Category: Business

Nissan says U.S. auto plants will remain closed through late April

Nissan Motor Co (7201.T) said on Wednesday its U.S. auto plants will remain closed through late April to help reduce the spread of the coronavirus. The Japanese automaker said some business-essential work will continue with enhanced safety measures. Nissan said earlier its first quarter U.S. sales were down 30%.

Starbucks extends coronavirus provisions for two weeks, explores more changes

Starbucks Corp (SBUX.O) on Wednesday said it will extend special coronavirus provisions, including pay increases for U.S. workers and closed dining areas, for two weeks to May 3. The world’s largest coffee chain is also considering the use of non-medical grade face masks and possibly handing off mobile orders to customers at doorways to help […]

Booking Holdings CEO tests positive for coronavirus

Online travel agency Booking Holdings said on Wednesday Chief Executive Officer Glenn Fogel has tested positive for coronavirus. The company said Fogel, who took the test on March 26 after mild symptoms, has not shown any symptoms since March 28 and will continue to perform his responsibilities as CEO. Employees were informed of Fogel’s diagnosis […]

Wall Street dives 4% as virus pandemic fears intensify

Wall Street’s three major indexes fell more than 4% on Wednesday, after President Donald Trump’s dire warning on the U.S. death toll from the coronavirus sent investors running from even the most defensive equities. Trump warned Americans late Tuesday of a “painful” two weeks ahead and health officials highlighted research predictions of an enormous jump […]

EU exec proposes shorter work hours to prevent layoffs amid epidemic

The EU executive proposed on Wednesday a wage-subsidy scheme to encourage employers to cut workers’ hours rather than their jobs amid the coronavirus epidemic, a plan that could be worth 100 billion euros in borrowing guaranteed by all EU countries. The proposal might find favour in Italy, Spain, France and other countries which last week […]

Banks wary of liquidity extend expensive, shorter-dated credit to GE

General Electric Co is asking its lenders to replace US$20bn in revolving loans with a new debt package that will come with a smaller size and shorter maturities, sources said. The new loans, that will come at the reduced size of US$15bn, are a testament to a changing bank landscape as firms seek to get […]

U.S. Treasury taps Wall Street firms for aid advice

The U.S. Treasury Department has hired Wall Street bankers and lawyers to advise on providing tens of billions of dollars in aid to the airline, cargo and defense sectors, people familiar with the matter said on Wednesday. The appointments come after U.S. lawmakers approved a $2.2 trillion stimulus bill last week to mitigate the economic […]