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Microsoft beats quarterly revenue estimates on cloud boost

Reuters Business News - Wed, 04/29/2020 - 16:14
Microsoft Corp reported quarterly revenue above Wall Street estimates on Wednesday, powered by another strong performance from its cloud service Azure as the coronavirus outbreak and home sheltering lead to more people working from home.
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Coronavirus savages U.S. economy in first quarter; bigger hit still to come

Reuters Business News - Wed, 04/29/2020 - 16:08
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.
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Wall St. surges on promising coronavirus drug

Reuters Business News - Wed, 04/29/2020 - 16:04
U.S. stocks surged on Wednesday as expectations of an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.
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Fed leaves rates near zero, sees virus-related risks lingering

Reuters Business News - Wed, 04/29/2020 - 16:01
The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its "full range of tools" to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only slam growth in the near term but pose "considerable risks" in the medium term as well.
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Exclusive: Chesapeake Energy preparing bankruptcy filing - sources

Reuters Business News - Wed, 04/29/2020 - 15:50
Chesapeake Energy Corp , the oil and gas exploration and production company that was at the forefront of the past decade's U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday.
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Amazon is Wall Street's biggest winner from coronavirus

Reuters Business News - Wed, 04/29/2020 - 15:34
No company's stock market value has benefited more from the coronavirus pandemic than Amazon.com's.
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Volkswagen, Toyota delay restarting U.S. production

Reuters Business News - Wed, 04/29/2020 - 15:33
Volkswagen AG and Toyota Motor Corp said Wednesday they will delay restarting U.S. production amid the coronavirus pandemic and concerns about the automotive supply network.
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GE warns of more pain ahead as pandemic deals $1 billion cash hit

Reuters Business News - Wed, 04/29/2020 - 15:32
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
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Amazon's foreign websites named in U.S. piracy and counterfeiting report

Reuters Business News - Wed, 04/29/2020 - 15:17
Several of Amazon.com Inc's foreign websites have been added to the U.S. trade regulator's "Notorious Markets" report on marketplaces known for counterfeiting and piracy concerns.
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Shares jump on coronavirus drug hopes, oil surges

Reuters Business News - Wed, 04/29/2020 - 15:12
World stock markets surged on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices soared.
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Hertz in talks with creditors to avoid debt default, faces May 4 deadline

Reuters Business News - Wed, 04/29/2020 - 15:10
Hertz Global Holdings Inc said on Wednesday it was in talks with its lenders to avoid defaulting on debt related to its rental vehicle fleet, after skipping a payment that was due April 27.
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Volkswagen indefinitely delays restarting U.S. production

Reuters Business News - Wed, 04/29/2020 - 14:50
Volkswagen AG said Wednesday it is indefinitely delaying the resumption of production at its Tennessee assembly plant that had been set to restart on May 3.
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Fed leaves rates near zero, sees virus risks lingering

Reuters Business News - Wed, 04/29/2020 - 14:43
The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only "weigh heavily" on the near-term outlook but poses "considerable risks" for the medium term as well.
Categories: Reuters

U.S. stocks rally on coronavirus drug hopes

Reuters Business News - Wed, 04/29/2020 - 14:27
Wall Street stock indexes surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors look past bleak economic data.
Categories: Reuters

Fed leaves rates near zero, vows to use 'full range' of tools to help economy

Reuters Business News - Wed, 04/29/2020 - 14:02
Federal Reserve policymakers on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the economy, saying the ongoing coronavirus pandemic will "weigh heavily" on the near-term outlook and poses "considerable risks" for the medium term.
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U.S. insurers want taxpayers to back pandemic coverage for businesses

Reuters Business News - Wed, 04/29/2020 - 13:59
The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar with the effort told Reuters.
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Top Boeing shareholder Vanguard voted against chair Kellner

Reuters Business News - Wed, 04/29/2020 - 13:41
Top Boeing Co shareholder Vanguard Group voted against the company's chairman Lawrence Kellner, citing "control failures" under its audit committee after two 737 MAX plane crashes, according to a stewardship report issued on Wednesday that will further pressure the planemaker.
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Wall Street uniform to get a new accessory - the face mask

Reuters Business News - Wed, 04/29/2020 - 13:22
Face masks, temperature checks and packaged sandwiches could all become part of the daily routine for bankers as their employers work out how to get them safely back into the office.
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Wall Street jumps on coronavirus drug hopes; Fed in focus

Reuters Business News - Wed, 04/29/2020 - 13:14
U.S. stocks jumped to seven-week highs on Wednesday as Gilead Sciences gave an encouraging update on a potential COVID-19 treatment and upbeat earnings from Google-parent Alphabet boosted the so-called market-leading FAANG stocks.
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British Airways owner bets on costs not bailouts to survive

Reuters Business News - Wed, 04/29/2020 - 13:05
A plan to axe up to 12,000 jobs at IAG's British Airways underlines CEO Willie Walsh's desire to survive what is expected to be aviation's worst downturn without a state bailout.
Categories: Reuters
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