U.S. airlines are preparing to tap the government for up to $25 billion in grants to cover payroll in a sharp travel downturn triggered by the coronavirus, even after the government warned it may take stakes in exchange for bailout funds, people familiar with the matter said.
The Dow Jones Industrial Average wrapped up its strongest three days in nine decades on Thursday as record weekly U.S. jobless claims came in below investors' worst fears and the focus stayed on an unprecedented $2 trillion stimulus awaiting approval by the U.S. House of Representatives.
European Union lawmakers approved on Thursday emergency funds to cushion the bloc's economic slump triggered by the coronavirus pandemic and shore up battered airlines by preserving their landing slots.
Small businesses in the United States say promised help from the federal government and the Federal Reserve is welcome news in the battle to stay afloat through the coronavirus crisis, but needs to hit their bank accounts fast if it's to make a difference as they barter with landlords, hold onto tax receipts, haggle with vendors and hope furloughed staff can get by on unemployment aid.
U.S. House Speaker Nancy Pelosi said she expected the chamber to pass an estimated $2.2 trillion coronavirus relief bill when it meets on Friday, after the Senate overwhelmingly approved the unprecedented economic rescue legislation on Wednesday evening.
The U.S. Federal Reserve's balance sheet soared past $5 trillion in assets for the first time this week as it scooped up bonds and extended loans to banks, mutual funds and other central banks in its unprecedented effort to backstop the economy in the face of the global coronavirus pandemic.
Gap Inc on Thursday withdrew its full-year forecast issued just two weeks ago, suspended its dividend and said it will draw down on its entire $500 million credit facility as the apparel retailer looks to weather the coronavirus crisis.
European lawmakers overwhelmingly agreed on Thursday to suspend until Oct. 24 a rule requiring airlines to use at least 80% of their flight slots to keep them the following year so as to ease an industry crisis unleashed by the coronavirus pandemic.
After closing stores around the world to curb the spread of the coronavirus, retailers are now telling some vendors to immediately cancel orders.
General Motors Co said Thursday it will extend a shutdown of its North American plants beyond March 30, but added it does not know when it will restart operations.
A Wall Street rally led global gains in stocks on Thursday despite a record number of new unemployment filings in the United States, as traders focused on the unanimous passage of a $2 trillion coronavirus relief bill in the U.S. Senate and the possibility of more stimuli to come.
Big banks are postponing decisions about staff cuts as the coronavirus hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back.
A move by Brazil's Petrobras on Thursday to slash output, capital spending and dividends brings the state-run oil firm into alignment with global rivals confronted with a global pandemic and a plunge in crude prices.
With encouragement from the Federal Reserve, U.S. banks have turned to a long-shunned lending facility known as the discount window to borrow $50.8 billion, according to data the central bank released on Thursday.
Home healthcare providers, the lifelines to 12 million vulnerable Americans, are scrambling to decide how to serve patients who show symptoms of coronavirus -- and how to ensure that the providers themselves neither catch nor spread it.