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Exclusive: American Airlines to retire more jets, including vintage 737s, in coronavirus downturn

American Airlines Group Inc is set to sharply increase the number of jets it is planning to retire beyond its announced plans as it accelerates a fleet transformation to respond to the coronavirus crisis, people familiar with the matter said.

U.S. dollar rises, but off highs, as Fed measures weigh

The dollar rose against the euro and the Swiss franc on Tuesday but was off its highs, modestly pressured by the weight of Federal Reserve measures meant to ensure there was enough liquidity in the global financial system.

J.C. Penney furloughs staff, extends store closures amid pandemic

J. C. Penney Co Inc said on Tuesday it would furlough a majority of its hourly staff and salaried associates next month, the latest U.S. retailer looking to weather the financial strain from store closures due to the coronavirus pandemic.

Britain’s Tesco recruits 35,000 workers to get through coronavirus crisis

Britain’s biggest retailer Tesco said on Tuesday it had recruited 35,000 additional workers in the last 10 days to help get it through the coronavirus emergency, which has triggered a dramatic increase in demand for groceries.

Some Whole Foods workers call for ‘sick out’

A group of workers at Whole Foods Market called on others to phone in sick at all of the grocer’s stores on Tuesday to protest what they say is a lack of adequate compensation and protections from the coronavirus.

Goldman Sachs slashes U.S. GDP estimate further

Goldman Sachs said on Tuesday the second-quarter U.S. economic decline would be much greater than it had previously forecast and unemployment would be higher, citing anecdotal evidence and “sky-high jobless claims numbers” resulting from the coronavirus pandemic.

Tesla plans to supply FDA-approved ventilators free of cost: Musk

Tesla Inc Chief Executive Elon Musk said on Tuesday the company has extra FDA-approved ventilators that can be shipped free of cost to hospitals within regions where the electric carmaker delivers.

Stocks edge higher, but on pace for worst quarter since 2008

Global stock markets edged higher on Tuesday as investors assessed the economic damage from the coronavirus pandemic, while the MSCI benchmark of world equities was on pace to finish its worst quarter since the financial crisis of 2008.

Adidas stops 1 billion euros share buyback

Germany’s Adidas on Tuesday said it will suspend a 1 billion euros share buyback it had planned for this year as a way to conserve cash after closing its retail outlets in Europe and North America.

What the Federal Reserve has done in the coronavirus crisis

The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases.

Walt Disney to launch streaming service in India on Friday

Walt Disney Co will launch its Disney+ service in India on April 3, the company said on Tuesday, intensifying rivalry with Netflix Inc and Amazon.com Inc’s Prime Video in a country where demand for online streaming is surging.

JPMorgan, addressing racism allegations, reforms customer complaint system, access

JPMorgan Chase & Co told employees on Tuesday it is changing its customer complaint system and how staff choose which customers are eligible for certain banking products after the New York Times reported allegations of racial discrimination against black customers at the bank last year.

U.S. crude rises after 18-year lows prompt U.S.-Russia talks plan

Oil prices steadied on Tuesday, with the U.S. crude benchmark climbing off 18-year lows after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilising energy markets.

Coronavirus drives U.S. March auto sales off a cliff

U.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place.

S&P 500 heads for worst first quarter since 1938

U.S. stock markets steadied on Tuesday at the end of the worst first quarter for the S&P 500 since 1938 amid growing evidence of the largescale damage caused by the collapse in oil prices and business activity due to the coronavirus.

Southwest Airlines cutting more than 40% of flights in May as demand sags

Southwest Airlines Co said Tuesday it will cut more than 40% of flights from May 3 through June 5 amid a sharp decline in travel demand from the coronavirus pandemic.

Three months that shook global markets

How much damage has the coronavirus and the oil price collapse inflicted on global financial markets this year? Put simply, it has probably been the most destructive sell-off since the Great Depression.

Stocks slide, on pace for worst quarter since 2008

Global stock markets slid on Tuesday as investors continued to assess the economic damage from the coronavirus pandemic, leaving the MSCI benchmark of world equities on pace to finish its worst quarter since the financial crisis of 2008.

Oil edges higher after 18-year lows prompt U.S.- Russia talks plan

Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilising energy markets, with benchmarks climbing off 18-year lows, though the coronavirus-related demand hit capped gains.

S&P 500 set for worst first quarter since 1938

Wall Street was set to open lower on Tuesday, with the S&P 500 headed for its worst first quarter since 1938 as evidence grew of the scale of the damage caused by the collapse in oil prices and business activity due to the coronavirus.

U.S. unemployment offices sitting on mountain of pending claims

Last week’s record-setting U.S. jobless claims number will be quickly surpassed, economists and state officials predict, as local labor offices digest a pile of pending applications, and the new stimulus bill extends benefits to the self-employed.

Furniture giant IKEA making masks to help fight coronavirus

Furniture giant IKEA is producing face masks and other protective gear for hospitals, joining a growing list of companies branching out of their normal business areas to help meet equipment shortages in the fight against coronavirus.

IMF extends bilateral borrowing arrangements through 2023

The International Monetary Fund said on Tuesday its board approved a new three-year framework for bilateral borrowing agreements, ensuring that its full $1 trillion lending capacity will be maintained as member countries battle the coronavirus pandemic.

Rolls-Royce targets in jeopardy as pandemic brings air travel slump

British aero-engine maker Rolls-Royce will likely have to slash its 2020 cash flow target after airline customers parked hundreds of planes due to the coronavirus pandemic, analysts said.

Goldman Sachs slashes second quarter U.S. GDP estimate further

Goldman Sachs said on Tuesday that the U.S. second quarter economic decline would be deeper than it had previously forecast and unemployment would be higher, citing anecdotal evidence and “sky-high jobless claims numbers.”

Coronavirus concerns delay restart of Ford’s North American production

Ford Motor Co said on Tuesday it was postponing its plan to restart production at its North America plants due to safety concerns for its workers amid the coronavirus pandemic.

Disney+ to launch in India on April 3: ET

Walt Disney Co’s video streaming service, Disney+, will launch in India on April 3 through its local partner Hotstar, the Economic Times reported https://economictimes.indiatimes.com/magazines/panache/amidst-lockdown-disney-plus-makes-it-way-to-india-users-can-start-streaming-from-april-3/articleshow/74913298.cms on Tuesday.

U.S. proposes minimum air service rules for airlines receiving assistance

The U.S. Transportation Department on Tuesday proposed minimum flight requirements for passenger airlines receiving aid from the government’s $50 billion grant and loan fund.

Global M&A dwindles as coronavirus batters world’s economies

Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.

Ford, GE to produce 50,000 ventilators in 100 days

Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.

Explainer: What the Federal Reserve has done in the coronavirus crisis

The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases.

Google Japan defends impartiality of search results amid lockdown rumors

Google on Tuesday defended the impartiality of its search results after users in Japan seeking to corroborate rumors of an imminent state of emergency declaration by the government were met with no results on its website.

Huawei warns China will strike back against new U.S. restrictions

Huawei warned on Tuesday that 2020 would be its most difficult year yet due to American trade restrictions which dealt a blow to its overseas sales in 2019, and predicted the Chinese government would retaliate against the United States.

Crisis-hit airlines face crippling cash squeeze, IATA says

Global airlines warned on Tuesday that many carriers may not survive a record cash squeeze in the second quarter, as revenues and traffic plunge because of the coronavirus crisis.

Virgin Money delays branch closures and job cuts due to coronavirus lockdown

British bank Virgin Money said on Tuesday that it will halt until further notice the planned closure of 52 branches and 500 job losses, as it grapples with the fallout from the coronavirus outbreak.

INEOS to build third European hand sanitiser plant in ten days

Chemicals manufacturer INEOS [INEOSG.UL] said on Tuesday it will build a hand sanitiser plant in France in 10 days to help meet a European shortage and has begun production at its new British and German plants ahead of schedule.

Dollar surges on quarter-end flows; outlook robust

The dollar climbed against a swathe of currencies on Tuesday amid fiscal year-end demand by Japanese firms while the Australian dollar slipped despite a Chinese survey showing manufacturing returned to growth in March.

China factory activity unexpectedly expands, but economy cannot shake off virus shock

Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump.

Oil rises from 18-year lows after U.S., Russia agree to talks

Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

China PMI offers tiny relief to Asia as stocks head for dire end to quarter

Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.

Ad giant WPP pulls dividend, buyback and outlook

WPP , the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis.

Dollar gains, yuan steady after China PMI in cautious trade

The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a greenback shortage before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis worsened.

Fiat Chrysler executives, salaried employees to take pay cuts during coronavirus pandemic

Fiat Chrysler Automobiles NV’s top executives and salaried workers around the globe will take pay cuts in an act of “shared sacrifice” brought on by the coronavirus pandemic that has shuttered the automaker’s plants in Europe and North America, according to a company memo seen by Reuters.

Asia shares inch up, China’s factories show flicker of life

Asian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down.

U.S. airlines must suggest possible compensation for cash grants: Treasury

Airlines must suggest possible compensation in return for government cash assistance and agree to conditions that include not cutting pay or laying off employees through Sept. 30, the U.S. Treasury Department said in guidelines issued on Monday as it prepares to quickly hand out $25 billion.