Charlie Straface, president of Norwegian aluminum maker Norsk Hydro's North American extrusion operations, convenes a coronavirus task force every other day to draw up cost-cutting measures to offset declining revenues and protect the unit's cash balance during the economic slump related to the outbreak.
Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.
Amazon.com Inc said on Tuesday it terminated two employees, who criticized the working conditions at the e-commerce giant's warehouses in the wake of the coronavirus pandemic, for "repeatedly violating internal policies".
European low cost airline Wizz Air is not looking to defer any of the Airbus narrowbody planes it has on order even though it does not expect the market to grow again until 2022, its chief executive said.
Investors have been hoarding cash at a rate not seen since the immediate aftermath of the attack on the World Trade Center in Sept 2001, BofA's April fund manager survey showed, as the coronavirus roiled global financial markets.
Turkish Airlines has extended the cancellation of international flights to May 20 from May 1 over the coronavirus outbreak, the airline said on Tuesday, adding that domestic flights would remain suspended until April 20.
British American Tobacco (BAT) is the subject of a U.S. criminal investigation over suspected sanctions-busting, The Times reported https://bit.ly/2ydR5Wm on Tuesday, sending the company's shares down more than 5%.
Toyota Motor Corp on Monday said it plans to restart limited production at vehicle plants in France and Poland from April 22 after closing them due to the coronavirus pandemic.
The shares of Norwegian Air plummeted on Tuesday, and have now eroded almost their entire value from a 2015 peak, as the airline's survival depends on creditors accepting a rescue plan proposed last week.
British clothing retailer Next has closed its re-opened website to orders until Wednesday after reaching a self-imposed daily order limit.
Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic.
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
JPMorgan Chase & Co's profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Wells Fargo's quarterly results were the first ones since the coronavirus outbreak paralyzed the global economy.
Global airlines will lose $314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry's representative body IATA, which raised its estimate from the $252 billion figure given on March 24.