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Exclusive: Wells Fargo shifts energy bankers to focus on bankruptcies

Reuters Business News - Thu, 04/30/2020 - 15:06
Wells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters.
Categories: Reuters

Ford wants to restart U.S. car plants shut by coronavirus, if it can convince union

Reuters Business News - Thu, 04/30/2020 - 15:05
Ford Motor Co on Thursday outlined the safety measures it will institute to restart its most profitable U.S. plants amid the coronavirus pandemic, expanding on similar efforts by General Motors Co and Fiat Chrysler to convince leaders of the United Auto Workers union to send members back to work.
Categories: Reuters

Special Report: FDA's lax rules on coronavirus blood tests open U.S. market to dubious vendors

Reuters Business News - Thu, 04/30/2020 - 15:04
As the coronavirus pandemic engulfed the United States, Joe Shia, a consultant to Chinese medical companies, said he was bombarded with inquiries from American firms who saw a golden opportunity in selling tests to determine coronavirus immunity.
Categories: Reuters

Wall St. slides on bleak data, capping a banner month

Reuters Business News - Thu, 04/30/2020 - 14:26
U.S. stocks fell on Thursday as grim economic data and mixed earnings prompted investors to take some profits at the close of Wall Street's best month in decades.
Categories: Reuters

Embraer and Boeing's $4.2 billion deal ruled out pandemic as pretext to cancel

Reuters Business News - Thu, 04/30/2020 - 14:13
Boeing Co's recently aborted $4.2 billion agreement to buy the commercial jet-making operations of Brazil's Embraer specifically forbade either party from calling it off because of a pandemic or a global economic recession, Reuters has found.
Categories: Reuters

Ford Motor steps up campaign to convince union workers to restart U.S. output

Reuters Business News - Thu, 04/30/2020 - 13:55
Ford Motor Co on Thursday outlined the safety measures it will institute to restart its most profitable U.S. plants amid the coronavirus pandemic, expanding on similar efforts by General Motors Co and Fiat Chrysler to convince leaders of the United Auto Workers union to send members back to work.
Categories: Reuters

Buffett likely to finally address pandemic at Berkshire Hathaway meeting

Reuters Business News - Thu, 04/30/2020 - 13:50
Berkshire Hathaway Inc's annual meeting will be nothing like the extravaganzas of years past, but will give Warren Buffett a chance to show how resilient his cash-rich conglomerate may be to the coronavirus pandemic, and the investment opportunities it offers.
Categories: Reuters

Factbox: Warren Buffett, Berkshire Hathaway at a glance

Reuters Business News - Thu, 04/30/2020 - 13:50
Warren Buffett's Berkshire Hathaway Inc's annual meeting on May 2 will break with tradition and be held virtually, as the coronavirus pandemic halts large gatherings.
Categories: Reuters

Wall St. slides on grim jobless data, set for best month in decades

Reuters Business News - Thu, 04/30/2020 - 13:35
Wall Street's main indexes fell on Thursday after a strong month of gains as millions of more Americans applied for jobless claims, taking the shine off a strong rally this month and eclipsing upbeat results from Facebook and Tesla.
Categories: Reuters

Italy's airport lobby says social distancing on planes not sustainable

Reuters Business News - Thu, 04/30/2020 - 13:34
The Italian airport operators association, Assaeroporti, said on Thursday proposals to keep some seats empty on planes for social distancing would not be workable if only imposed by Italy and would make the domestic sector vulnerable to foreign rivals.
Categories: Reuters

Zoom participant numbers top 300 million despite growing ban list, shares hit record (April 23)

Reuters Business News - Thu, 04/30/2020 - 13:14
(This story corrects headline and first paragraph in April 23 story after company clarifies it had mistakenly termed the 300 million as users instead of meeting participants)
Categories: Reuters

McDonald's profit misses estimates, shares drop 4%

Reuters Business News - Thu, 04/30/2020 - 13:06
McDonald's Corp missed Wall Street estimates for quarterly profit on Thursday as some restaurants in Europe and elsewhere remained closed to curb the spread of the coronavirus pandemic.
Categories: Reuters

Fourth stimulus bill may not be needed if states bounce back: White House

Reuters Business News - Thu, 04/30/2020 - 12:55
A fourth bill to provide stimulus to the U.S. economy may not be needed if states are able to successfully reopen their economies "relatively quickly," as some forecasters and equity markets expect, a White House economic adviser said on Thursday.
Categories: Reuters

Macy's reopening 68 stores, targets all within six weeks as U.S. curbs loosen

Reuters Business News - Thu, 04/30/2020 - 12:37
Macy's Inc plans to reopen 68 U.S. stores on Monday in states that have loosened coronavirus lockdowns, the department store operator said on Thursday, as more retailers sought to get business going after a crushing month of closures.
Categories: Reuters

AT&T brings ad unit Xandr under WarnerMedia ahead of HBO Max launch

Reuters Business News - Thu, 04/30/2020 - 12:32
AT&T Inc said on Thursday it will bring its advertising unit Xandr under its WarnerMedia label, which is set to launch its streaming channel HBO Max in May.
Categories: Reuters

Millions of Americans continue to seek jobless benefits; consumer spending slumps

Reuters Business News - Thu, 04/30/2020 - 12:31
Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the novel coronavirus.
Categories: Reuters

Equities dip but remain on pace for best month on record

Reuters Business News - Thu, 04/30/2020 - 12:26
World equity benchmarks dipped on Thursday yet remained on pace for their best month on record as a rebound in oil prices, encouraging early results from a COVID-19 treatment trial and expectations of more government stimulus helped ease the pain of February and March.
Categories: Reuters

JPMorgan says it has handled $17.8 billion under emergency aid program

Reuters Business News - Thu, 04/30/2020 - 12:18
JPMorgan Chase & Co said it has submitted roughly 220,000 applications worth $17.8 billion to the Small Business Administration's Paycheck Protection Program to help small businesses hurt by the coronavirus shutdown.
Categories: Reuters

Wall Street falls on grim jobless claims data

Reuters Business News - Thu, 04/30/2020 - 12:13
U.S. stocks fell on Thursday as millions of more Americans applied for jobless claims, taking the shine off a strong rally this month and eclipsing upbeat results from Facebook and Tesla.
Categories: Reuters

Microsoft revenue beats as remote work boosts Teams

Reuters Business News - Thu, 04/30/2020 - 12:06
(This April 29 story corrects number of Xbox Live users in paragraph 6 to 90 million monthly active users not 19 million active users; and corrects description in paragraph 8 to say daily active Teams)
Categories: Reuters
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