Feed aggregator

U.S. gasoline refining margins fell to the lowest since December 2008 on Monday, as the spread of coronavirus intensified in the United States, disrupting daily life for Americans who have been told to stay indoors and off the road.

U.S. stocks fell sharply on Monday as the Federal Reserve's drastic move to cut interest rates to near zero fueled anxiety over the extent of economic damage from the coronavirus pandemic.

U.S. oil output growth from the Permian basin is expected to offset declines in every other shale formation in April, helping push overall production up by about 18,000 barrels per day (bpd) to a record 9.08 million bpd, data showed on Monday.

U..S. airports are seeking $10 billion in U.S. government assistance to help offset losses incurred by the sharp drop in travel due to coronavirus, two people briefed on the matter said.

The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated by record low prices for gasoline and jet fuel.

Starbucks Corp closed its dine-in areas for at least two weeks at its U.S. and Canadian stores and shifted completely to "to go" service, as restaurants look to curb the rapid spread of the coronavirus outbreak.

Uber Technologies Inc's food delivery business, Uber Eats, said on Monday it would waive delivery fee for independent restaurants across the United States and Canada.

A group representing major U.S. airlines said the industry needs $50 billion in grants and loans to survive the dramatic falloff in travel demand from the coronavirus outbreak.

Federal Reserve Chair Jerome Powell's message in announcing a barrage of monetary policy and liquidity actions was clear: The U.S. central bank will use all the tools at its disposal to keep credit flowing through the U.S. and global financial system.

LATAM Airlines Group, the continent's largest carrier, said on Monday it is canceling 90% of its international flights, in light of the coronavirus outbreak.

U.S. stock indexes plunged about 8% on Monday, as investors dumped risky assets for cash after the Federal Reserve's drastic move to cut interest rates to near zero amplified worries over the extent of damage from the coronavirus pandemic.

Airbus has drawn up contingency plans to slow or stop production if France is placed under a further lockdown due to coronavirus, two people familiar with the matter said.

French carmaker PSA said on Monday the company will close its European factories until March 27 due to the coronavirus outbreak spread.

Uber Technologies Inc's food delivery business, Uber Eats, said on Monday it would waive off delivery fee for independent restaurants across the United States and Canada.

Britain's major supermarkets are working on plans to streamline their operations by cutting cafes, counters and other services to enable a depleted workforce to maintain basic provisions during the coronavirus outbreak, industry sources told Reuters.

Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, leading governments and businesses to shut down as the global economy appeared to be headed toward certain recession.

The White House is drafting a financial assistance package is expected to include direct assistance, loans and tax relief in the wake of the steep falloff in U.S. travel demand, officials briefed on the matter said Monday.

Brazilian airline Azul said on Monday it would cut all international flights out of its main hub in Sao Paulo state, while the country's government is likely to roll out a relief package as the sector struggles with the coronavirus pandemic.

Carmakers including Fiat Chrysler, Peugeot and Volkswagen cut production at European plants on Monday as they grappled with the coronavirus crisis and diving demand.

Deutsche Telekom on Monday postponed its March 26 annual general shareholders meeting due to the coronavirus, saying it planned to hold the gathering during the first eight months of this year as required by law.