U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the U.S. economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters.
ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.
The U.S. Federal Reserve on Wednesday signaled it would provide years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year's end.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he would seriously consider more direct payments to individuals in the next phase of coronavirus rescue legislation, adding that funds should also be targeted to help sectors struggling to reopen, including hospitality and tourism.
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after they declined to offer concessions in a bid to allay EU antitrust concerns about their planned $50 billion merger, people familiar with the matter said on Wednesday.
The dollar extended losses, dropping to a fresh three-month low against a basket of major currencies on Wednesday after the Federal Reserve made no policy changes, as expected, and pledged to continue its asset purchases aimed at stabilizing a U.S. economy that has been ravaged by the novel coronavirus.
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic.
Twenty-six drug manufacturers were sued on Wednesday by the attorneys general of most U.S. states and several territories, which accused them of conspiring to reduce competition and drive up generic drug prices.
The S&P 500 was down slightly in choppy trading on Wednesday after the Federal Reserve repeated its promise of support for the economy but projected a 6.5% decline in gross domestic product this year.
Ford Motor Co said on Wednesday it will recall 2.15 million U.S. vehicles with potentially faulty door latches.
Nikola Corp , a maker of hydrogen-fueled vehicles, is in the process of picking a partner to produce its Badger pickup truck, while also aiming to start deliveries of its electric commercial big rigs next year, founder Trevor Milton said on Wednesday.
The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.
Lufthansa admitted on Wednesday that the positions of up to 26,000 employees are surplus to requirements, suggesting many more jobs will be cut at the German carrier than a figure of more than 10,000 flagged a few weeks ago.
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after declining to offer concessions to allay EU antitrust concerns about their planned $50 billion merger, people familiar with the matter said on Wednesday.
Amazon.com Inc said on Wednesday it was implementing a one-year moratorium on the use of its facial recognition software by the police following backlash over the use of racially biased surveillance technology amid ongoing protests in the United States.