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Updated: 4 years 29 weeks ago
Delta parking 600 jets, cutting more executive pay and flights as revenue tanks
Delta Air Lines said on Wednesday it was parking more than 600 jets -- at least half of its fleet -- cutting more flights and implementing a round of paycuts for officers, managers, and directors while members of the board forgo compensation.
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Exclusive: U.S. is considering measures to boost lending to low-income Americans - source
U.S. regulators are considering issuing guidance that would encourage lenders to offer loans to low-income individuals and to provide leniency on some repayments amid the coronavirus pandemic, an official within a banking agency told Reuters.
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Governments scramble to prop up airlines as virus forces more flight, job cuts
Australia and Taiwan joined governments offering financial aid to airlines, while authorities in Europe rushed on Wednesday to agree steps to rescue carriers which have had to park planes and cut jobs as the coronavirus puts the brake on travel.
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FedEx suspends 2020 profit outlook; coronavirus and turnaround pressure weigh
U.S. package delivery company FedEx Corp suspended its 2020 profit outlook on Tuesday, citing the "significant impact" of the coronavirus, and said it would cut costs due to the uncertainty wrought by the pandemic.
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Dow sinks below levels from Trump inauguration
The Dow Jones index fell more than 7% to a three-year low on Wednesday, moving into negative territory compared to levels when President Donald Trump took office and marking the latest landmark in Wall Street's most dramatic selloff in decades.
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GM to furlough all workers in Brazil on March 30, suggesting production stop
General Motors Co will furlough all its employees in Brazil starting on March 30, the company said in a statement to Reuters on Wednesday, suggesting that GM's production in South America's main car market would stop due to the coronavirus outbreak.
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Southwest cancels more than 50 flights after Chicago Midway tower closes
Southwest Airlines Co said Wednesday it is canceling more than 50 flights after the Federal Aviation Administration (FAA) extended the shutdown of the air traffic control tower at Chicago Midway International Airport following reported coronavirus cases.
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Tesla's California factory operating despite coronavirus lockdown order: witnesses
Tesla Inc's vehicle factory in California appeared to be operating normally on Wednesday despite an order by local officials to comply with a three-week lockdown in the San Francisco Bay Area to rein in the spread of coronavirus.
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Thyssenkrupp considers production cuts as coronavirus spreads
Thyssenkrupp , a major supplier to the automotive industry, on Wednesday said it was considering shortened working hours as carmarkers reduce or suspend production due to the coronavirus crisis.
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Goldman tells most staff in Americas, EMEA to work from home
Goldman Sachs said it has instructed most of its staff in the Americas, Europe, the Middle East and Africa to work from home from Wednesday until further notice, according to an internal notice the bank posted on its website late on Tuesday.
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EU underscores desire to settle aircraft subsidy issue with U.S
The European Union on Wednesday emphasized its desire to negotiate an end to a longstanding dispute with the United States over aircraft subsidies even as Washington raised duties on Airbus aircraft by 50%.
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Wall Street slumps, government bonds hammered as stimulus high fades
Wall Street resumed a steep slide on Wednesday while bond markets rushed to price in the sheer scale of government support programs and handouts announced over the past 24 hours, all aimed at softening the economic shock of coronavirus.
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U.S. crude plunges to 18-year low as lockdowns spread
Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low and Brent a 16-year low as Goldman Sachs said lockdowns to counter the coronavirus pandemic raised prospect of the steepest ever annual fall in oil demand.
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Renault and PSA can benefit from French coronavirus measures: finance ministry
French carmakers PSA and Renault are entitled to benefit from all measures put in place to fight the economic impact of the coronavirus outbreak, France's Finance Ministry told Reuters on Wednesday.
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Brazil's big privatizations, the latest coronavirus victim
As Brazil's stock market hit record highs in January, Economy Minister Paulo Guedes said the country could raise up to 150 billion reais ($30 billion) with sales of state-owned companies through share offerings, mergers and acquisitions.
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AT&T closing 40% of company owned retail stores, cutting hours
AT&T Inc said Wednesday it will close 40% of its U.S-company owned retail stores nationwide as a result of the coronavirus outbreak.
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Blindsided by bear market, stock-pickers struggle to stay relevant
The carnage in stock markets is getting uglier by the day. Should you "buy", "sell" or "hold" on tight?
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Tesla California factory operating normally despite county coronavirus lockdown order: witnesses
Tesla Inc's U.S. vehicle factory in California on Wednesday appeared to operate normally despite an order by the county's sheriff's office to comply with a three-week lockdown in the San Francisco Bay Area to rein in the spread of coronavirus.
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U.S housing market shows strength before coronavirus outbreak
U.S. homebuilding fell less than expected in February as a plunge in the construction of multi-family housing units was blunted by a surge in single-family projects, suggesting some strength in the housing sector before the coronavirus pandemic severely disrupted economic activity.
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Factbox: Airlines count mounting costs of the coronavirus shock
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak, scrapping flights and ditching financial forecasts.
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