Reuters Business News

German sportswear company Puma announced on Tuesday that 1,400 staff would switch to shorter work hours until April 13 as sales slump due to the coronavirus and said its three top executives would not take their pay for April.

Norwegian Air has secured an initial cash infusion of 300 million Norwegian crowns ($26.6 million) from a government rescue package for the airline industry, the budget carrier said on Tuesday.

Britain's biggest sportswear retailer JD Sports said on Tuesday it has delayed the publication of its financial results to May and has enough cash resources to ride out the coronavirus crisis.

Oil prices rose around 4% on Tuesday on hopes that the United States will soon reach a deal on a $2 trillion coronavirus aid package that could blunt the economic impact of the outbreak and in turn support oil demand.

Asian equities markets rallied on Tuesday as investors bet the U.S Federal Reserve's promise of unlimited dollar funding would ease painful strains in financial markets even if it could not stop the economic hit of the coronavirus epidemic.

Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.

The dollar slipped on Tuesday on signs tight funding conditions are easing slightly after the U.S. Federal Reserve pulled out all stops to supply much needed greenback liquidity.

At Lazada, the Southeast Asian arm of Alibaba Group Holding , staff are furious over demands they submit health reports daily and other coronavirus-prevention steps seen as too invasive, highlighting a long-running culture clash with management from China.

Asian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.

Residents of a Mexican city on the U.S. border voted against completing a billion-dollar brewery being built by Constellation Brands Inc, the government said Monday, dealing a fresh blow to investor confidence under President Andres Manuel Lopez Obrador.

Wells Fargo & Co will join other large U.S. banks in paying out special compensation to front-line employees, according to a memo seen on Monday by Reuters.

SoftBank Group Corp stock jumped 20% on Tuesday, extending a run that began a day earlier when the Japanese tech investor announced up to $41 billion in asset sales and a record share buyback to shore up its collapsing share price.

The U.S. securities regulator on Monday warned corporate executives against insider trading during disruption caused by the coronavirus, in an unusual statement that underscores the chaos coursing through financial markets.

As restaurants and bars across the United States shut their doors and lay off their staff in the wake of the coronavirus outbreak, America’s famed service culture is moving online - with regulars paying their out-of-work waiters, favorite bar staff, and even total strangers via virtual tip jars.

Asian stocks rallied on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.

U.S. Treasury Secretary Steven Mnuchin said on Monday that Republican and Democratic senators and Trump administration negotiators were nearing a deal on a coronavirus stimulus bill.

The dollar eased on Tuesday but remained near a three-year high against a basket of currencies as investors sought the world's main funding and settlement currency ahead of a sharp anticipated fall in cashflow.

McDonald's Corp, Yum! Brands Inc's KFC fried chicken chain, Coca-Cola Co unit Costa Coffee and Subway sandwich shops were among restaurants that shuttered all locations in the United Kingdom and Ireland by the end of Monday to help slow the spread of the coronavirus.

U.S. crude oil futures climbed nearly 3% on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.

Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.