Chicago Business Barometer Indicates Modest Contraction In February

Chicago-area business activity saw only a slight contraction in the month of February, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer jumped to 49.0 in February from 42.9 in January, although a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to rise to 45.9.

The bigger than expected increase by the headline index came as the production index shifted back into expansion, surging up to an eight-month high of 51.0 in February from 42.7 in January.

The new orders also index also showed a significant increase, climbing to a six-month high of 49.1 in February from 41.5 in the previous month.

On the other hand, the report said the employment index slipped to 44.5 in February from 46.9 in January, hitting its lowest level since last July.

MNI Indicators said the prices index also fell to 52.9 in February from 56.1, indicating prices at the factory gate cooled for the second straight month.

Delta, American Airlines will suspend flights to Milan amid coronavirus outbreak

Delta and American Airlines will suspend all U.S. flights to Milan in the wake of an elevated travel warning issued over the spreading coronavirus, the companies announced this weekend.

Delta DAL, -4.27%  said Sunday that it will halt flights between the U.S. to Italy’s financial capital until early May.

The last Milan-bound flight will depart Monday, while the final return trip to the U.S. will be on Tuesday, the company said.

Meanwhile, American AAL, -7.52%  said Saturday that it will suspend travel from New York and Miami to Milan through April 24, blaming a reduction in demand.

The airline said its final flight will return from Milan on Sunday.

The changes come after the U.S. government raised its travel alert to “Level 4 — Do Not Travel” for Lombardy and Veneto in Italy “due to the level of community transmission of the virus and imposition of local quarantine procedures.”

Italy has reported more than 1,100 cases of the coronavirus with at least 29 deaths since an outbreak in Wuhan, China.

Kuwait has 10 new cases of coronavirus, brings total to 56

DUBAI (REUTERS) – Kuwait’s Health Ministry announced 10 new cases of coronavirus in the country on Monday (March 2) bringing the total number to 56, a ministry official said.

The official, who was speaking during a news conference broadcast on state television, urged citizens to avoid gatherings to avoid spreading the virus in the Gulf state.

Related Stories: 

Have a question on the coronavirus outbreak? E-mail us at [email protected]

To get alerts and updates, follow us on Telegram.

Uzbekistan suspends air links with Afghanistan, Iran, Italy

TASHKENT (Reuters) – Uzbekistan has suspended flights to and from Afghanistan, Iran, and Italy to prevent the spread of coronavirus, the Central Asian nation’s foreign ministry said on Monday.

Japan confirms five more cases of coronavirus in Hokkaido

TOKYO (REUTERS) – Japanese authorities have confirmed five more cases of coronavirus in Hokkaido, public broadcaster NHK said on Monday (March 2), days after the northern island declared a state of emergency.

The new confirmed infections bring the total in Hokkaido to 77, NHK said.

The island, which has a population of about five million people, has seen the largest number of cases in Japan.

Related Stories: 

Have a question on the coronavirus outbreak? E-mail us at [email protected]

To get alerts and updates, follow us on Telegram.

BOJ buys ETFs on Monday, breaks away from usual pattern

TOKYO, March 2 (Reuters) – The Bank of Japan bought Japanese stock exchange traded funds (ETFs) on Monday, two market sources said, breaking away from its usual pattern of staying out of the market when the Topix index rises in the morning trade.

The index had risen 1.1% by midday, after BOJ Governor Haruhiko Kuroda made an emergency statement that the central bank will take necessary steps to stabilise markets jolted by the coronavirus outbreak.

China repeats call for dialogue after North Korea missile launch

BEIJING (Reuters) – China on Monday reiterated a call for dialogue in response to North Korea’s latest missile launch and said all sides involved in efforts to rid the Korean Peninsula of nuclear weapons should reconcile conflicts through discussion.

Foreign ministry spokesman Zhao Lijian made the remarks at a daily news briefing.

Jack Welch, former GE CEO, dead at 84: See tributes live

Former GE CEO Jack Welch, for me, was truly a mentor: Maria Bartiromo

FOX Business’ Maria Bartiromo remembers former General Electric CEO Jack Welch.

Jack Welch, the former legendary CEO of General Electric who led the company through two decades of growth, died Sunday at the age of 84.

Continue Reading Below

Welch became one of the nation's most well-known and highly regarded corporate leaders during his two decades as GE's chairman and chief executive, from 1981 to 2001. He personified the so-called “cult of the CEO” during the late-1990s boom, when GE's soaring stock price made it the most valuable company in the world.

A chemical engineer by training, Welch transformed the company from a maker of appliances and light bulbs into an industrial and financial services powerhouse. During his tenure, GE's revenue grew nearly fivefold, and the firm's market capitalization increased 30-fold.

Welch's results-driven management approach and hands-on style were credited with helping GE turn a financial corner, although some of the success came at the expense of thousands of employees who lost their jobs in Welch's relentless efforts to cut costs and rid GE of unprofitable businesses.

For mobile users, click here.

The Associated Press contributed to this story

Fox, Others Pull Out Of Major Media Conference On Coronavirus Fears

Fox Corp. said it will be skipping the Morgan Stanley Technology, Media & Telecom Conference where Lachlan Murdoch was scheduled to present Wednesday. It said the decision “was made out of an abundance of caution due to evolving public health concerns regarding COVID-19.”

Facebook COO Sheryl Sandberg and CFO David Wehne, who were going to present today, were also no-shows. The social media giant had announced last week that it would no longer be participating out of an abundance of caution, which has become the corporate boilerplate.

Disney executive chairman and until recently CEO Bob Iger was also slated for today but Disney canceled. There was no statement so it’s not clear if it was related to the virus or to the CEO’s abrupt handoff of the chief executive post to Bob Chapek last week.

Brian Roberts, CEO of Comcast and John Stankey, CEO of WarnerMedia did present. Viacom confirmed that CEO Bob Bakish would present as planned on Wednesday.