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April 7, 2020
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Trump says $70 billion in coronavirus rescue loans authorized. But where’s the cash?

Reuters
WASHINGTON (Reuters) – Roughly $70 billion of a $350 billion pot of loans to cover the payrolls of ailing small businesses have been originated by U.S. lenders in recent days, President Donald Trump said on Tuesday, adding that that money was “essentially loaned.” The downtown district of Washington, looking east......
Reuters - Business

Amazon testing disinfectant fog at New York warehouse after coronavirus protests

Reuters
(Reuters) – Amazon.com Inc is testing the use of disinfectant fog at a warehouse in Staten Island, New York starting on Tuesday, the company told Reuters, following worker protests over the risk of coronavirus infection at the site. FILE PHOTO: Protesters are seen at Amazon building during the outbreak of......
Reuters - Business

Layoffs, closures to wipe out 6.7% of working hours worldwide in second quarter: ILO

Reuters
GENEVA (Reuters) – Workplace disruptions caused by the COVID-19 pandemic are expected to wipe out labor equivalent to the effort of 195 million full-time workers, or 6.7% of hours clocked worldwide, in the second quarter of this year, the International Labour Organization (ILO) said on Tuesday. FILE PHOTO: People who......
Reuters - Business

Exxon lops 30% off 2020 spending, deeper and later than rivals

Reuters
HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) on Tuesday throttled back investment in shale, natural gas and deep water production, cutting planned capital spending by 30% this year as the coronavirus pandemic saps energy demand and oil prices tumble. FILE PHOTO: FILE PHOTO: Darren Woods, CEO of Exxon Mobil Corp......
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Millions of aviation jobs at risk, airlines can’t afford refunds: IATA

Reuters
LONDON (Reuters) – Global airlines warned that 25 million jobs across the world could be at risk from the coronavirus travel downturn and the industry’s representative body said airline finances were so fragile they could not afford to refund customers. FILE PHOTO: Canceled flights are seen on an airport screen......
Reuters - Business

Last but not least: Exxon chops spending by 30%

Reuters
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) on Tuesday throttled back a multi-year investment spree in shale, LNG and deep......
Reuters - Business

Samsung first-quarter beats estimates; chips likely to prop up virus-hit second-quarter

Reuters
SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs. The global leader in semiconductors is benefiting from......
Reuters - Business

As coronavirus hits tourism, Wizz Air finds new role

Reuters
BUDAPEST (Reuters) – Hungarian low-cost airline Wizz Air (WIZZ.L) is repatriating citizens and transporting medical equipment for east European governments, in a move coupling one-off charter traffic with savvy government relations amid the coronavirus crisis. Wizzair aircraft with a shipment of medical and protective gear from China, which will be......
Reuters - Business

Samsung Electronics beats first-quarter estimates, braces for bigger blow from coronavirus

Reuters
SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs. FILE PHOTO: The logo of Samsung Electronics is......
Reuters - Business

Allstate to return $600 million in auto premiums as coronavirus cuts driving

Reuters
(Reuters) – Allstate Corp (ALL.N), one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers as many Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. FILE PHOTO: A car moves along an empty highway......
Reuters - Business

OPEC+ likely to agree to cut production if U.S. joins effort: sources

Reuters
DUBAI/LONDON/MOSCOW (Reuters) – Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on......
Reuters - Business

Canada, U.S. farms face crop losses due to foreign worker delays

Reuters
WINNIPEG, Manitoba/CHICAGO (Reuters) – Mandatory coronavirus quarantines of seasonal foreign workers in Canada could hurt that country’s fruit and vegetable output this year, and travel problems related to the pandemic could also leave U.S. farmers with fewer workers than usual. Foreign labor is critical to farm production in both countries,......
Reuters - Business

Uber connects out-of-work U.S. ride-hail drivers to delivery, production jobs

Reuters
(Reuters) – Uber Technologies Inc said on Monday its app will list job openings in the delivery, food production and grocery industry that can be accessed by its U.S. drivers who have been hit by a slump in ride-hailing demand due to the coronavirus. FILE PHOTO: An Uber sticker is......
Reuters - Business

BMW sees demand falling further after first quarter sales plunge due to coronavirus

Reuters
BERLIN (Reuters) – BMW (BMWG.DE) is expecting a further decline in global demand as the coronavirus outbreak takes its toll, a spokesman said on Monday, after the German carmaker reported a 20.6% drop in first quarter sales to 477,111 vehicles. FILE PHOTO: The logo of German car manufacturer BMW is......
Reuters - Business

HSBC HK shareholders mull legal action over dividend suspension

Reuters
HONG KONG (Reuters) – HSBC (HSBA.L) shareholders in Hong Kong are considering calling for an extraordinary meeting with management and taking possible legal action against the bank’s decision to scrap dividend payments. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S.,......
Reuters - Business

Dubai’s Emaar suspends construction projects due to virus – sources

Reuters
FILE PHOTO: The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. REUTERS/ Hamad I Mohammed/File Photo DUBAI (Reuters) – Emaar Properties EMAR.DU, the largest listed developer in the United Arab Emirates, has suspended work on major projects in Dubai, sources familiar with the matter......
Reuters - Business

American joins United, others in suspending more NYC flights on coronavirus spike

Reuters
(Reuters) – American Airlines Group Inc (AAL.O) said late Sunday it would suspend more flights in and out of New York City’s three main airports for about a month, joining other airlines that have cut flights to the area following a spike in coronavirus cases. FILE PHOTO: A member of......
Reuters - Business

How one Silicon Valley factory keeps running in the age of coronavirus

Reuters
(Reuters) – The managers at Green Circuits — a small Silicon Valley electronics factory — thought they would have to close when the San Francisco Bay Area directed non-essential businesses to shut almost three weeks ago. A masked worker moves a cart at Green Circuits as the company, an essential......
Reuters - Business

Trump threatens tariffs on oil imports to ‘protect’ U.S. energy workers

Reuters
WASHINGTON (Reuters) – U.S. President Donald Trump said on Saturday he would impose tariffs on crude imports if he has to “protect” U.S. energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share. U.S. President Donald Trump addresses......
Reuters - Business

Exclusive: Amazon in contact with coronavirus test makers for potential screenings on employees

Reuters
(Reuters) – Amazon.com Inc has been in contact with the CEOs of two coronavirus test makers as it considers how to screen its staff and reduce the risk of infection at its warehouses, according to internal meeting notes seen by Reuters. FILE PHOTO: A worker in a face mask walks......

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