Reuters Business News

Boeing Co's shares plunged another 20% on Monday, erasing all gains recorded during ousted CEO Dennis Muilenburg's tenure, as the mounting economic fallout of the coronavirus pandemic added to uncertainty around the 737 MAX's return to service.

When the U.S. Federal Reserve cut interest rates to near zero on Sunday, the dollar fell, since the move blew away the yield on owning dollars and with it much of their attraction.

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.

S&P 500 companies lost more than $2 trillion in value in the first few minutes of trading on Monday as investors panicked about the mounting damage from the coronavirus pandemic on the global economy.

Carmakers including Fiat Chrysler , Peugeot , Volkswagen and its premium unit Audi throttled back production at their European plants on Monday as they grapple with the coronavirus crisis and plunging demand.

Brazil's government will likely announce a package of measures to prop up the civil aviation sector later on Monday, as business evaporates and flights are canceled due to the coronavirus outbreak, the Infrastructure Ministry said.

Brent and U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.

Brazilian airline Azul said on Monday that it will cut all of its international flights out of its main hub in Sao Paulo state later on Monday because of the coronavirus outbreak, significantly increasing its cancellations.

Norwegian Air will cancel 85% of its flights and temporarily lay off 7,300 employees as a result of the growing coronavirus crisis that has strangled demand for air travel, the carrier said on Monday.

Britain's big airlines said on Monday they would have to ground most of their fleets to survive the coronavirus crisis, with easyJet and Virgin - though not British Airways - appealing for government bailouts to save the industry from collapse.

Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have scrapped flights and ditched financial forecasts.

The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve in as soon as two weeks and fill it in several months, an Energy Department source said on Monday.

Starbucks Corp has closed its dine-in areas and switched to a "to go" format for at least two weeks to help control the rapid spread of the coronavirus outbreak in the United States and Canada.

German airline Lufthansa said it would further cut its flight schedule after Monday's announcement that its Austrian Airlines division was scrapping all flights in response to the coronavirus-induced collapse in passenger demand.

Chinese airlines including Air China, China Southern Airlines and China Eastern Airlines are planning to reduce international flights in response to the coronavirus pandemic, the Global Times reported on Monday, citing unidentified sources.

EOG Resources Inc , Whiting Petroleum Corp and EQT Corp cut drilling activity and budgets on Monday, becoming the latest North American shale producers to be hit by lower oil prices, which fell below $30. Oil producers are trying to shore up cash as demand dwindles because of the global coronavirus outbreak and the double-whammy of a price war that threatens shale companies, which had budgeted for oil prices at $55 per barrel to $65 per bar

Nike Inc's revenue could fall by a third in the fourth quarter, Cowen estimated, as the sportswear giant reels from store closures, supply disruptions and the suspension of this year's NBA season due to the coronavirus pandemic.

India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday.

The S&P 500 index plunged over 9% on Monday as trading resumed after an initial automatic 15-minute cutout, driven by mounting fears of the damage the coronavirus is doing to the global economy.

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.