Qantas Airways Ltd said on Tuesday it would cut its international capacity by around 90% until at least the end of May as travel demand to Australia plunges because of new restrictions on arrivals related to the coronavirus.
Power producer PG&E Corp won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-03-16/pg-e-wins-approval-of-23-billion-bankruptcy-financing-package on Monday.
Australia's buy-now-pay-later firm Afterpay Ltd will refund late fees paid by customers in California for loans, which were deemed "illegal" by the U.S. state's financial regulator, the two sides said as part of a settlement.
Airlines and airport operators said they are taking steps such as suspending dividends, selling and leasing back airplanes and flying cargo on empty passenger jets as they grapple with a cash crunch and plunging demand caused by the coronavirus outbreak.
Apparel retailer Nordstrom Inc on Monday withdrew its fiscal 2020 forecast and said it would close stores in the United States and Canada for two weeks due to the coronavirus pandemic.
Boeing Co confirmed it is in talks with senior White House officials and congressional leaders about short-term assistance for itself and the entire aviation sector.
Hyundai Motor's China domestic plant sales in February was 1,007 vehicles, company data showed on Tuesday, down 97% from 38,017 vehicles a year ago.
Exxon Mobil on Monday said it will make "significant" cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak, which sent its shares to a 17-year low.
Power producer PG&E Corp said on Monday that it won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition to those financing commitments.
Most Asian shares fell on Tuesday a day after Wall Street's historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.
Oil prices rose more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand.
Nordstrom Inc said on Monday it would temporarily shut its stores in the United States and Canada and pull its fiscal 2020 forecast, as the upscale retailer joins its peers in an effort to limit the spread of the coronavirus.
There are millions of small and mid-sized businesses in the U.S. with 500 employees or less. If the SBA has $50 billion and makes $1 million emergency loans, it could help 50,000 firms.
Asian shares fell on Tuesday in a topsy-turvy session following one of Wall Street's biggest one-day routs in history as headlines about the coronavirus outbreak and its global economic impact whiplashed investor sentiment.
Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets.