Business

Oil rises 3% on hopes for output cut as coronavirus ravages demand

Oil prices gained on Tuesday as hopes rose that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected.

Business

France’s Thales withdraws final dividend, suspends outlook

France’s Thales on Tuesday became the latest major company to slash its dividend, suspend profit guidance and top up liquidity in response to the coronavirus crisis.

Business

China’s Ucar, in which Luckin chairman is top shareholder, halts shares

China’s Ucar Inc, in which Luckin Coffee Chairman Charles Zhengyao Lu is the biggest shareholder, suspended trading of its shares on Tuesday after regulators questioned the car service provider about how the alleged fraud at Luckin would impact it.

Business

Cemex resumes Mexico operations after brief pause due to coronavirus

Mexican cement company Cemex said on Monday it would resume operations in the country, hours after announcing a pause, as fresh guidelines from the government permitted such a move.

Business

Toshiba should sell stake in ex-chip unit at IPO, says HK activist fund in letter

A Hong Kong-based activist investor in Toshiba Corp has asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the flash memory chip firm is listed in an IPO that could raise up to $32 billion, according to a letter reviewed by Reuters.

Business

Outbreak shows signs of leveling off in New York, New Jersey, but vigilance urged

The governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau in their states but warned against complacency as the death toll nationwide approached 11,000.

Business

Asian shares cautiously gain on virus hopes, dollar slips

Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.

Business

UPS employee dies of COVID-19 infection in Kentucky

A United Parcel Service Inc worker employed in Kentucky died over the weekend from a COVID-19 infection, Gov. Andy Beshear said at a public health briefing on Monday.

Business

Samsung Electronics beats first-quarter estimates, braces for bigger blow from coronavirus

Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.

Business

Oil gains as hopes rise for production cut amid coronavirus outbreak

Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand.

Business

Vigilance urged as outbreak shows signs of leveling off in New York, New Jersey

Governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau but warned against complacency as the death toll nationwide topped 10,000 and the number of known infections surpassed 360,000.

Business

Samsung Electronics says first-quarter profit likely rose 3%, beating estimates

Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely rose 3% from a year earlier, slightly beating analysts’ forecasts as chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.

Business

Samsung Electronics says first quarter profit likely rose 3%, beating estimates slightly

Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely rose 3% from a year earlier, slightly beating analysts’ forecasts as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.

Business

Asian shares poised to climb after Wall Street rallies

Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.

Business

Trump says OPEC has not asked him for a U.S. oil production cut

President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic.

Business

Alaska warned U.S. government its largest regional airline was on verge of collapse: letter

Alaska’s congressional delegation warned U.S. Treasury Secretary Steven Mnuchin last week that many of its airlines, including its largest regional carrier, RavnAir Group, were on the verge of collapse, according to a letter seen by Reuters.

Business

Hit by coronavirus, Fiat Chrysler, Peugeot seek to boost cash before merger

With their sales hammered by the coronavirus outbreak, car makers Fiat Chrysler and Peugeot’s owner PSA have postponed their shareholder meetings and are looking at ways to boost cash reserves ahead of their planned merger.

Business

Allstate to return $600 million in auto premiums as coronavirus cuts driving

Allstate Corp , one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers as many Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak.

Business

Coronavirus spread may be leveling off in New York, New Jersey; vigilance urged

The governors of New York and New Jersey pointed to tentative signs on Monday that the coronavirus outbreak was starting to plateau but warned against complacency as the nationwide death toll topped 10,000 and the number of known U.S. infections surpassed 350,000.

Business

Airbnb secures $1 billion investment from Silver Lake, Sixth Street

Airbnb said on Monday private-equity firms Silver Lake and Sixth Street Partners would invest $1 billion in the U.S. home rental company through a combination of debt and equity.

Business

Boeing suspending 787 production at South Carolina plant

Boeing Co said on Monday it will temporarily suspend production of its 787 airplane at its facilities in South Carolina amid the coronavirus pandemic.

Business

OPEC+ likely to agree to cut production if U.S. joins effort: sources

Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.

Business

World stocks jump on less dire virus data, oil falls after OPEC+ delay

World stock markets jumped on Monday, encouraged by slowdowns in coronavirus-related deaths and new cases in some global hot spots, while oil prices tumbled again due to a delay in talks between Saudi Arabia and Russia to cut supply.

Business

Airbnb to get $1 billion investment from Silver Lake, Sixth Street Partners

Airbnb said https://news.airbnb.com/silver-lake-sixth-street-partners-invest-1-billion-in-airbnb on Monday investment firms Silver Lake and Sixth Street Partners will invest $1 billion in the U.S. home rental company in a combination of debt and equity.

Business

Honda, Fiat Chrysler aim to restart U.S., Canada auto production in May

Honda Motor Co and Fiat Chrysler Automobiles NV said on Monday they hope to restart U.S. and Canadian auto production in May amid the ongoing coronavirus pandemic.