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Updated: 4 years 27 weeks ago
JPMorgan restricts all non-essential domestic travel globally: internal memo
JPMorgan Chase & Co said on Thursday that employees should forgo any non-essential domestic business travel in all of its worldwide locations, due to concerns about the quickly-spreading coronavirus, according to an internal memo seen by Reuters.
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U.S. financial companies prep for new normal amid coronavirus outbreak
U.S. financial companies are doubling down on travel restrictions to include domestic trips, replacing meetings with video calls, and webcasting events as the coronavirus outbreak starts to alter business-as-usual across the sector.
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China first-quarter economic hit from coronavirus looking more severe: Reuters poll
The coronavirus likely halved China's economic growth in the current quarter compared with the previous three months, more severe than thought just three weeks ago and triggering expectations for earlier interest rate cuts, a Reuters poll found.
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Old Navy boss to take the helm at Gap
Apparel retailer Gap Inc on Thursday named long-time executive Sonia Syngal as its new chief executive officer, nearly four months after the surprise exit of its then chief Art Peck.
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Airlines face $100 billion-plus virus hit, discounts 'wouldn't do any good'
The coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, an industry body warned on Thursday, while the head of Southwest Airlines said a drastic drop-off in travel demand seemed fear-driven, similar to the feeling after Sept. 11, 2001.
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Stocks tumble as coronavirus cases rise rapidly outside China
Global equity markets tumbled and the dollar slid on Thursday as the coronavirus spread quickly outside China, leading Britain to prepare for a significant increase in cases and France to say it appeared "inevitable" the outbreak would become an epidemic in the country.
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OPEC raises stakes with Russia, seeks biggest oil cut since 2008 crisis
OPEC pushed on Thursday for a bigger-than-expected oil output cut to support prices that have been hit by the coronavirus outbreak, effectively presenting its non-OPEC partners with an ultimatum to back the move or face a price collapse.
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Gap names Sonia Syngal as new CEO
Apparel retailer Gap Inc on Thursday named long-time executive Sonia Syngal as its new chief executive officer, nearly four months after the surprise exit of its then chief Art Peck.
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Wall Street plunges as coronavirus slams bank, travel stocks
U.S. stocks sold off sharply on Thursday, with shares of banks and travel companies pummeled, as large swings in the market continued due to uncertainty over the spread of the coronavirus and its economic fallout.
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Boeing 737 MAX certification flight could come within 'a few weeks': FAA administrator
U.S. Federal Aviation Administration chief Stephen Dickson said on Thursday he thinks a certification test flight for the Boeing 737 MAX - a key milestone for the return of the grounded plane - could come soon.
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HP rejects Xerox's raised takeover offer of $35 billion
HP Inc on Thursday rejected Xerox Holdings Corp's raised takeover bid of about $35 billion, saying it undervalued the personal computer maker.
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Portugal's TAP cancels 1,000 flights in March-April as coronavirus hits demand
Portugal's flag carrier TAP canceled around 1,000 flights scheduled in March and April on Thursday after concerns about the coronavirus epidemic led to a fall in demand and said it envisaged an unspecified impact on revenues.
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OPEC backs biggest oil cut since 2008 crisis, awaits Russia
OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
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OPEC to recommend to OPEC+ extending new cuts to end of 2020: statement
OPEC ministers said on Thursday they would recommend to OPEC+, a group that includes Russia, that additional oil production cuts of 1.5 million barrels per day (bpd) run until the end of 2020 rather than just during the second quarter.
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Southwest Airlines sees first-quarter revenue hurt coronavirus fears
Southwest Airlines Co said on Thursday it expected a hit of up to $300 million to its first-quarter operating revenue from the new coronavirus outbreak, prompting it to cut its quarterly revenue outlook.
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Oil slides as demand worries overshadow OPEC deal to deepen supply cuts
Oil prices fell on Thursday as the coronavirus epidemic showed no signs of slowing, feeding worries about the global economy and prompting investors to sell more risky assets like stocks and crude oil and park money in safe havens.
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'9/11-type feel' to airline demand drop over coronavirus: Southwest CEO to CNBC
The drop-off in air travel demand following the spread of coronavirus cases feels more driven by fear than economics, similar to 9/11, Southwest Airlines Co Chief Executive Gary Kelly told CNBC on Thursday.
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Airlines rush to boost demand as coronavirus shreds playbook for crisis management
The rapid spread of coronavirus cases worldwide is complicating a standard strategy used by airlines when disease, disaster or conflict hit travel destinations: lower fares and redirect flights to trouble-free areas.
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Coronavirus boosts Wall Street trading, easing pain from lower rates
Market volatility related to the coronavirus has provided a welcome boost for Wall Street banks' trading businesses, helping to offset the much-bigger drag of lower interest rates on lending profits, analysts said.
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Global stocks tumble as coronavirus cases rise outside China
Global equity markets tumbled and the dollar slid on Thursday as the coronavirus spread quickly outside China, leading Britain to prepare for a significant increase in cases and France to say appeared "inevitable" the outbreak would become an epidemic.
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