Wall Street jumps on hopes of lockdown easing; JPMorgan kicks off earnings
Wall Street jumped on Tuesday as hopes that President Donald Trump could move to ease coronavirus-induced lockdowns overshadowed dismal quarterly earnings reports from JPMorgan and Wells Fargo.
Airlines mull empty seats and masks for coronavirus recovery
Wizz Air is making plans to fly jets only two-thirds full to allow more space between passengers, it said on Tuesday, as airlines voiced concerns that anti-coronavirus measures could blight their profitability long after travel restrictions end.
Barclays delays incentive payments to CEO, CFO due to coronavirus
Barclays is delaying the release of portions of Chief Executive Jes Staley and Chief Financial Officer Tushar Morzaria’s bonuses in light of the new coronavirus pandemic, it said on Tuesday.
Global economy in 2020 on track for sharpest downturn since 1930s: IMF
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Norwegian Air shares plummet as survival hinges on creditors
Norwegian Air shares plummeted again on Tuesday, and are now trading down around 97% from their 2015 peak, with the airline’s survival depending on creditors accepting a rescue plan proposed last week.
U.S. awards airports $10 billion in grants amid travel falloff
The U.S. Transportation Department on Tuesday awarded nearly $10 billion to U.S. airports struggling with a massive falloff in travel demand because of the coronavirus pandemic.
Exclusive: Saudi Aramco in talks with banks to borrow about $10 billion – sources
Saudi Aramco, the world’s largest oil producer, is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources.
Boeing 737 MAX cancellations pile up during production halt
Boeing Co on Tuesday reported another 75 cancellations for its 737 MAX jetliner in March, as the coronavirus crisis worsened disruptions from the grounding of its best-selling jet.
J&J sees recovery in coronavirus-hit medical devices unit at end of year
Johnson & Johnson on Tuesday said it expects its medical device business to begin recovering in the fourth quarter as elective medical procedures delayed by the coronavirus pandemic start to resume.
Oil slides 5% as producer cuts fail to banish demand fears
Oil prices plunged around 5% on Tuesday as investors doubted that record OPEC+ supply cuts would soon balance markets as demand plunges due to the coronavirus pandemic.
