Reuters Business News

Wall Street suffered its biggest drop since the crash of 1987 on Monday after unprecedented steps taken by the Federal Reserve, lawmakers and the White House to slow the spread and blunt the economic hit of the coronavirus failed to restore order to markets.

Airlines and airport operators said they are taking steps such as suspending dividends, selling and leasing back airplanes and flying cargo on empty passenger jets as they grapple with a cash crunch and plunging demand caused by the coronavirus outbreak.

European Union regulators have asked companies seeking to complete their desired mergers to delay submitting antitrust filings due to the coronavirus outbreak.

LATAM Airlines Group, South America's largest carrier, on Monday canceled 90% of its international flights as demand collapsed and countries shut down borders due to the coronavirus outbreak, leaving the region increasingly isolated.

Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more major routes.

Major U.S. airlines sought a government bailout of more than $50 billion as the White House is urgently drafting a financial assistance package in the wake of the steep falloff in U.S. travel demand sparked by the coronavirus pandemic.

Boeing Co's shares on Monday erased all gains recorded during ousted CEO Dennis Muilenburg's tenure due to the economic fallout of the coronavirus pandemic and uncertainty around the 737 MAX's return to service, which also led to a credit rating downgrade by S&P Global Ratings.

Qantas Airways Ltd said on Tuesday it would cut its international capacity by around 90% until at least the end of May as travel demand to Australia plunges because of new restrictions on arrivals related to the coronavirus.

Two of Germany's largest banks have temporarily shut hundreds of branches, while Italian lenders have shortened opening hours as they grapple with staff shortages and the spread of coronavirus.

McDonald's Corp and Starbucks Corp have decided to close dine-in areas at their U.S. restaurants and shifted to take-away and delivery services to enforce social distancing in the wake of the coronavirus outbreak.

Qantas Airways Ltd said on Tuesday it would cut its international capacity by around 90% until at least the end of May as travel demand to Australia plunges because of new restrictions on arrivals related to the coronavirus.

Power producer PG&E Corp won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-03-16/pg-e-wins-approval-of-23-billion-bankruptcy-financing-package on Monday.

Wall Street suffered its biggest drop since 1987 on Monday, with the S&P 500 closing at its lowest level since December 2018, as investors fear the coronavirus pandemic is proving a tougher opponent than central banks, lawmakers or the White House are currently capable of battling.

U.S. markets should stay open despite intense volatility, the head of the U.S. securities regulator said on Monday, quashing industry speculation that the government might shut down the country's exchanges to stop a plunge in stock prices.

The coronavirus pandemic is forcing employers to make tough decisions that could lead to legal liability, but most companies should be in the clear if they follow the advice of government authorities, according to Morrison & Foerster partners Janie Schulman and Christine Lyon.

Markets reeled on Monday, with stocks on Wall Street and the price of Brent crude tumbling more than 10%, as the Federal Reserve's second emergency rate cut in as many weeks failed to calm fears of a coronavirus-induced recession.

Airbus has drawn up contingency plans to slow or stop production if France is placed under a drastic lockdown due to coronavirus, two people familiar with the matter said.

Britain has asked manufacturers including Ford , Honda and Rolls Royce to help make health equipment including ventilators to cope with the coronavirus outbreak and will look at using hotels as hospitals.

The Federal Reserve unexpectedly cut interest rates on Sunday for the second time in less than two weeks, an emergency move to help shore up the U.S. economy as a coronavirus pandemic spreads worldwide.

The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.