Reuters Business News

The owner of British Airways and easyJet, Europe's no.3 and no.4 airlines, said they would ground aircraft on an unprecedented scale in a battle to survive the travel restrictions and European lockdowns now convulsing the industry.

British Airways-owner IAG has not asked for state aid, said its CEO, as he detailed the group's response to the coronavirus crisis, including accelerating the retirement of some aircraft and possible cuts to 2021 capacity.

Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.

The owner of British Airways said it would cut its flying capacity by at least 75% in April and May and its outgoing boss Willie Walsh would defer his retirement in its fight to survive the coronavirus outbreak.

Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.

The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars in a bid to combat the coronavirus pandemic that has roiled markets and paralyzed large parts of the world economy.

Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.

The Federal Reserve 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.

U.S. President Donald Trump said the Federal Reserve's decision on Sunday to cut interest rates was "good news" and "makes me very happy" as he congratulated the central bank for taking further action aimed at helping shore up the U.S. economy amid the global coronavirus pandemic.

At two gasoline stations in Scarsdale, a wealthy suburb of New York City not far from one of the nation's worst outbreaks of coronavirus, attendants whiled away the minutes on a rainy Friday morning at what would normally be their busiest time of day.

Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.

United Airlines Holdings booked $1.5 billion less revenue in March than the same time last year and warned employees that planes could be flying nearly empty into the summer, even after drastic flight capacity cuts.

Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets.

Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.

More major retailers said on Sunday they would shut stores in the United States to limit the spread of the coronavirus, including Nike, Under Armour, and Lululemon Athletica, a day after similar moves by several other U.S. retailers.

Stocks were slammed on Monday and the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus.

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.

The United States' biggest banks will stop buying back their own shares, and will instead use that capital to lend to individuals and businesses affected by the coronavirus, an industry trade group said on Sunday.

The Federal Reserve cut interest rates for the second time in less than two weeks on Sunday in an emergency move to help shore up the U.S. economy amid the rapidly accelerating global coronavirus pandemic.

U.S. stock index futures tumbled to open trading on Sunday, hitting their daily down limit, after the Federal Reserve took drastic action to cushion the economic blow from the escalating coronavirus.