Airlines cut domestic fares by an average 23% last month as traffic picked up from April lows, global airline body IATA said on Wednesday - warning that post-coronavirus discounting posed a further threat to profitability.
A federal judge said Apple Inc must face part of a lawsuit claiming it fraudulently concealed falling demand for iPhones, especially in China, leading to tens of billions of dollars in shareholder losses.
New orders for U.S.-made goods plunged in April and business spending plans on equipment were much weaker than initially thought, suggesting business investment remained depressed early in the second quarter amid the COVID-19 pandemic.
A jump in Boeing shares lifted Wall Street on Wednesday, with investors remaining optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest in the country.
President Donald Trump's administration said on Wednesday it will bar Chinese passenger carriers from flying to the United States starting on June 16 as it pressures Beijing to allow U.S. air carriers to resume flights.
Airbus is looking to hold underlying jet output at 40% below pre-pandemic plans for two years, an approach which adds new pressure to cut thousands of jobs, industry sources said.
Warner Music Group Corp said on Wednesday it raised $1.93 billion in the biggest U.S. initial public offering (IPO) so far in 2020, with the world's third-largest recording label selling more shares than originally planned.
Oil fell after touching its highest since March at more than $40 a barrel on Wednesday as doubts emerged about the timing and scale of a potential extension to the oil supply pact between OPEC and its allies.
Airlines cut domestic fares by an average 23% last month as traffic picked up from April lows, global industry body IATA said on Wednesday, warning that post-coronavirus discounting posed a further threat to profitability.
U.S. services industry activity pushed off an 11-year low in May, but businesses appeared in no rush to rehire workers as they reopen, supporting views the economy could take years to recover from the devastation caused by the COVID-19 crisis.
U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy's recovery from the COVID-19 pandemic will be slow.
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.
Five Democratic senators have proposed a law calling for airlines to refund cash for all canceled flights during the pandemic, whether a carrier canceled or a consumer decided not to fly. Consumer advocates and industry observers say passage is a long shot.
President Donald Trump's administration on Wednesday barred Chinese passenger carriers from flying to the United States starting on June 16 as it pressures Beijing to let U.S. air carriers resume flights amid simmering tensions between the world's two largest economies.
A gauge of global equity markets rose and the euro gained against the dollar on Wednesday, both for a seventh session, in signs of strong risk appetite as easing lockdowns and hopes for more monetary stimulus boosted investor confidence.