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March 29, 2020
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Three months that shook global markets

Reuters
LONDON (Reuters) – How much damage has the coronavirus and the oil price collapse inflicted on global financial markets this year? Put simply, it has probably been the most destructive sell-off since the Great Depression. FILE PHOTO: The final numbers of the day are displayed above the floor of the......
Reuters - Business

Governments, central banks must boost efforts to help economies cope with crisis: BIS chief

Reuters
LONDON (Reuters) – Governments and central banks need to step up efforts urgently to support their economies in the face of the coronavirus crisis, the head of the Bank for International Settlements said on Sunday. FILE PHOTO: Bank of Mexico Governor Agustin Carstens gestures during the delivery quarterly report from......
Reuters - Business

Chanel turns its workshops to making face masks as coronavirus spreads

Reuters
FILE PHOTO: Chanel logo is seen on the company’s store in Monte Carlo, Monaco, December 9, 2017. REUTERS/Eric Gaillard/File Photo PARIS (Reuters) – Luxury fashion group Chanel said on Sunday it would launch production of face masks to help bolster supplies in France, as the coronavirus sweeps across the country.......
Reuters - Business

Exclusive: Qatar Airways says it will need state support as cash runs out

Reuters
DUBAI (Reuters) – Qatar Airways will have to seek government support eventually, Chief Executive Akbar al-Baker told Reuters on Sunday, warning that the Middle East carrier could soon run out of the cash needed to continue flying. FILE PHOTO: Qatar Airway’s Chief Executive Officer, Akbar Al Baker speaks at the......
Reuters - Business

Worry, problems and strife: Investors fear markets not out of woods despite big rally

Reuters
NEW YORK (Reuters) – After a brutal meltdown, some investors have been wading back into U.S. stocks. But others are wary of another leg down as the coronavirus spreads and its economic impact is difficult to predict. FILE PHOTO: The Wall St. Bull is seen standing on a nearly empty......
Reuters - Business

Mexico’s President says will comply with public vote to halt brewery project

Reuters
FILE PHOTO: Bottles of the beer, Corona, a brand of Constellation Brands Inc., sit on a supermarket shelf in Los Angeles, California April 1, 2015. REUTERS/Lucy Nicholson/File Photo MEXICO CITY (Reuters) – Mexico’s President Andres Manuel Lopez Obrador on Saturday said his government will comply with a public consultation to......
Reuters - Business

Clothing rental service Rent the Runway lays off workers amid coronavirus outbreak

Reuters
FILE PHOTO: A person moves through clothing in the storage area at Rent the Runway’s “Dream Fulfillment Center” in Secaucus, New Jersey, U.S., September 11, 2019. REUTERS/Andrew Kelly (Reuters) – U.S. clothing rental firm Rent the Runway said on Saturday it had laid off retail employees following temporary store closures......
Reuters - Business

Pence says virus taskforce soon to deliver recommendation on whether to re-open economy

Reuters
FILE PHOTO: Vice President Mike Pence addresses the coronavirus task force daily briefing at the White House in Washington, U.S., March 24, 2020. REUTERS/Jonathan Ernst (Reuters) – Vice President Mike Pence, heading the Trump administration’s response to the coronavirus outbreak, said on Saturday that he would deliver a recommendation to......
Reuters - Business

Airbnb hosts to provide free rooms for British health workers

Reuters
FILE PHOTO: Small toy figures are seen in front of diplayed Airbnb logo in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration LONDON (Reuters) – Airbnb hosts will provide free rooms for workers in Britain’s National Health Service (NHS) to support their work during the coronavirus outbreak, the company said......
Reuters - Business

UK broadband providers lift data caps during coronavirus crisis

Reuters
A billboard advertising Virgin media fibre broadband is seen in London, Britain, March 30, 2016. REUTERS/Toby Melville Britain’s big telecoms providers have agreed to remove all data caps on fixed-line broadband services that have become a lifeline for people isolated at home during the coronavirus crisis, the government said on......
Reuters - Business

Ackman says Pershing Square no longer has hedges on stocks

Reuters
FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian (Reuters) – William Ackman’s Pershing Square Capital Management no longer has hedges on its stock portfolio, but still has some......
Reuters - Business

Exclusive: Amazon entices warehouse employees to grocery unit with higher pay

Reuters
(Reuters) – Amazon.com Inc is offering higher pay to recruit its own warehouse employees to pick and pack Whole Foods groceries amid rising demand and a worker shortage, according to an internal document reviewed by Reuters. FILE PHOTO: Small toy figures are seen in front of diplayed Amazon logo in......
Reuters - Business

Trump tells GM: Stop ‘wasting time’, build ventilators to address coronavirus

Reuters
WASHINGTON/DETROIT (Reuters) – U.S. President Donald Trump on Friday invoked emergency powers to require General Motors Co to build much-needed ventilators for coronavirus patients after he accused the largest U.S. automaker of “wasting time” during negotiations. Trump, who has been on the defensive for not moving faster to compel the......
Reuters - Business

Factbox: Carmakers churn out machines, masks to help fight coronavirus

Reuters
(Reuters) – Auto companies and suppliers around the world are ramping up production of critical healthcare products and machines – everything from cloth face masks to sophisticated ventilator systems – to meet a critical shortage of those items at hospitals and care facilities in North America, Europe and Asia. Here......
Reuters - Business

Apple’s factories are running, but suppliers wary about iPhone demand

Reuters
(Reuters) – As China reopens its economy after months of lockdown, Apple Inc’s (AAPL.O) iPhone factories are largely up and running. But with the coronavirus pandemic spreading across the world, the urgent question for the company is how many buyers there will be both for current models and the new......
Reuters - Business

Wall Street Week Ahead: Fund rebalancing could help buoy stock rebound

Reuters
NEW YORK (Reuters) – Money managers rebalancing their portfolios to boost equity exposure into the end of the quarter may support the nascent stock rally that has followed the steep coronavirus-fueled market drop. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) near the close......
Reuters - Business

U.S. regulators give banks relief on accounting standard, derivatives rule

Reuters
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo WASHINGTON (Reuters) – U.S. banking regulators told banks Friday they could ignore the capital implications of a new accounting standard for two years and adopt early a new, more sensitive......
Reuters - Business

GM reaches settlement over lost vehicle value from defective ignition switches

Reuters
File Photo: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio NEW YORK (Reuters) – General Motors Co (GM.N) has reached a $120 million settlement with owners who claimed that their vehicles lost value because of defective ignition......
Reuters - Business

Airbnb suspends marketing to save $800 million, top executives take pay cut: source

Reuters
FILE PHOTO: The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France, March 12, 2019. .REUTERS/Charles Platiau/File Photo (Reuters) – Airbnb Inc has suspended all its marketing activities to save $800 million this year, and its founders will take......

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