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March 31, 2020

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U.S. airlines must suggest possible compensation for cash grants: Treasury

Reuters
by Reuters03
WASHINGTON/CHICAGO (Reuters) – Airlines must suggest possible compensation in return for government cash assistance and agree to conditions that include not cutting pay or laying off employees through Sept. 30, the U.S. Treasury Department said in guidelines issued on Monday as it prepares to quickly hand out $25 billion. FILE......
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Reuters - Business

Ford, GE to produce 50,000 ventilators in 100 days

Reuters
by Reuters00
DETROIT (Reuters) – Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus. Ford said the......
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China factory activity unexpectedly expands, but economy cannot shake off virus shock

Reuters
by Reuters00
BEIJING (Reuters) – Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump. FILE PHOTO:A worker walks past a steel......
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Airlines line up furloughs; Air New Zealand sees smaller carrier in a year

Reuters
by Reuters02
(Reuters) – Major global airlines projected layoffs, furloughs and capacity cuts over the next few months, with Air New Zealand warning that it expected staffing levels to be 30% smaller than it is now, due to the coronavirus pandemic. FILE PHOTO: An Air New Zealand aircraft passes a fuel truck......
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Macy’s, Kohl’s, Gap turn to mass furloughs as virus crisis deepens

Reuters
by Reuters01
(Reuters) – Major U.S. retailers Macy’s Inc (M.N), Kohl’s Corp (KSS.N) and Gap Inc (GPS.N) said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer to curb the spread of the coronavirus outbreak. Kohl’s also said it would suspend its......
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AmEx to avoid job cuts as it rides out coronavirus storm

Reuters
by Reuters00
(Reuters) – American Express Co (AXP.N) will avoid job cuts in 2020 as the credit card issuer “rides out the storm” brought on by the coronavirus pandemic, Chief Executive Officer Steve Squeri said in a video message to employees on LinkedIn. FILE PHOTO: American Express and American Express corporate cards......
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BP will not cut jobs over next three months: CEO Looney

Reuters
by Reuters01
FILE PHOTO: BP’s new Chief Executive Bernard Looney speaks during a Q&A in central London, Britain February 12, 2020. REUTERS/Toby Melville (Reuters) – Oil major BP PLC (BP.L) will not cut jobs over the next three months, Chief Executive Officer Bernard Looney said, even as the company seeks to reduce......
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Virgin Atlantic asks UK government for financial help: source

Reuters
by Reuters02
FILE PHOTO: A Virgin Atlantic Airbus comes in to land at Heathrow aiport in London, Britain, June 25, 2018. REUTERS/Toby Melville/File Photo LONDON (Reuters) – Virgin Atlantic has asked the UK government for emergency financial help in addition to the coronavirus package made available to all British companies, said a......
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Reuters - Business

Trump’s attack on GM over ventilators quickly turns to praise

Reuters
by Reuters06
WASHINGTON (Reuters) – President Donald Trump, who excoriated General Motors Co on Friday and invoked emergency powers to compel the production of badly needed ventilators to tackle the coronavirus pandemic, has abruptly shifted gears to praise the automaker. U.S. President Donald Trump listens during a meeting with supply chain distributors......
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Reuters - Business

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

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

Airbnb hosts to provide free rooms for British health workers

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

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

Reuters
by Reuters04
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

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

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

Indian lockdown disrupts Amazon, Flipkart deliveries: sources

Reuters
by Reuters02
NEW DELHI (Reuters) – India’s coronavirus lockdown is disrupting e-commerce companies including Amazon and Flipkart, despite government assurances it would not, four sources familiar with the matter told Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, March 19, 2020. REUTERS/Pascal......
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Reuters - Business

‘Maximum bearish’: funds in record rush to cash in past week

Reuters
by Reuters09
LONDON (Reuters) – Investors rushed into cash and out of bonds at a record pace over the past week as the coronavirus pandemic caused mayhem in markets, BofA said on Friday, though it noted a key positioning signal at “maximum bearish” could signal a big rally ahead. FILE PHOTO: A......
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Reuters - Business

Amazon, Flipkart operations in India being disrupted amid lockdown: sources

Reuters
by Reuters04
NEW DELHI (Reuters) – India’s government had assured e-commerce companies that their operations would not be disrupted amid a nationwide lockdown to fight the coronavirus, but most are facing crippling disruptions after just three days, sources familiar with the matter said on Friday. FILE PHOTO: The logo of Amazon is......
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Reuters - Business

U.S. House leaders determined to pass $2.2 trillion coronavirus bill

Reuters
by Reuters02
WASHINGTON (Reuters) – Leaders of the U.S. House of Representatives are determined to pass a $2.2 trillion coronavirus relief bill on Friday, or at the very latest on Saturday, hoping to provide the quickest help possible as deaths mount and the economy reels. On a call with fellow Democrats on......
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Reuters - Business

U.S. House sets Friday debate for coronavirus aid bill

Reuters
by Reuters08
WASHINGTON (Reuters) – The U.S. House of Representatives will begin a two-hour debate on a sweeping, $2.2 trillion coronavirus aid bill at 9 a.m. (1300 GMT) on Friday but it was not clear whether the measure would be able to pass on a voice vote, the House Majority Leader’s office......
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Reuters - Business

Big banks reassure staff about potential job cuts

Reuters
by Reuters013
(Reuters) – Big banks are postponing decisions about staff cuts as the coronavirus hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back. FILE PHOTO: A sign is displayed on the Morgan......
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