U.S. airlines are collectively burning more than US$10 billion in cash per month and averaging fewer than two dozen passengers per domestic flight, industry trade group Airlines for America said in prepared testimony seen by Reuters ahead of a U.S. Senate hearing on Wednesday.
The U.S. economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday.
NEW YORK:Â Equities rallied on Tuesday (May 5) as investors cheered a further easing of lockdowns in some countries, which offset gloomy near-term conditions in the wake of coronavirus shutdowns. Oil also rose on the brighter economic outlook and possibility of rising demand, posting another gain ...
Troubled oil producer Occidental Petroleum Corp posted a loss in the first quarter on Tuesday, hit by US$1.4 billion in impairment charges, and cut its budget for the third time since March as oil prices crashed to historic lows.
Match Group Inc reported quarterly revenue that fell short of Wall Street estimates on Tuesday, hit by slowing growth in its popular dating app "Tinder" as fewer people signed up and paid for its premium features amid the COVID-19 pandemic.
Mattel Inc will have a new line of "Baby Yoda" toys ready to hit shelves in time for Christmas, the toymaker said on Tuesday, as it joined rival Hasbro in charting a recovery from the financial damage caused by the coronavirus lockdowns.
Venerable U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.
REUTERS: Airbnb Inc is laying off 25 per cent of its workforce due to the coronavirus pandemic, impacting nearly 1,900 employees of the home rental startup, two sources familiar with the matter told Reuters. The employees will receive a four-month pay package, accelerated equity vesting and health ...
Airbnb Inc is laying off 25per cent of its workforce due to the coronavirus pandemic, impacting nearly 1,900 employees of the home rental startup, two sources familiar with the matter told Reuters.
BMW lowered the outlook for the profitability of its automotive division, citing worse-than-expected demand which has been impacted by global measures to contain the coronavirus.
