Former United Auto Workers (UAW) President Gary Jones was charged on Thursday with embezzling more than $1 million of union funds amid a U.S. corruption probe that has raised the specter of a federal government takeover of the union.
The coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, an industry body warned on Thursday, while the head of a large U.S. airline said the drop-off in travel demand seemed driven more by fear than economics, similar to what happened after the disasters of Sept. 11, 2001.
OPEC ministers said on Thursday they would recommend to OPEC+, a group that includes Russia, that additional oil production cuts of 1.5 million barrels per day (bpd) run until the end of 2020 rather than just during the second quarter.
Southwest Airlines Co said on Thursday it expected a hit of up to $300 million to its first-quarter operating revenue from the new coronavirus outbreak, prompting it to cut its quarterly revenue outlook.
Oil prices fell on Thursday as the coronavirus epidemic showed no signs of slowing, feeding worries about the global economy and prompting investors to sell more risky assets like stocks and crude oil and park money in safe havens.
The drop-off in air travel demand following the spread of coronavirus cases feels more driven by fear than economics, similar to 9/11, Southwest Airlines Co Chief Executive Gary Kelly told CNBC on Thursday.
Market volatility related to the coronavirus has provided a welcome boost for Wall Street banks' trading businesses, helping to offset the much-bigger drag of lower interest rates on lending profits, analysts said.
Global equity markets tumbled and the dollar slid on Thursday as the coronavirus spread quickly outside China, leading Britain to prepare for a significant increase in cases and France to say appeared "inevitable" the outbreak would become an epidemic.
U.S. stocks sold off sharply on Thursday, with shares of travel companies pummeled, as large swings in the market continued amid uncertainty over the spread of the coronavirus and its economic fallout.
Apparel retailer Gap Inc on Thursday named long-time executive Sonia Syngal as its new chief executive officer, nearly four months after the surprise exit of its then chief Art Peck.
U.S. stocks sold off sharply on Thursday, with shares of banks and travel companies pummeled, as large swings in the market continued due to uncertainty over the spread of the coronavirus and its economic fallout.
U.S. Federal Aviation Administration chief Stephen Dickson said on Thursday he thinks a certification test flight for the Boeing 737 MAX - a key milestone for the return of the grounded plane - could come soon.
Airlines have been suspending flights or modifying services in response to the coronavirus outbreak.
Greycroft chairman Alan Patricof said he hasn't been actively trimming his personal stock positions during the market sell-off.
The model portfolio for the JPMorgan team is overweight small and mid-cap stocks and the value and cyclicals categories, according to a note.