Feed aggregator

Honda Motor Co said Wednesday it is temporarily halting production in North America for six days because of the anticipated decline in auto sales due to the coronavirus outbreak and will reduce production by about 40,000 vehicles.

JPMorgan Chase & Co said on Wednesday that it committed $50 million to funds and community groups that are providing food, support and medical supplies for people hurt by the coronavirus in the United States, Europe and Asia.

Wall Street's main indexes sank again on Wednesday, as growing signs of coronavirus damage to corporate America overshadowed a burst of optimism about sweeping official moves to protect the economy.

One of Noel Quinn's first jobs as chief executive of HSBC will be to review the radical revamp he unveiled last month as interim boss, a senior source at the bank said.

Ryanair expects to ground most if not all of its flights from March 24 except a very small number mostly between Britain and Ireland to maintain essential connectivity, the airline said on Wednesday.

Wall Street's main indexes slumped at the open on Wednesday as growing signs of coronavirus damage to corporate America overshadowed optimism about sweeping official moves to protect the economy.

Global stocks resumed a steep slide on Wednesday while bond markets rushed to price in the sheer scale of government support programs and handouts announced over the past 24 hours, all aimed at softening the economic shock of coronavirus.

Danish toymaker Lego said on Wednesday it would close all of its stores, except for those in China, until at least March 27 due to the spread of coronavirus.

Fiat Chrysler has again halted its Atessa plant in Italy due to disruptions in parts supply linked to the coronavirus outbreak, after it was reopened on Tuesday, a union representative said on Wednesday.

Nissan Motor Co said on Wednesday it would stop producing vehicles in Indonesia, consolidating its global production in the face of falling sales which have pummeled its profitability.

IKEA, the world's biggest furniture brand, is temporarily closing more stores as the coronavirus spreads, including all 50 in its second-biggest market the United States.

Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to an 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

Cash-strapped Chinese electric vehicle (EV) maker Nio Inc said on Wednesday there was substantial doubt in its ability to continue as a going concern, sending its shares down 12% in premarket U.S. trading.

Rolls-Royce motor cars said it would suspend production at its British plant for two weeks to ensure the health of its employees.

EasyJet launched an early sale on cut-price winter 2020-21 flights, even as the airline industry heads into a deepening coronavirus crisis that threatens to ground most of the British low-cost carrier's planes.

Australia and Taiwan joined governments offering financial aid to airlines as coronavirus and stricter travel controls forced carriers to deepen cuts to capacity and staffing.

Cash-strapped Chinese electric vehicle (EV) maker Nio Inc said on Wednesday there was substantial doubt in its ability to continue as a going concern.

Israel's biggest bank, Hapoalim, said on Wednesday it expects to pay $870 million to settle a U.S. tax evasion investigation.

Japanese automakers on Wednesday said they would temporarily close more vehicle plants in Europe and Asia as the spread of the coronavirus prompts countries to instruct non-essential businesses to suspend operations.

The impact of the current turmoil related to the coronavirus is more likely to affect Deutsche Bank later this year rather than in the first quarter, an executive said on Wednesday.