Feed aggregator

The head of the Federal Reserve warned on Wednesday of an "extended period" of weak economic growth, vowed to use the U.S. central bank's power as needed, and called for additional fiscal spending to stem the fallout from the coronavirus pandemic.

U.S. stocks fell sharply for the second day on Wednesday after Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic but did not mention new central bank support.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

Jerome Powell, chairman of the Federal Reserve board of governors, warned Wednesday that the long-term health of the U.S. economy may depend on more fiscal stimulus to fight the economic impacts of the coronavirus.

Deutsche Bank's regulators in the United States have criticised the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday.

Amazon.com Inc said on Wednesday it would extend the temporary increase in its hourly pay and double the overtime pay through May 30, bringing its total salary cost for hourly employees to nearly $800 million.

Airbus is drawing up plans for restructuring involving "deep" job cuts, but has not taken a final decision, industry sources said.

The top three U.S. airlines have told their flight attendants not to force passengers to comply with their new policy requiring face coverings, just encourage them to do so, according to employee policies reviewed by Reuters.

Tesla Inc and officials in California have resolved their acrimonious clash over safety procedures at the automaker’s sole U.S. assembly plant with a deal that allows production to resume as early as Monday, county officials said.

U.S. President Donald Trump on Wednesday extended for another year an executive order signed in May 2019 declaring a national emergency and barring U.S. companies from using telecommunications equipment made by firms posing a national security risk.

After over seven weeks of coronavirus lockdown, Britons hankering for a Big Mac may be a step closer to getting their hands on one after McDonald's reopened 15 restaurants on Wednesday for delivery only.

Japan's SoftBank Group Corp , a shareholder in some of Latin America's largest food delivery companies, expects consolidation in most markets, a senior executive said on Wednesday.

U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, bolstering some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand.

EU officials are seeking to finalise a plan for public stakes to be taken in key European companies to shield them from the economic fallout of the COVID-19 pandemic, three sources familiar with the matter told Reuters.

OPEC slashed its forecast on Wednesday for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak.

Mexico could begin opening some automotive factories from May 18 under a government plan unveiled on Wednesday that loosens coronavirus restrictions and paves the way for U.S. car giants to ramp up output dependent on parts made south of the border.

The S&P 500 and Dow slipped on Wednesday as Federal Reserve Chairman Jerome Powell warned of an extended period of weak growth and stagnant incomes, while he also dismissed speculation over negative interest rates.

Wall Street bonuses for 2020 could fall by as much as 25%-30% due to the deep cuts to revenues recorded by banks and hedge funds earlier this year as a result of the novel coronavirus, according to a report published Wednesday by compensation consulting firm Johnson Associates Inc.

OPEC on Wednesday again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.

While Deutsche Bank employees fret about their jobs and pay, Germany's largest lender is trying to track down several hundred former staff to claim share payouts it has been holding in Jersey.