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Insolvent or overly leveraged firms, including oil drillers and oil services firms, won't be able to tap the Federal Reserve's emergency lending program for "Main Street," Dallas Federal Reserve Bank President Robert Kaplan said Wednesday.

World equity markets were mixed on Wednesday, with U.S. indexes seesawing amid hopes for a pickup in business activity and as oil prices slumped with demand low after a rise in U.S. crude stockpiles last week to three-year highs.

Private equity firm KKR & Co Inc reported an 11% jump in after-tax distributable earnings in the first quarter on Wednesday, driven by growth in asset sales and management fees ahead of the coronavirus-linked market turmoil.

Volkswagen sees demand rebounding in China, helped by new buyers switching from public transport and sales of premium vehicles, but warned business would not recover from the coronavirus crisis as quickly in other parts of the world.

BMW AG expects the coronavirus pandemic to hit demand and earnings throughout this year, prompting the German automaker to cut its profitability forecast for passenger cars following a drop in first-quarter deliveries.

Standard Chartered defended its environmental credentials after renewed criticism from climate campaigners for its funding of fossil fuel companies as the bank held its annual shareholder meeting on Wednesday.

Global shares struggled on Wednesday as weak economic data, doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a pall over markets.

CVS Health Corp on Wednesday said it was sticking to its 2020 forecast and expected a strong second quarter, as reduced medical service use for its Aetna insurance business offset coronavirus-related expenses and the pandemic's impact on pharmacy sales and prescriptions.

May 6 (Reuters)- Recent central bank bond-buying to calm market turmoil has breached the wall dividing top-grade debt from so-called junk-rated issues, raising the likelihood of the investment industry and even regulators eventually dismantling the barrier.

Wall Street's main indexes rose on Wednesday on hopes of a pickup in business activity as states eased coronavirus-induced curbs, with investors also looking past a stunning 20 million plunge in U.S. private payrolls last month.

Washington state's repeal of tax breaks for Boeing Co means that the United States has fully complied with World Trade Organization's findings of illegal subsidies for the aircraft maker, the U.S. Trade Representative's office said on Wednesday.

U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy, setting up the overall labor market for historic job losses last month.

United Airlines Holdings Inc said on Wednesday it plans to raise $2.25 billion through a bond offering amid a coronavirus-linked slump in air travel demand, and backtracked on a controversial plan to cut working hours for thousands of employees.

Barrick Gold Corp posted a nearly 55% rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive said.

U.S. stocks opened higher on Wednesday on hopes of a pickup in business activity with states easing coronavirus-induced curbs, while investors looked past a stunning 20 million plunge in U.S. private payrolls last month.

United Airlines Holdings Inc said it plans to raise $2.25 billion through a bond offering as it grapples with a slump in air travel demand due to government-mandated lockdowns across the world.

U.S. stock indexes were set to open higher on Wednesday on hopes of a pickup in business activity with states easing coronavirus-led curbs, while investors looked past a stunning 20 million plunge in U.S. private payrolls last month.

U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy, setting up the overall labor market for historic job losses last month.

The massive drop in U.S. private payrolls for April, reported on Wednesday, is "not a surprise" but employment could recover dramatically in the second half of the year if the coronavirus pandemic is controlled, St. Louis Federal Reserve president James Bullard said.

Uber Technologies Inc said on Wednesday it will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will waive his base salary for the remainder of the year.