Travel industry's struggles amid coronavirus pandemic is a blow for South Asian families with hotel roots
With rooms sitting empty, smaller hotel operators are weighing options to defer debt payments and in some cases, close properties.
With rooms sitting empty, smaller hotel operators are weighing options to defer debt payments and in some cases, close properties.
Bank of England Governor Andrew Bailey told Britain's banks to speed up lending to companies as the coronavirus crisis threatens to deliver a historic blow to the economy, urging them to "put their back into it and get on with it".
IKEA store owner Ingka Group, the world's biggest furniture retailer, aims to start reopening shops in Europe in May after closures and sliding demand due to the COVID-19 pandemic slashed group sales by 60%, its chief executive said.
U.S. airlines are estimated to be sitting on more than $10 billion in travel vouchers that should have been cash refunds from canceled flights, a group of senators released on Friday.
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.
Nasdaq Inc has applied with the U.S. Securities and Exchange Commission to offer temporary relief to companies listed on its exchange with stock prices and market values that have fallen below required minimums due to disruptions during the coronavirus crisis.
Vienna Airport launched a savings programme equivalent to a quarter of annual revenue on Friday in response to the travel falloff caused by coronavirus and said state aid will ensure it remains liquid to the end of the year.
Investors will be hunting for companies that can rein in costs, preserve cash and avoid amassing big inventories during the coronavirus crisis as Europe Inc. prepares to report the steepest profit fall since the 2008 global financial meltdown.
AMC Entertainment Holdings Inc, the world's largest theater operator, said on Friday it had enough cash balance to withstand a global suspension of operations until a partial reopening in July, as the U.S. government plans to reopen the country's economy.
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies - Chevron, ConocoPhillips and Occidental Petroleum - account for more than half of the cuts.
Shares of Gilead Sciences Inc rose 10% in early trading on Friday after a report that patients with COVID-19 treated with the company's experimental drug, remdesivir, in a clinical trial showed rapid recovery in fever and respiratory symptoms.
Oil prices were mixed on Friday as China's worst quarterly economic contraction on record offset President Donald Trump's plans to revive the U.S. economy.
Activist investors say telecommunications pioneer AT&T Inc will not take their calls for its upcoming annual meeting, reinforcing their concerns that the shift of the gathering to cyberspace due to the COVID-19 pandemic would restrict shareholder input.
The Chinese-backed owners of Imagination Technologies told the British government on Friday the chip designer would remain headquartered in the United Kingdom and they would consult over any board changes, a source with knowledge of the matter said.
Airbus will furlough some 3,000 French aerospace workers by tapping a government-backed scheme for four weeks starting from Monday, the planemaker said on Friday, in its latest effort to cope with the coronavirus crisis.