Wall Street looked set to crater on Monday after the Federal Reserve's aggressive move to cut interest rates to nearly zero heightened fears of the economy tipping into a coronavirus-driven recession.
France's competition watchdog on Monday fined iPhone maker Apple 1.1 billion euros for anti-competitive behavior in its distribution network and an abuse of economic dependence on its resellers.
Ryanair said on Monday it would ground most of its aircraft in Europe over the next seven to 10 days, expects to cut seat capacity by 80% for the next two months, and could even ground its entire fleet, given travel restrictions due to the coronavirus pandemic.
Volkswagen's Autoeuropa car assembly plant near Lisbon has reduced its daily output by 16% because of a shortage of workers after Portugal ordered all schools closed amid the coronavirus outbreak, the plant said on Monday in a statement. ยด
Sanofi on Monday said its production sites were running normally in Europe and elsewhere as the coronavirus outbreak hits business activity globally, although the drugmaker has put in place contigency plans to ensure continuity.
Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up.
The move is the latest escalation of tactics taken by large financial firms,
The London Stock Exchange Group said on Monday it had gained approval from the U.S. Committee on Foreign Investment for its $27 billion takeover of analytics firm Refinitiv, judging there were no national security concerns with the deal.
JPMorgan Chase & Co has asked all managers globally to allow employees who can effectively work from home to begin doing so to help with social distancing as the coronavirus pandemic spreads, according to a memo seen by Reuters.
Lockheed Martin Corp said on Monday Marillyn Hewson will step down as chief executive officer, effective June 15.
Mohamed El-Erian said Monday the Fed wasted a large part of its monetary policy arsenal to fight the economic fallout of the coronavirus by doing things backward.
A German supermarket chain called on Monday for students whose universities have shut due to the coronavirus crisis to help it refill its shelves after shoppers stockpiled many essential goods, known as "hamstering" in German.
Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.
Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in U.S. interest rates in as many weeks -- effectively to zero -- and supportive measures from all corners failed to quell coronavirus fears.
Ryanair will ground most of its aircraft over the next seven to 10 days as Europe's biggest low-cost airline braces for an up to 80% cut in capacity over the next two months and could even ground its entire fleet due to coronavirus travel restrictions.