Volkswagen AG said Thursday it will furlough 1,500 workers at its U.S. assembly plant in Tennessee starting April 11 as the industry grapples with the ongoing coronavirus pandemic.
U.S. President Donald Trump said on Thursday he had a good conversation with Russian President Vladimir Putin and Saudi Arabia's King Salman and expected that OPEC and other countries would be announcing a deal soon.
U.S. President Donald Trump said on Thursday that airlines could receive details this weekend about the terms of a $32 billion payroll grant to offset the impact of the coronavirus outbreak, which sources told Reuters has received around 275 applicants.
Oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic.
Delta Air Lines Inc Chief Executive Ed Bastian said on Thursday that nearly 35,000 workers had volunteered so far for voluntary unpaid leaves of absence the company is offering in an attempt to stem costs because of the coronavirus crisis.
OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.
In a meeting with OPEC and its allies, Mexico proposed reducing its oil output by 100,000 barrels per day (bpd) in the next two months, Energy Minister Rocio Nahle said on Thursday.
OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.
Boeing Co is considering a plan to cut its workforce by about 10%, which could involve buyouts, early retirements and involuntary layoffs, the Wall Street Journal reported on Thursday.
Saudi Arabia's King Salman, U.S. President Donald Trump and Russian President Vladimir Putin reviewed, in a phone call, the importance of cooperation between oil producing countries, after Thursday's OPEC+ meeting, Saudi state news agency SPA reported.
Exxon Mobil Corp used economic uncertainty tied to the coronavirus pandemic to urge workers at its lubricants and packaging plant in Paulsboro, New Jersey, to vote for a proposed contract, according to two sources familiar with the matter.
Commodity currencies drew support on Thursday from hopeful signs the coronavirus pandemic may be peaking and that major oil producers may agree to cut output to stem a plunge in oil prices.
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.
The dollar found a footing on Wednesday as investors returned to safe-havens, reversing some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing.
Asian stocks were mixed on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.