Business

WASHINGTON/CHICAGO (Reuters) – U.S. Treasury Secretary Steven Mnuchin told major airlines on Friday he wants them to repay some of the $25 billion in cash grants the U.S. Congress approved last month to cover payroll costs as airlines weather an unprecedented crisis due to the coronavirus, three industry officials briefed on the matter told Reuters.

(Reuters) – A shocking 16.8 million people filed for U.S. unemployment benefits in the last three weeks as the country shut down to stop the spread of the novel coronavirus, overwhelming state labor departments and creating a large backlog of pending applications. FILE PHOTO: People who lost their jobs wait in line to file for

FILE PHOTO: Logo of Airbus is pictured at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse, France, September 27, 2019. REUTERS/Regis Duvignau PARIS/TOULOUSE (Reuters) – Airbus (AIR.PA) has shelved plans to create a new assembly line in Toulouse, France, for its A321 airliner as the company wrestles with the coronavirus crisis. Airbus announced

WASHINGTON/CHICAGO (Reuters) – U.S. President Donald Trump said on Thursday that airlines could receive details this weekend about the terms of a $32 billion payroll grant to offset the impact of the coronavirus outbreak, which sources told Reuters has received around 275 applicants. U.S. President Donald Trump listens to a question during the daily coronavirus

(Reuters) – British American Tobacco (BATS.L) said on Thursday it had sued Philip Morris International Inc (PM.N) in the United States and Germany, alleging that the tobacco heating technology used in its bigger rival’s IQOS devices infringed its patents. FILE PHOTO: The charger and the holder (top) of the electric tobacco heating system IQOS of

BOSTON (Reuters) – A New York investment firm pitched wealthy investors in recent days on a way to make returns of 22% to 175% using U.S. government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy, according to a marketing document seen by Reuters. FILE PHOTO: The Wall Street sign is

FILE PHOTO: Sen. Kelly Loeffler (R-GA) who sold off millions of dollars in stock after a coronavirus briefing, waits for an interview to begin after attending a Senate Republican lunch meeting to wrap up work on coronavirus economic aid legislation to prevent the spread of coronavirus disease (COVID-19) in Washington, U.S., March 20, 2020. REUTERS/Mary

WASHINGTON (Reuters) – The U.S. Federal Reserve responded fast to the coronavirus crisis with open-ended programs to keep financial markets running and ensure major companies could raise cash as they usually do through large capital markets. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis

FILE PHOTO: Easyjet founder Stelios Haji-Ioannou speaks at a media event to celebrate 20 years in business at Luton Airport, southern England, November 10, 2015. REUTERS/Eddie Keogh LONDON (Reuters) – EasyJet (EZJ.L) founder Stelios Haji-Ioannou continued his battle to force the British airline to cancel an order for 107 Airbus (AIR.PA) planes, making a new

(Reuters) – Amazon.com Inc will suspend a delivery service that aims to compete with UPS and FedEx in the United States. FILE PHOTO: Signage is seen at an Amazon facility in Bethpage on Long Island in New York, U.S., March 17, 2020. REUTERS/Andrew Kelly The online retailer told customers that the service, Amazon Shipping, will

(Reuters) – Wall Street rose on Tuesday on early signs of the coronavirus outbreak plateauing in some of the biggest U.S. hot spots, with the New York state’s governor saying social distancing measures to curtail the spread of the virus were working. FILE PHOTO: A nearly deserted Wall Street and the steps of Federal Hall

TOKYO (Reuters) – Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed. FILE PHOTO: An oil pump jack pumps oil in

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 seen at its store in

(Reuters) – The S&P 500 was on track to recoup about $1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus hot spot, reported a fall in daily deaths, raising hopes that the pandemic could level-off soon. A man crosses a nearly deserted Nassau Street in front

FILE PHOTO: Brussels Airlines planes parked on the tarmac at Zaventem International Airport near Brussels, Belgium, July 27, 2018. REUTERS/Francois Lenoir/File Photo BRUSSELS (Reuters) – Belgium’s Brussels Airlines, a Lufthansa (LHAG.DE) subsidiary, has extended its suspension of flights until at least May 15, it said on Monday. The Belgian carrier had previously grounded flights until

(Reuters) – Boeing Co (BA.N) said on Sunday it would extend the suspension of production operations at its Washington state facilities until further notice amid the coronavirus outbreak. FILE PHOTO: A worker leaves the Boeing Everett Factory, amid the coronavirus disease (COVID-19) outbreak, in Everett, Washington, U.S. March 23, 2020. REUTERS/David Ryder/File Photo The largest

WASHINGTON (Reuters) – A top official at the U.S. Federal Reserve said on Sunday the $2.3 trillion economic relief bill approved by Congress was appropriately sized and that a further relief effort may not be needed if support efforts are well executed. FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a

(Reuters) – When Reuters photographer Carlos Barria boarded American Airlines flight 4511 from Washington Reagan National Airport to New Orleans on Friday for an assignment, he was the only passenger on the 76-seat jet. A flight attendant waits for the departure of a one-passenger flight between Washington and New Orleans as the spread of coronavirus

DUBAI/MOSCOW (Reuters) – OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. FILE PHOTO: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud and

(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 by trucks parked at an

NEW YORK (Reuters) – Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread. FILE PHOTO: A man wears a protective mask as he walks on Wall Street

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, while also waiting to see what action the United States would take as President Donald Trump met with oil companies on Friday. FILE PHOTO: An oil

FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain LONDON (Reuters) – Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude

STOCKHOLM (Reuters) – H&M (HMb.ST), the world’s second-biggest clothing retailer, said on Friday it expected a loss in the second quarter after reporting a 46% plunge in March sales as the coronavirus pandemic took a toll on the retail sector. FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York,

NEW YORK (Reuters) – Asian markets on Friday looked to latch onto Wall Street’s overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession. FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information,

DUBAI/MOSCOW (Reuters) – U.S President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45%. Trump said he spoke with Russian President Vladimir Putin and Saudi Crown

(Reuters) – Elon Musk’s rocket company SpaceX has banned its employees from using video conferencing app Zoom, citing “significant privacy and security concerns,” according to a memo seen by Reuters, days after U.S. law enforcement warned users about the security of the popular app. FILE PHOTO: The Zoom Video Communications logo is pictured at the

NEW YORK (Reuters) – Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic. General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020.

WASHINGTON (Reuters) – U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession. FILE PHOTO: A production line employee works at the AMES Companies shovel manufacturing factory in Camp Hill,

FILE PHOTO: An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo NEW YORK/WASHINGTON (Reuters) – The U.S. Department of Energy plans to announce as soon as Wednesday it will allow