group of Danish entrepreneurs have started a charity network that stands ready to make up to 20,000 protective visors a day using 3D printers, in an attempt to meet rising demand from doctors and nurses combating the coronavirus outbreak.

Governments stepped up efforts on Thursday to help airlines hammered by a virus-induced travel slump, with the United States offering $58 billion in aid, Singapore promising to keep its carrier aloft, and Australia easing competition rules.

Fast-food chain Wendy's Co said on Thursday it would defer rent and ease royalty and marketing fee payments for franchisees, amid growing pressure in the restaurant industry due to coronavirus-related outlet closures.

Share markets across the world fell on Thursday as nerves over jobs data likely to lay bare the economic carnage from the coronavirus pandemic outweighed a $2 trillion U.S. stimulus package.

The union representing British pilots has described the government's scheme to retain jobs through the coronavirus outbreak as confusing, lacking detail and taking too long to help those who are being laid off now.

Ford Motor Co said on Thursday it planned to restart production at some plants in North America as early as April 6, in a sign of hope for U.S. automakers as the industry grapples with the damages from the coronavirus pandemic.

White House plans to expand "Buy America" mandates to the medical equipment and pharmaceutical sectors could worsen shortages of urgently needed medicines and delay discovery of a vaccine for the new coronavirus, over 80 business groups warned.

The London Stock Exchange said on Thursday it was waiving registration fees for market makers to attract more liquidity in trading that has become volatile due to economic fallout from the coronavirus.