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Ratings agency Standard & Poor's cut engine maker Rolls-Royce's credit rating to junk on Thursday, citing the disruption caused to global air travel from the COVID-19 pandemic.

Oil futures rose about 2% on Thursday as a steady improvement in U.S. refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions.

United Airlines Holdings Inc Chief Executive Scott Kirby said on Thursday that facial masks, aircraft cleaning and air filtration systems are better measures for preventing the spread of the coronavirus on airplanes than trying to social distance.

The U.S. economy has likely bottomed, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, but a healthy rebound depends on a massive increase in testing so that people feel comfortable resuming traveling, dining out and other pre-crisis activities.

German car parts supplier ZF Friedrichshafen plans to reduce the workforce by up to 15,000 jobs, or around 10%, by 2025 as a result of a slump in demand, according to a memo on Thursday.

U.S. stocks rose again on Thursday, boosted by healthcare and technology stocks, as investors continued to bet on a swift recovery from the coronavirus-driven economic slump.

The top three U.S. airlines, hit hard by the coronavirus pandemic, are rolling out fresh programs to induce tens of thousands of employees to accept voluntary leave or early retirement in the hope of avoiding widespread furloughs in the fall, company memos show.

More than 3,000 U.S. meatpacking workers have tested positive for COVID-19 and at least 44 workers have died, the country's largest meatpacking union said on Thursday, reflecting an increasing toll on plant employees.

U.S. President Donald Trump could sign an executive order on social media companies later on Thursday, but the timing could change, White House Press Secretary Kayleigh MacEnany said, after Twitter urged readers to check facts in tweets sent by Trump earlier this week for the first time.

General Electric expects to burn more cash than expected in the second quarter, as the industrial conglomerate struggles with weakness in its aviation business due to the coronavirus crisis, Chief Executive Officer Larry Culp said on Thursday.

New York Governor Andrew Cuomo said he would sign an executive order on Thursday authorizing businesses to deny entry to anyone who does not wear a mask or face covering, stressing masks were critical to preventing the spread of the novel coronavirus.

LATAM Airlines and Avianca Holdings survived the Great Depression, but just a few weeks of quarantines forced both companies into bankruptcy, marking Latin America as the world's top spot for airline financial ruin.

Arizona filed a consumer fraud lawsuit against Alphabet Inc's Google on Wednesday, alleging that the U.S. tech giant used "deceptive" and "unfair" practices to obtain the location data of users.

U.S. Senate Finance Committee Chairman Chuck Grassley on Thursday said he did not expect President Donald Trump to walk away from a Phase 1 trade deal with China despite concerns over Beijing's handling of the coronavirus pandemic.

Closely-watched talks between top German politicians and car industry representatives to discuss support for a sector hit hard by the coronavirus crisis will no longer take place on Tuesday, the head of the VDA car association told Bild.

The U.S. House of Representatives on Thursday approved legislation increasing the amount of time, to 24 weeks from the current eight weeks, for small businesses to use Paycheck Protection Program (PPP) loans spurred by the coronavirus outbreak.

More than 3,000 U.S. meatpacking workers have tested positive for COVID-19 and at least 44 workers have died, the country's largest meatpacking union said on Thursday, reflecting an increasing toll on plant employees.

Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus.

If U.S. President Donald Trump goes ahead with his threat to close Twitter, the micro-blogging site can always relocate to Germany.

Volkswagen said on Thursday its supervisory board had approved several projects in a multibillion-dollar alliance with Ford Motor that was first announced last July.