Trump says global oil production cut should help industry recover
U.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day (bpd), a figure that appeared to include a wider group of producers, including the United States.
Ford expects $600 million first-quarter loss due to coronavirus
Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus pandemic pummeled its operations, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.
Toyota joins GM in suspending auto production in Brazil until June
Toyota Motor Co on Monday said it was suspending auto production in its Brazil plants until at least June 22, joining General Motors Co which also expects to resume production in the same month.
GE cuts some debt using proceeds from sale of biopharma business
General Electric Co said on Monday it used part of the $20 billion in proceeds from the sale of its biopharma business to cut debt.
Ford expects loss of $600 million for first quarter
Ford Motor Co said on Monday it expects first-quarter adjusted loss before interest and taxes to be about $600 million, compared with a profit of $2.4 billion a year earlier.
Trump says OPEC+ looking to cut 20 million bpd, not 10 million
U.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day, double the 10 million barrels agreed to a day earlier.
Wall Street dips as focus shifts to earnings
U.S. stock indexes fell at the open on Monday after a strong rally last week, with investors bracing for an expected slide in quarterly earnings and signs of the long-term damage of the coronavirus outbreak on Corporate America.
Dish cuts jobs, re-evaluates business in coronavirus fallout
Dish Network Corp has cut staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic, the U.S. satellite TV provider told Reuters, without disclosing the number of employees laid off.
Oil prices shrug off output cut as demand worries weigh
Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
Fashion giant Inditex working at reduced capacity despite loosened Spanish lockdown
Employees at global fashion giant Inditex’s 10 logistics centres in Spain – from where it sends garments to its stores worldwide – returned to work on Monday but only to less than half their normal levels of activity, workers said.
