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March 29, 2020

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Chanel turns its workshops to making face masks as coronavirus spreads

Reuters
by Reuters02
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.......
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Reuters - Business

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

Reuters
by Reuters00
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......
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Worry, problems and strife: Investors fear markets not out of woods despite big rally

Reuters
by Reuters01
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......
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Reuters - Business

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

Reuters
by Reuters03
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......
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Reuters - Business

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

Reuters
by Reuters01
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......
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Reuters - Business

Ackman says Pershing Square no longer has hedges on stocks

Reuters
by Reuters01
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......
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Reuters - Business

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

Reuters
by Reuters01
(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......
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Reuters - Business

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

Reuters
by Reuters03
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......
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Reuters - Business

GM reaches settlement over lost vehicle value from defective ignition switches

Reuters
by Reuters03
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......
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Reuters - Business

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

Reuters
by Reuters00
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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Treasury: U.S. will be ‘compensated’ for assistance to airlines

Reuters
by Reuters01
WASHINGTON (Reuters) – U.S. Treasury Secretary Steve Mnuchin said on Friday that taxpayers will “compensated” for providing up to $25 billion in direct grants to the airline industry. FILE PHOTO: Treasury Secretary Steve Mnuchin takes a phone call in the hall outside a meeting to wrap up work on coronavirus......
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Reuters - Business

Airbnb to halt all marketing, most hiring as losses mount: The Information

Reuters
by Reuters01
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 plans to halt all of its marketing, pause most hiring, and likely withhold employee bonuses as it tries......
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Reuters - Business

U.S. airlines cheer government relief but warn it is no ‘cure’ for deep industry crisis

Reuters
by Reuters04
CHICAGO (Reuters) – United Airlines Holdings Inc and Delta Air Lines welcomed on Friday a $50 billion relief package they said would protect jobs through September but warned that the continued challenges facing the industry will require more action. Delta Air Lines passenger planes are seen parked due to flight......
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Reuters - Business

U.S. airlines expect clarity on terms of payroll grants in 5-10 days: UAL senior executives

Reuters
by Reuters03
CHICAGO (Reuters) – U.S. airlines expect to learn the terms of federal aid meant to protect workers’ payrolls in the midst of a sharp downturn from the coronavirus in the next five to 10 days, senior executives at United Airlines Holdings Inc (UAL.O) said on Friday. Under a relief bill......
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Reuters - Business

Wall Street tumbles as U.S. virus cases pass 85,000

Reuters
by Reuters01
(Reuters) – Wall Street tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,......
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Reuters - Business

ECB tells euro zone banks to skip payouts as virus hits economy

Reuters
by Reuters01
LONDON/FRANKFURT (Reuters) – The European Central Bank told euro zone banks on Friday to skip dividend payments and share buybacks until October at the earliest and use their profits to support the economy as it is hit by the coronavirus pandemic. FILE PHOTO: The skyline with its financial district is......
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Reuters - Business

S&P cuts Airbus outlook amid concern over deliveries, advances

Reuters
by Reuters02
PARIS (Reuters) – Ratings agency Standard & Poors placed Airbus (AIR.PA) on its watch list for a possible downgrade as doubts surfaced over the future level of aircraft deliveries and advance payments from airlines battered by the coronavirus crisis. FILE PHOTO: The logo of Airbus is pictured at the aircraft......
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Reuters - Business

From quills to qwerty: Lloyd’s underwriters adapt to home working

Reuters
by Reuters02
LONDON (Reuters) – Thousands of London’s underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won’t need them. FILE PHOTO: A man walks out of Lloyds of London’s headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson/File......
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Reuters - Business

Exclusive: India’s Reliance seeks to sell Mideast crude cargoes in rare move

Reuters
by Reuters00
SINGAPORE/NEW DELHI (Reuters) – India’s Reliance Industries Ltd (RELI.NS) is seeking to sell some April-loading crude cargoes in a rare move as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, four sources said on Friday. The logo of Reliance Industries is pictured in a......
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Reuters - Business

Volkswagen urges ECB to buy short-term debt to stabilize markets: FT

Reuters
by Reuters04
FRANKFURT (Reuters) – Volkswagen’s (VOWG_p.DE) chief financial officer called on the European Central Bank (ECB) to accelerate purchases of short-term debt, the Financial Times reported on Friday. FILE PHOTO: Volkswagen logo is seen at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Lucy Nicholson The German......
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