Feed aggregator

Amazon.com Inc is postponing its major summer shopping event Prime Day until at least August and expects a potential $100-million hit from excess devices it may now have to sell at a discount, according to internal meeting notes seen by Reuters.

JPMorgan Chase & Co , the largest U.S. lender by assets, started accepting at Friday midday applications for loans from the federal government's paycheck protection program, according to a post on the bank's website.

President Donald Trump hailed one of the country's largest banks, as well as many small lenders, for making small business emergency loans on the first day of a new U.S. coronavirus economic relief program.

Federal Reserve Chair Jerome Powell had two previously undisclosed phone calls with U.S. President Trump in February, calendars released on Friday show, including a brief call during the last week of the month when it was becoming clearer that the coronavirus would likely have more than a transitory effect on the U.S. economy.

OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic.

Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world's richest economies to discuss broader ways to stabilise oil markets.

Constellation Brands Inc , the U.S. distributor of Corona beer, said on Friday its Mexican breweries were still operational and supply to the United States was intact even as rivals suspended production due to the coronavirus pandemic.

Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.

President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks.

3M Co said on Friday it would make more face masks for the United States to fight the coronavirus pandemic, but warned of the "humanitarian implications" of limiting supply to other countries as President Donald Trump directed.

The U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway.

Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in.

Cisco Systems Inc's video-conferencing app Webex registered a record 324 million attendees in March, with usage more than doubling in the Americas, as the coronavirus-led lockdowns forced businesses to have employees work from home.

Crude futures surged for a second day on Friday, with benchmark Brent up 10% on hopes that a global deal to cut crude supply worldwide will emerge early next week.

Amazon.com Inc is postponing its major summer shopping event Prime Day at least until August and expects potentially a $100 million hit from excess devices it may now have to sell at a discount, according to internal meeting notes seen by Reuters.

Wall Street's main indexes fell on Friday as the longest period of employment growth on record in the United States came to an abrupt end due to the coronavirus, confirming a recession is underway.

Italy plans to tighten health checks to ensure that work is not disrupted in a small northern town specialising in the production of medical supplies to tackle its coronavirus crisis.

A flood of loan applications from coronavirus-hit businesses inundated lenders on Friday as the U.S. government launched its $349 billion bailout fund for small and midsize companies amid widespread confusion about just how the program works.

3M Co said on Friday it would increase the production of respirators and import more masks into the United States, after President Donald Trump invoked a law to help ease a shortage of essential items needed to fight the coronavirus pandemic.

FedEx Corp said on Friday it would pull $1.5 billion from a credit line and slash CEO pay as stay-at-home orders aimed at stemming the spread of the coronavirus in the United States and Europe hammer demand for its lucrative express services.