U.S. crude set to close at 18-year low after OPEC cuts demand forecast
Oil prices slid, with U.S. crude on track for its lowest close since 2002, after OPEC lowered its global oil demand forecast due to the plunge in demand delivered by the coronavirus outbreak.
Nissan extends U.S. production shutdown until mid-May
Japanese automaker Nissan Motor Co said Thursday it will extend a shutdown of U.S. manufacturing plants until mid-May, citing the ongoing impact of the COVID-19 pandemic.
Italy unions agree health measures with CNH Industrial for restart
Italian trade unions said on Thursday they had agreed with CNH Industrial on health and security measures so the vehicle maker is ready to resume work as soon as lockdown rules are eased.
Global stocks seesaw, yields fall on dire economic outlook
World stock markets seesawed while bond yields retreated on Thursday as dire U.S. jobless data underscored a deepening downturn amid the coronavirus pandemic and tamped down investor hopes a listless economy would soon be back on its feet.
Hand-holding in the pandemic: Wealth managers grapple with new reality
During the early days of March, Jill Fopiano was having trouble sleeping, waking up at 3 o’clock in the morning, maybe 4 o’clock. She’d been watching news of a virus in China, first out the corner of her eye – was this like swine flu? – then more squarely, as headlines rushed in about outbreaks on the west coast of America. Fopiano wondered, in the darkness, if she should shut down her office in Boston’s upscale Back Bay neighborhood.
Canada’s WestJet to lay off 1,700 pilots
Canada’s privately held WestJet Airlines is laying off 1,700 pilots amid travel bans to curb the COVID-19 pandemic, according to a company memo seen by Reuters on Thursday.
Sales drop at Vuitton owner LVMH as virus forces store closures
Louis Vuitton owner LVMH on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus pandemic, as government-imposed lockdowns forced it to close stores and production sites in key markets.
U.S. loan program hits $350 billion cap leaving thousands of small businesses adrift
A $350 billion emergency U.S. loan program to help small businesses keep workers on their payrolls amid the novel coronavirus disruption has run out of funds, the U.S. Small Business Administration said on Thursday.
Fed’s Bostic: Small business may need up to $500 bln monthly in support through crisis
U.S. small businesses may need as much as $500 billion a month to fully ensure their survival through the widespread closures and disruptions slamming their revenue during the coronavirus crisis, Atlanta Federal Reserve bank President Raphael Bostic sa…
L’Oreal banks on cosmetics bounceback, citing Chinese pick-up
Maybelline make-up manufacturer L’Oreal said on Thursday it was counting on a quick recovery in cosmetics demand once global lockdowns to combat the coronavirus pandemic ease, pointing to a recovery already under way in China.
