Reuters Business News

A Federal Reserve "Main Street" lending program still under development is meant to dovetail with proposals under consideration by Congress to make sure the full range of U.S. companies, from the smallest to the largest, have access to credit during the coronavirus health scare, the Fed said on Monday.

Sweden's H&M , the world's second largest clothing retailer, said on Monday it had decided to scrap its proposed dividend due to the coronavirus outbreak, and that it was reviewing all parts of its operations, including all costs.

U.S. stock index futures surged more than 3% on Monday, overturning early losses after the Federal Reserve took unprecedented steps to support U.S. households and companies more directly with credit as it seeks to blunt the economic damage from the coronavirus pandemic.

The bid spread of Markit high yield and investment grade credit default swap indexes - widely used as a barometer of sentiment in the two respective corporate bond markets - fell on Monday morning following the Federal Reserve's announcement that it would backstop an unprecedented range of credit.

The U.S. Federal Reserve on Monday said it would begin backstopping an unprecedented range of credit for households, small businesses and major employers in an effort to offset the "severe disruptions" to the economy caused by the coronarvirus outbreak.

Walmart Inc said on Monday it has temporarily raised entry wages for workers in its e-commerce warehouses by $2, following similar moves by rivals, as it attempts to manage a shopping surge brought about by the coronavirus outbreak.

A product that traders use to profit from surges in volatility has soared as coronavirus fears ravaged stocks, prompting concern about a plunge if the market's wild swings subside.

Ford Motor Co said on Monday it has decided to temporarily halt vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus.

Netflix said on Monday it would reduce network traffic in Israel over the next month following a government request to ease data congestion from people staying home due to the coronavirus.

U.S. stock index futures tumbled on Monday on rising estimates of the economic damage from the coronavirus pandemic, with Goldman Sachs estimating a 24% plunge in U.S. real GDP in the second quarter.

Ford Motor Co said on Monday it will temporarily shut down vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus.

Fiat Chrysler Chief Executive Mike Manley told employees that the carmaker would help with the production of masks during the coronavirus emergency, a union representative said on Monday.

Companies should not publish preliminary financial statements for at least two weeks to better assess how the coronavirus epidemic is affecting their business, Britain's Financial Conduct Authority said on Saturday.

British companies on Monday rushed to heed unprecedented calls by regulators to mothball their results so they can better assess how the coronavirus pandemic is affecting their business.

Food giant Nestle told employees to prepare for difficult times ahead and make all the necessary efforts to supply customers with the food and beverages they need, Chief Executive Mark Schneider said in a memorandum seen by Reuters.

Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. [O/R]

SoftBank Group Corp plans to raise up to 4.5 trillion yen ($41 billion) by selling or monetizing assets to buy back 2 trillion yen of its shares and reduce debt, it said on Monday.

Financial markets around the world took another hammering on Monday as a rising tide of national coronavirus lockdowns threatened to overwhelm policymakers' frantic efforts to cushion what is likely to be a deep global recession.

Widening curbs on travel to contain the spread of the coronavirus led airlines to ramp up flight cancellations on Monday, with new restrictions spanning Australia, New Zealand, the United Arab Emirates (UAE), Hong Kong, Singapore and Taiwan.

Netflix will comply with a government request to reduce stream quality in Israel to help ease data congestion from people staying home due to the coronavirus, the Communications Ministry said on Monday.