It may take European Union countries until the summer or even longer to agree on how exactly to finance an economic recovery from the coronavirus pandemic as major disagreements persist, an official with the bloc said on Wednesday.
Brent crude oil rose on Wednesday after slumping below $16 a barrel to its lowest since 1999, supported by voluntary as well as the prospect of forced production cuts to tackle a glut caused by the coronavirus crisis.
The euro zone economy is already in its deepest recession on record, according to a Reuters poll of economists, who have stuck to a bleak outlook and worry the downturn might be even worse as coronavirus lockdowns across the bloc take their toll.
Years of private funding flowing into young and growing space companies has ground to a halt during the coronavirus pandemic.
Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, but said its daily cash burn would slow through June as it braces for a recovery that could take two to three years."We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.
Iran will not suffer as much as other countries from the oil price plunge as it is less reliant on crude exports, its president said on Wednesday, with the state budget depending far less than before on oil revenue due to U.S. sanctions.
Oil producer countries should respect crude production cuts aimed at stabilizing the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday.
Canada's Rogers Communications Inc on Wednesday pulled its 2020 forecast and reported lower-than-expected quarterly profit due to a drop in ad sales and weaker demand for its wireless services as a result of the coronavirus outbreak.
Kimberly-Clark Corp said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales.
The annual Social Security cost-of-living adjustment may only be 0.8%, according to one early estimate based on first quarter data. That's less than the 1.6% bump retirees saw to their monthly benefit checks this year. Here's what's driving the forecast down.
Kone reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak.
Baker Hughes Co reported lower-than-expected revenue on Wednesday as demand for its oilfield equipment and services took a hit from a more than 80% plunge in oil prices this year.
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U.S. Treasury Secretary Steven Mnuchin said on Wednesday most, if not all, of the U.S. economy should be reopened by later in the summer after a devastating shutdown to try to stem the spread of the coronavirus.
Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, but said its daily cash burn would halve through June as it braces for a recovery that could take two to three years. "We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.