Central banks are pulling out all the stops to try to shield their economies from the new coronavirus pandemic, raising questions about whether they risk crossing a line by bailing out governments that are massively raising their spending.
The U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway.
Global stock markets sank on Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply.
The dollar firmed against major currencies for a third straight day on Friday, as investors took shelter in the U.S. currency amid worsening economic fallout from the coronavirus pandemic.
Canada has signed an agreement with Amazon Canada to ensure medical equipment is delivered where it is most needed in the country's fight against the cornonavirus outbreak, Prime Minister Justin Trudeau said on Friday.
FedEx Corp said on Friday it would pull $1.5 billion from a credit line and slash CEO pay as stay-at-home orders aimed at stemming the spread of the coronavirus in the United States and Europe hammer demand for its lucrative express services.
Bank of America Corp said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them.
U.S. airlines and airport contractors faced a deadline of 5 p.m. EDT (2100 GMT) on Friday to tap the federal government for up to $32 billion in payroll grants to keep workers employed while they ride out the economic toll of the coronavirus on their business.
The U.S. Transportation Department on Friday issued a notice to airlines reminding them they are obligated to refund tickets when they cancel a flight or make a significant flight schedule change that passengers opt not to accept, but will not take any immediate action against airlines.
"I don't think these things are mutually exclusive," the co-founder of DreamWorks Animation told CNBC.
Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed during a sharp downturn from the coronavirus, though the terms of any aid were still unclear and some warned that funds would not be enough to help them through their toughest crisis ever.
It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday.
Amazon.com Inc is postponing its major summer shopping event, Prime Day, until at least August and expects a potential $100 million hit from excess devices it might now sell at a discount, according to internal meeting notes seen by Reuters.
Oil and gas producer Occidental Petroleum Corp on Friday named company insider Robert Peterson as its new chief financial officer.
Questions are building about whether big U.S. banks will have to cut dividends later this year as the coronavirus crisis puts a record portion of Americans out of work, making it difficult for borrowers to pay back loans.