General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.
A plan to axe up to 12,000 jobs at IAG's British Airways underlines CEO Willie Walsh's desire to survive what is expected to be aviation's worst downturn without a state bailout.
A gauge of global stocks climbed on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices surged.
Royal Bank of Scotland chairman Howard Davies said on Wednesday the coronavirus pandemic had "changed everything" and its impact on society and the economy would likely be "stark and long-lasting".
The Swiss government is working primarily with UBS Group and Credit Suisse on a nearly 1.9 billion Swiss franc ($1.95 billion) package of state-backed loans for the coronavirus-hit aviation sector, it said on Wednesday.
Boeing Co said on Wednesday it would cut its workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the coronavirus pandemic that drove the planemaker to a net loss for the second straight quarter.
Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales.
Top Boeing Co shareholder Vanguard Group voted against the planemaker's chairman Lawrence Kellner, citing "control failures" under its audit committee after two 737 MAX plane crashes, according to a stewardship report provided by a Vanguard representative on Wednesday.
U.S. Senate Majority Leader Mitch McConnell on Wednesday doubled down on his demand that Congress protect businesses from coronavirus-related liabilities in its next legislative package for combating the pandemic.
The European Commission approved on Wednesday a 5 billion euro ($5.4 billion) loan guarantee to carmaker Renault group to mitigate the impact of the coronavirus crisis.
Switzerland and Austria pledged to help Lufthansa with state-backed loans as the German airline pursues talks with Berlin over a 9 billion euro ($9.8 billion) rescue package.
Some $1,200 stimulus payments are going to the wrong place: deceased Americans. Now, Treasury Secretary Steve Mnuchin says that families in those situations should return the money.
With the U.S. economy poised for a sharp rebound, it is time for policy to move from a "cash" rescue phase to focus on more long-term measures that can underpin growth, a top White House adviser said on Wednesday.
Now more than ever, it may pay for students to negotiate with colleges for more money towards tuition.