(Reuters) – European shares rebounded on Monday as a slowdown in coronavirus deaths raised hopes that nationwide lockdowns were starting to show results, while Rolls Royce soared after becoming the latest multinational firm to raise cash to weather an economic... More »
FRANKFURT (Reuters) – As Germany rolls out a 750 billion-euro economic stimulus package, officials and experts are discussing whether German lenders, including Deutsche Bank AG and Commerzbank AG, will be able to weather the economic fallout of coronavirus wit... More »
LONDON (Reuters) – A group representing Britain’s car industry cut its sales forecast for this year by 23% to 1.73 million vehicles because of the impact of the coronavirus crisis. The figure represented a 25% fall from the number of new car registrations in 2... More »
LONDON (Reuters) – 1/LOOKING TO CHINA The world’s biggest economy won’t be open for business by Easter, as U.S. President Donald Trump had hoped, but the second biggest economy may come close. How China fares offers a guide to other countries when their corona... More »
SYDNEY (Reuters) – Stocks jumped on Monday as investors were encouraged by a slowdown in coronavirus-related deaths and new cases, while oil prices skidded after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive. Equity i... More »
NEW YORK (Reuters) – Wall Street analysts and investors see a risk that stocks could retest recent lows in the coming days or weeks as they worry about the spread of the virus and its impact on the economy, although some spot glimmers of light at the end of th... More »
(Reuters) – British aero-engine maker Rolls-Royce (RR.L) will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday... More »
(Reuters) – Stelios Haji-Ioannou, the founder of easyJet Plc (EZJ.L), has warned that he will not inject any fresh equity into the airline until it terminates a contract with Airbus SE (AIR.PA) for 4.5 billion pounds ($5.50 billion), according to a letter here... More »
NEW YORK (Reuters) – Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday’s trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut p... More »
(Reuters) – Private equity firm Silver Lake Partners is preparing to seek at least $16 billion from investors for its sixth flagship buyout fund, braving the economic uncertainty of the coronavirus outbreak, according to people familiar with the matter. Invest... More »
(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. The largest U.S. planemaker said on March 23 it would halt production at ... More »
NEW YORK (Reuters) – U.S. banks are expected to defend their dividend payments when they submit their annual capital plans to the Federal Reserve on Monday for the upcoming stress tests, the Financial Times reported on Sunday, citing people familiar with the s... More »
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. “I fel... More »
PARIS (Reuters) – Airbus is studying a sharp cut in output of its top-selling A320 plane series amid an industry-wide slowdown triggered by the coronavirus crisis, sources familiar with the matter said. Europe’s leading planemaker is examining scenarios includ... More »
WASHINGTON (Reuters) – U.S. services sector activity slowed to a more than 3-1/2-year low in March, with industries reporting a moderation in new orders and decline in employment amid the coronavirus pandemic, which has brought the country to sudden stop. The ... More »
LONDON (Reuters) – Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to “unprecedented” demand loss, the head of th... More »
CARACAS (Reuters) – A price war between world oil producers has slashed Venezuela’s revenue for its top export and exacerbated the country’s financial crisis as it also faces the coronavirus pandemic, U.S. sanctions and sliding crude output. More than 90% of V... More »
MUNICH/LONDON (Reuters) – Shares in Europe’s insurers fell sharply on Friday after the EU regulator said they should temporarily halt payouts to shareholders during the coronavirus epidemic, although Germany backed Allianz’s decision to go ahead with a dividen... More »
NEW YORK (Reuters) – Global stock markets sank Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply. Investors sought out safe havens in the ... More »
LONDON (Reuters) – Benchmark Brent crude oil futures climbed to as high as $34.91 a barrel on Friday on rising hopes of a new global deal to cut global crude supply. Brent crude LCOc1 futures were up 12.9%, or $3.9, at $33.83 a barrel by 1321 GMT. Brent soared... More »
(Reuters) – FedEx Corp (FDX.N) said on Friday it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe. The company, which also suspended ... More »
(Reuters) – 3M Co (MMM.N) said on Friday it would increase the production of respirators and import more masks into the United States, after President Donald Trump invoked a law to help ease a shortage in the items needed to protect health staff against the co... More »
RIYADH (Reuters) – Saudi Arabia’s King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday. Th... More »
LONDON (Reuters) – Britain’s car sector needs immediate cash and the government should introduce measures to support suppliers, some of which only have enough money to handle the coronavirus crisis for weeks not months, the head of the main trade body told Reu... More »
DUBAI/LONDON/MOSCOW (Reuters) – OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the ... More »
(Reuters) – Ford Motor Co (F.N) said on Friday Chief Executive Officer Jim Hackett’s total compensation fell to $17.4 million in 2019 from $17.8 million in 2018. The ratio of Hackett’s annual compensation to the median of the annual compensation of all employe... More »
(Reuters) – Wall Street’s main indexes opened lower on Friday as the novel coronavirus brought the longest U.S. employment expansion on record to an abrupt end. The Dow Jones Industrial Average .DJI fell 127.51 points, or 0.60%, at the open to 21,285.93. The S... More »
MOSCOW (Reuters) – Russian President Vladimir Putin said on Friday it would be impractical to restrict economic activity all over the country due to the coronavirus, given that each region is facing different challenges. “It is clear that limiting economic act... More »
BRUSSELS (Reuters) – With the euro zone economy in need of help from the coronavirus pandemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely agai... More »
WASHINGTON (Reuters) – The International Monetary Fund said on Monday the relaxation of the euro zone’s fiscal rules and support from the European Central Bank and the European Stability Mechanism is critical to a strong regional response to the coronavirus pa... More »
STOCKHOLM (Reuters) – Airline SAS (SAS.ST) said on Monday it and Danish logistics firm Scan Global Logistics had established a direct cargo charter flight out of Scandinavia to Chicago in the United States, using regular passenger aircraft. The passenger trave... More »
PRAGUE (Reuters) – Czech billionaire Daniel Kretinsky, owner of the energy holding group EPH with assets around Europe, said he had contracted the new coronavirus and had been working in isolation. He was quoted on Monday by Blesk and E15 newspapers, both part... More »
LONDON (Reuters) – British low cost airline easyJet (EZJ.L) said it had grounded its entire fleet of over 330 aircraft and had no visibility on when it could restart flights, highlighting the heavy strain on airlines trying to survive to fly again after corona... More »
SYDNEY/HONG KONG (Reuters) – Asian shares slid on Monday as fears mounted that the global coronavirus shutdown could last for months although markets regained some lost ground late in the session with Australia posting a standout jump. U.S. and European future... More »
ZURICH (Reuters) – UBS Group (UBSG.S) intends to pay its 2019 dividend, the Swiss bank said on Monday, despite guidance from markets supervisor FINMA, the Swiss government and international banking groups to limit payouts as the coronavirus outbreak hits the g... More »
TOKYO (Reuters) – Japan’s Shionogi & Co (4507.T), creator of the blockbuster cholesterol treatment Crestor, said on Monday it would tie up with Ping An Insurance Group Co of China (601318.SS), selling a 2.05% voting stake for 33.53 billion yen ($311 million). ... More »
LONDON (Reuters) – Banning short-selling of shares gives the impression of responding decisively to events without achieving any useful result, the World Federation of Exchanges (WFE) said on Monday. In an unusually blunt statement, the global umbrella group f... More »
BEIJING/SHANGHAI (Reuters) – China’s largest state banks said the impact of restrictions on movement imposed to slow the spread of the coronavirus could pull down asset quality as borrowers struggle to repay loans, though they are likely big enough to weather ... More »
BANGKOK (Reuters) – Thai Airways International Pcl (THAI.BK) may permanently reduce the number of aircraft types it deploys once the coronavirus outbreak that has caused the company to ground most of its fleet ends, said a senior government official on Monday.... More »
(Reuters) – Troubled fashion retailer Ted Baker (TED.L) on Monday named Chief Financial Officer Rachel Osborne to the permanent role of chief executive officer, replacing Lindsay Page who stepped down last year. The British company said the search for a chairm... More »
MOSCOW (Reuters) – Twenty Gazprom workers, who were airlifted to hospital following a coronavirus scare last week, have been discharged after the tests came back negative, a Gazprom spokesman said on Monday. The workers were quarantined at Bovanenkovo gas fiel... More »
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. ... More »
SHANGHAI (Reuters) – China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pan... More »
BOSTON/WASHINGTON (Reuters) – The Federal Reserve has offered more than $3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from seizing up, but it has not yet directly helped large swaths of the real economy: companies, ... More »
WASHINGTON (Reuters) – Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money. In a letter dated Saturday and seen by Reuters, carriers wrote that... More »
TOKYO (Reuters) – Toyota Motor Corp (7203.T) said on Monday that it would extend a suspension at all of its factories in Europe with the exception of Russia until further notice, with a restart expected no earlier than April 20. With the spread of the coronavi... More »
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. Working at home due to the coronavirus lockdown, they have abandoned the normal tool... More »
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. With large p... More »
FRANKFURT (Reuters) – European Central Bank President Christine Lagarde has a concrete reason for putting pressure on euro zone governments to finance the fight against coronavirus with joint debt — avoiding trouble with the courts. These common “coronabonds” ... More »
BRUSSELS/FRANKFURT (Reuters) – European Central Bank chief Christine Lagarde asked euro zone finance ministers during a videoconference on Tuesday evening to seriously consider a one-off joint debt issue of “coronabonds” to help fight the coronavirus pandemic,... More »
LONDON (Reuters) – Blackrock (BLK.N), the world’s largest asset manager, will freeze global hiring for a few weeks, according to a source familiar with the situation. As the deadly coronavirus swept across the global economy, killing thousands of people, compa... More »
LONDON (Reuters) – Anglo American said on Friday it would reschedule work at mines in countries such as Chile to contain the spread of coronavirus but added there had been no material disruption on production. The virus, which has claimed over 10,000 lives glo... More »
LONDON (Reuters) – The Bank of England canceled this year’s stress test of major banks on Friday and said it may be hard to implement new global capital rules on time given the focus now on supporting lending to customers hit by the coronavirus epidemic. The d... More »
WASHINGTON (Reuters) – China’s economy is beginning to show some signs of normalization following the full-blown shock caused by the coronavirus, but stark risks remain, International Monetary Fund officials said in a blog on the economic impact of the pandemi... More »
BRUSSELS (Reuters) – The EU agreed on Friday to suspend requirements that oblige airlines to use at least 80% of their take-off and landing slots in order to keep them the following year until Oct. 24 due to the aviation industry crisis unleashed by coronaviru... More »
BRUSSELS (Reuters) – The European Commission supports all tools that would help mitigate the negative impact of the coronavirus epidemic on the EU economy, the EU executive arm said on Friday when asked about discussions to deploy the euro zone bailout fund to... More »
FRANKFURT (Reuters) – Euro zone governments should “get their acts together” and respond to the coronavirus pandemic and its economic fallout in a bold and coordinated way now that the ECB has secured cheap financing for it, two ECB rate-setters said on Friday... More »
BERLIN (Reuters) – Germany will spare no effort to help its economy weather the coronavirus crisis and is in talks with its European Union partners about how to minimize the economic impact of the outbreak, a finance ministry spokesman said on Friday. “We are ... More »
WASHINGTON/NEW YORK (Reuters) – The U.S. electric industry may ask essential staff to live on site at power plants and control centers to keep operations running if the coronavirus outbreak worsens, and has been stockpiling beds, blankets, and food for them, a... More »
KUALA LUMPUR (Reuters) – AirAsia Group Bhd (AIRA.KL) said on Friday an independent probe into corruption allegations from Britain’s Serious Fraud Office (SFO) has found the Malaysian airline’s procurement process with European planemaker Airbus SE (AIR.PA) rob... More »
FRANKFURT (Reuters) – The European Central Bank launched 750 billion euro emergency bond purchase scheme in a bid to stop a pandemic-induced financial rout from shredding the euro zone’s economy and raising fresh concerns about the currency bloc’s viability. W... More »
LONDON (Reuters) – Deutsche Bank slashed its forecast for Germany’s economy on the coronavirus fallout, saying it now expected the euro zone’s largest economy to contract between 4-5% in 2020 while industrial production could shrink by 10%. “Within days lockdo... More »
PARIS (Reuters) – The European Central Bank’s new bond purchase scheme will help reduce the risk of fragmentation between euro zone states, France’s finance minister said on Thursday. “The plan that the European Central Bank announced is the right one,” Bruno ... More »
PARIS (Reuters) – French President Emmanuel Macron on Thursday gave his full backing for the European Central Bank’s (ECB) latest monetary stimulus measures aimed at helping the euro zone fight the global coronavirus crisis. “Full support for the exceptional m... More »
SYDNEY/CHICAGO (Reuters) – Airlines around the world said they would make more drastic cuts to their flying schedules, shed jobs and seek government aid after countries further tightened border restrictions because of the fast spreading coronavirus. The owner ... More »
TEL AVIV (Reuters) – Israel’s shekel ILS= slid another 2.5% versus the dollar on Monday to a 15-month low to bring losses to more than 8% so far this month, while share prices continued to tumble in Tel Aviv in the wake of the global coronavirus outbreak. The ... More »
LONDON (Reuters) – U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus. Bre... More »
TOKYO (Reuters) – The Bank of Japan eased monetary policy on Monday by pledging to buy risky assets such as exchange-traded funds (ETF) at double the current pace, joining global central banks in combating the widening economic fallout from the coronavirus epi... More »
BERLIN (Reuters) – The German economy ministry said it no longer expected an economic upswing in the first quarter because of the impact of the coronavirus on growth, with the economy unlikely to stabilize before the third quarter at the earliest. The economy ... More »
VIENNA (Reuters) – If the European Central Bank sees the need for further stimulus in the area of government bonds to help countries tackle the coronavirus impact, it is ready to do so, European Central Bank policymaker Robert Holzmann said on Monday. “If ther... More »
SYDNEY (Reuters) – The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars to help combat the coronavirus pandemic that has jolted markets and paralyzed large parts of the world econ... More »
(Reuters) – European shares tumbled more than 8% on Monday as the coronavirus pandemic raged through much of Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage. The pan-European STOXX 6... More »
(Reuters) – The Bank of Japan eased monetary policy on Monday by pledging to buy risky assets such as exchange-traded funds (ETF) at double the current pace, joining global central banks in combating the widening economic fallout from the coronavirus epidemic.... More »
(Reuters) – The Federal Reserve unexpectedly cut interest rates on Sunday for the second time in less than two weeks, an emergency move to help shore up the U.S. economy as a coronavirus pandemic spreads worldwide. In a statement, the central bank said it was ... More »
(Reuters) – Nike Inc, Lululemon Athletica Inc and Under Armour Inc on Sunday said they would close stores in the United States and other markets, joining a growing list of major retailers moving to help limit the spread of the coronavirus. The virus, which beg... More »
SINGAPORE (Reuters) – Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. Brent crude fel... More »
VIENNA (Reuters) – European Central Bank policymaker Robert Holzmann said he would not support an interest rate cut to insulate the euro zone from the effects of the coronavirus epidemic but he could consider giving firms ultra cheap loans. When asked if targe... More »
LONDON (Reuters) – The Bank of England said it was working with Britain’s finance ministry and international partners to protect the banking system and Britain’s economy from the impact of the spread of coronavirus. Investors globally have priced in more stimu... More »
BERLIN (Reuters) – Lufthansa (LHAG.DE) said on Monday that it was suspending flights to China until April 24 and to Tehran until April 30 due to the coronavirus outbreak. Lufthansa said it was also adjusting its flights to northern Italy. It said Austrian Airl... More »
BEIJING/SHANGHAI (Reuters) – Shares in HNA Group-controlled companies rose on Monday after the Chinese aviation and tourism conglomerate said it had asked the government to help it resolve liquidity risk caused by the coronavirus outbreak which has put heavy p... More »
(Reuters) – European shares steadied on Monday after their worst weekly showing since the 2008 financial crisis, on rising hopes that major central banks will step in to counter the impact of the coronavirus epidemic on global growth. The pan-European STOXX 60... More »
SINGAPORE (Reuters) – Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak. Brent crude ... More »
MIDDLESBROUGH, England (Reuters) – Looming over the skyline of Teesside in northeast England stands the rusting hulk of what used to be Europe’s largest blast furnace, which shut in 2015 with the loss of more than 2,200 jobs. Attempts to bring investment and e... More »
PARIS (Reuters) – The European Central Bank is prepared to support the economy if needed in the face of the coronavirus outbreak, although more action is not yet needed, ECB policymaker Francois Villeroy de Galhau said on Monday. Villeroy, who is also head of ... More »
PARIS (Reuters) – The coronavirus outbreak, which is grounding Chinese tourists, is costing the European tourism industry around one billion euros per month in lost revenue, EU industry chief Thierry Breton said on Monday. “Chinese tourists are not coming to E... More »
PARIS (Reuters) – G7 countries will take “concerted action” to limit the impact of the coronavirus outbreak on economic growth and their finance ministers will discuss by phone this week how best to act, French Finance Minister Bruno Le Maire said on Monday. “... More »
NEW YORK (Reuters) – The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict. Wall Street strategists have been slashing forecasts as the impact from the virus is set to be felt far further than the first quart... More »
SEOUL (Reuters) – Hyundai Motor (005380.KS) reported its lowest monthly global sales in a decade in February as the coronavirus outbreak hurt demand, in what is the first major indicator of damage to the broader auto sector from the epidemic. It turned in a pr... More »
SINGAPORE/SYDNEY (Reuters) – Asian shares regained a measure of calm on Monday as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global monetary response to help soften the economic blow of the coronavi... More »
BRUSSELS (Reuters) – Italy and other euro zone countries hit by the coronavirus outbreak are expected to benefit from waivers under EU fiscal rules that will allow them to spend more to tackle the emergency, the bloc’s economics commissioner said on Wednesday.... More »
SEOUL (Reuters) – Some South Korean workers at Samsung Electronics (005930.KS) and Hyundai Motor (005380.KS) are staying home as a precautionary measure as corporate Korea scrambles to prevent the coronavirus outbreak from causing widespread disruption in its ... More »
CHICAGO (Reuters) – Cargill Inc will launch plant-based hamburger patties and ground “fake meat” products in April, the company said on Monday, challenging Beyond Meat and Impossible Foods for sales in grocery stores, cafeterias and restaurants. The entry of C... More »
MILAN (Reuters) – Italy’s biggest bank UniCredit (CRDI.MI) said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HSBC (HSBA.L). UniCredit rece... More »
NEW YORK (Reuters) – Some asset prices are moving together in unusual ways, an indication that investors may be preparing their portfolios for a coronavirus-led global slowdown. U.S. stocks, gold, Treasuries and the dollar have all surged in 2020, a climb that... More »
SYDNEY (Reuters) – Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. The large spi... More »
BEIJING (Reuters) – PepsiCo Inc (PEP.O) has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd (002582.SZ) for $705 million, the companies said. The U.S. multinational food and beverage maker said the acquisitio... More »
LONDON (Reuters) – Britain must not exclude its huge services industry from a planned trade deal with the European Union as the price for reclaiming control over its economy, a group representing British employers said on Monday. The Confederation of British I... More »
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Saturday posted a 23% decrease in quarterly operating profit, while soaring prices in stock holdings such as Apple Inc (AAPL.O) enabled the conglomerate to smash its old record for full-year earni... More »
LONDON (Reuters) – Britain’s new finance minister Rishi Sunak will have to raise taxes rather than rely on tweaks to budget rules if he wants to really ramp up spending in a first post-Brexit budget next month, the Resolution Foundation, a think-tank, said. Su... More »
BRUSSELS (Reuters) – Euro zone finance ministers discussed ways to pursue a more growth-friendly fiscal policy mix on Monday, in a potential nudge to Germany and the Netherlands to spend more as fears of a downturn grow in the wake of the coronavirus epidemic.... More »
