Coast to coast, Fed survey shows sharp, abrupt toll of coronavirus
U.S. companies have been battered by the fallout from the novel coronavirus outbreak as economic activity “contracted sharply and abruptly across all regions,” a report by the Federal Reserve released on Wednesday showed.
With confidence shattered, the road to a ‘normal’ U.S. economy looks long
U.S. air travel was shut down for three days after the Sept. 11, 2001, attacks. It took three years for the industry to recover despite toughened passenger screening and the creation of a new agency devoted to transportation security.
Apple has a $399 iPhone SE for the budget-conscious as coronavirus stalls economy
Apple Inc on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company’s smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy.
Volkswagen to resume production in Germany starting April 20
Volkswagen on Wednesday said factories producing cars for its core brand in Zwickau, Germany and Bratislava, Slovakia will resume production starting on April 20, with other locations ramping up plants starting from April 27 onwards.
Oil mixed after record 19 mln-barrel U.S. crude storage build
Oil prices were mixed on Wednesday after the United States reported a 19 million-barrel jump in inventories, the biggest weekly build ever, while forecasts showed global demand crumbling to its lowest levels in a quarter-century due to the coronavirus …
Exclusive: Ryanair sees price war fuelling rapid air travel recovery
Ryanair is steeling for an airline price war that it expects to win once coronavirus restrictions are lifted and passengers flock back to tourist destinations, Chief Executive Michael O’Leary told Reuters on Wednesday.
Cellphone tracking reveals coronavirus hit to U.S. economy
The millions of bits of cellphone data tracked by analytics firm Unacast show the economic impact of the coronavirus spreading across the United States like a deep freeze – long-distance travel was hit early on, but eventually overall retail foot traf…
G20 agrees debt freeze for world’s poorest countries
Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world’s poorest countries from May 1 until the end of the year, as a group of private creditors also backed offering debt relief.
IMF’s Georgieva says wants to triple concessional financing for poor countries
International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday the Fund was deploying all its resources and was looking to triple its concessional financing for the poorest countries to over $18 billion.
Honda extends Mexican plant shutdown, furloughs more U.S. workers
Japanese automaker Honda Motor Co said Wednesday it will extend a shutdown of its Mexican plants through April 30 and plans to furlough most U.S. salaried workers for two weeks as a result of the coronavirus pandemic.
