Category: Business

Oil jump lifts Wall Street as jobless claims data surges

U.S. stocks rallied on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut in oil output drove gains, taking some sting out of a shocking jump in Americans filing jobless claims due to coronavirus-led lockdowns. The S&P energy index .SPNY, down by more than 50% this […]

Asian markets look to follow Wall Street rally as oil surges

Asian markets on Friday looked to latch onto Wall Street’s overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession. Despite the rally in stocks, investors still sought the safety of the U.S. dollar and government bonds as an unprecedented number of Americans […]

As millions lose jobs, Fed policymakers say recession is here

The U.S. recession is here. How long it will last will depend on the course of a viral pandemic that could still kill hundreds of thousands of Americans, and has most of the country under lockdowns aimed at slowing the infection’s spread. But how quickly the world’s biggest economy will recover will depend on how […]

Bed Bath sues 1-800-Flowers for trying to renege on deal over COVID-19

Bed Bath & Beyond Inc has asked a judge to hold 1-800-Flowers.Com Inc to a $252 million deal between the companies in what appears to one of the first examples of a corporate sale coming unraveled due to the coronavirus pandemic. The internet retailer of flowers and gift baskets agreed in February to buy the […]

American Airlines slashes flights but has no plans to halt U.S. service

American Airlines Co (AAL.O) said on Thursday it is cutting additional flights this summer as travel demand has drastically shrunk amid the coronavirus pandemic. Vasu Raja, American Airlines’ senior vice president of Network Strategy, said that the airline is cutting between 70% and 75% of flights in April and about 80% of flights in May. […]

Chipotle under pressure in New York over coronavirus sick leave

Less than two months after settling with New York City regulators over paid sick leave, Chipotle Mexican Grill Inc is under pressure for its policies amid the coronavirus pandemic. During a press call on Thursday, the chair of the city council’s health committee joined Chipotle employees and the union organizing them, SEIU 32BJ, to voice […]

GM rolls out safety protocols for ventilator-making workers

General Motors Co on Thursday rolled out a series of safety measures for workers in Indiana who will make ventilators, outlining what could be a blueprint for opening U.S. auto plants in the coming weeks. More than 1,000 GM workers will make the ventilators at GM’s Kokomo, Indiana, plant. The automaker aims to begin mass […]