Oil futures higher on production cut hopes as inventory build limits gains
Crude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains.
Google wins U.S. DOJ backing to use segment of U.S.-Asia undersea cable
The U.S Justice Department on Wednesday recommended U.S. regulators approve Alphabet Inc unit Google’s request to use part of an U.S.-Asia undersea telecommunications cable after the company warned it would face significantly higher prices to carry tr…
U.S. GDP will contract 30% in second quarter, 5% in 2020: PIMCO
(This April 8 story corrects to clarify that 30% contraction is the annualized rate)
Hundreds of U.S. lenders get access to small-business rescue program with new system launch
The U.S. government’s $350 billion program to help ailing businesses took an important step forward on Wednesday, with the launch of a system that will allow hundreds of new lenders to participate in the unprecedented scheme.
Fed modifying asset cap so Wells Fargo can make more small business loans
The U.S. Federal Reserve said on Wednesday it would “temporarily and narrowly” modify the growth restriction on Wells Fargo & Co’s balance sheet, allowing the bank to make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.
Airbus cuts jet production to cope with coronavirus crisis
Airbus on Wednesday cut production across the board to absorb the hit to manufacturing from the coronavirus crisis.
Lufthansa’s Austrian unit negotiates state aid, job cuts
Austrian Airlines is in negotiations with the government regarding state aid to save jobs and keep Vienna as a transfer hub for long-haul flights, the carrier said on Wednesday, adding the talks were at an early stage and will probably take weeks.
Fed modifying asset cap so Wells Fargo can make more small business loans
The U.S. Federal Reserve said on Wednesday it would “temporarily and narrowly” modify the growth restriction on Wells Fargo & Co’s asset cap so the bank can make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.
Walmart’s Mexico unit hires over 7,700 employees to manage higher demand
Walmart de Mexico, known locally as Walmex , has hired 7,741 employees to manage higher volume and demand at its stores, the retailer said in a statement on Wednesday
McDonald’s pulls forecast as coronavirus outbreak hits quarterly sales
McDonald’s Corp posted a steeper-than-expected decline in first-quarter comparable store sales and the burger chain pulled its full-year forecast as coronavirus-led lockdowns forced it to shutter stores and stick to delivery or take-out.
