U.S. regulators are considering giving banks additional regulatory points for lending to mid- to low-income Americans hurt by the coronavirus, as they seek to mitigate the economic impacts of the pandemic, an official within a banking agency told Reuters.
The Detroit Three automakers will shut down their U.S. plants to stop the spread of coronavirus, bowing to pressure from the union representing about 150,000 hourly workers at those facilities, industry officials said.
Wall Street's four-week slump deepened and the Dow Jones Industrials was set to surrender all its "Trump-bump" gains on Wednesday, as the coronavirus pandemic threatened to bring the U.S. economic activity to a grinding halt.
Automakers are halting production at plants across Europe as they grapple with coronavirus and diving demand.
Branch closures are the latest sign of the toll the coronavirus pandemic is having on the financial system.
The selloff in U.S. stocks deepened on Wednesday and the Dow was set to erase the last of its gains since U.S. President Donald Trump's 2017 inauguration, as the coronavirus pandemic threatened to bring U.S. economic activity to a halt.
The Detroit Three automakers will shut down their U.S. plants to stop the spread of coronavirus, bowing to pressure from the union representing about 150,000 hourly workers at those facilities, industry officials said.
General Motors Co and Mercedes Benz will furlough all employees in Brazil later this month, the companies said on Wednesday, suggesting that production in South America's main auto center will be heavily impacted by the coronavirus outbreak.
Borrowing costs in the United States, euro zone, Britain and Japan surged on Wednesday after two days in which governments across the globe announced trillions of dollars of spending to support locked-down economies frozen by the coronavirus.
Britain faces a "massive shortage" of ventilators that will be needed to treat critically ill patients suffering from coronavirus, after it failed to invest enough in intensive care equipment, a leading ventilator manufacturer said on Wednesday.
Brazil's antitrust watchdog on Wednesday dismissed allegations against a proposed takeover by Boeing Co of Embraer SA's commercial plane division, maintaining its approval of the deal.
German carmaker Audi AG said on Wednesday that it will suspend production at its plant in Mexico's Puebla state from March 23 through April 13 as the coronavirus hits global supply chains.
Textron Aviation, a unit of Textron Inc , announced furloughs for most of its U.S.-based workforce on Wednesday as concerns over depressed demand due to the spreading coronavirus ripples through global aviation.
As Wall Street extended its deep sell-off on Friday over fears about the coronavirus, the Dow Jones Industrial Average erased the last of the once sizeable gains it made under U.S. President Donald Trump.
U.S. stocks deepened their selloff on Wednesday and the Dow effectively erased the last of its gains since U.S. President Donald Trump's 2017 inauguration, as repercussions of the coronavirus pandemic threatened to cripple economic activity.