Wednesday, 1 Apr 2020

Business

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U.S. manufacturing contracts; private payrolls post first drop since 2017

WASHINGTON (Reuters) – U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession. The economy’s outlook was further dimmed by other data on Wednesday showing private payrolls dropped last month […]

U.S. dollar rises as global slump looms

NEW YORK (Reuters) – The dollar advanced on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions in decades as the world confronts the coronavirus pandemic. The greenback, the world’s leading global reserves currency, rose against the euro, sterling and most other major currencies as selling in global […]

U.S. shale company Whiting becomes first major bankruptcy of oil-price crash

(Reuters) – Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output. Whiting, once the largest oil producer in North Dakota’s Bakken region, said its creditors have agreed to cut its […]

Insurers fret as company bosses face coronavirus legal claims

LONDON (Reuters) – Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say. Two cases have been filed in the United States in recent weeks accusing companies of making misleading statements about the coronavirus or […]

Oil majors slash 2020 spending by 20% after prices slump

LONDON (Reuters) – The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. Cuts already announced by eight major oil companies, including Saudi Aramco and […]

Risk currencies ease, yen firms as investors brace for global downturn

TOKYO (Reuters) – Risk currencies looked fragile and the yen firmed on Wednesday, the first day of a quarter that looks set to see the worst economic contractions for decades in many countries as they scramble to tackle the coronavirus epidemic. The U.S. dollar could come also under pressure, particularly against other liquid major currencies, […]

Coronavirus shows U.S. too dependent on cheap medical imports, USTR says

(This Mar 30 story adds missing word “from” in last paragraph.) WASHINGTON (Reuters) – U.S. Trade Representative Robert Lighthizer on Monday said the United States would seek to promote more domestic manufacturing of key medical supplies in light of the strategic vulnerabilities laid bare by the coronavirus pandemic. Lighthizer told trade ministers from the Group […]

Some Whole Foods workers call for 'sick out'

NEW YORK (Reuters) – A group of workers at Whole Foods Market called on others to phone in sick at all of the grocer’s stores on Tuesday to protest what they say is a lack of adequate compensation and protections from the coronavirus. The group, known as Whole Worker on Twitter, describes itself as a […]

Unease at Kentucky Project Mirrors Construction Industry’s Fears

A $35 million plan to redevelop one of Louisville’s oldest and poorest neighborhoods is threatened by the coronavirus outbreak. By Keith Schneider LOUISVILLE, Ky. — Until the coronavirus pandemic, Gill Holland spent six years and $35 million constructing new residences and renovating 19th- and 20th-century warehouses in Portland, a historic neighborhood on the Ohio River […]

U.S. proposes minimum air service rules for airlines receiving assistance

WASHINGTON (Reuters) – The U.S. Transportation Department on Tuesday proposed minimum flight requirements for passenger airlines receiving aid from the government’s $50 billion grant and loan fund. The department said air carriers that fly between cities five days a week or more would need to provide at least one flight per day five times a […]