Category: Business

GM extends North American shutdown, does not set restart date

General Motors Co (GM.N) said Thursday it will extend a shutdown of its North American plants beyond March 30, but added it does not know when it will restart operations. The largest U.S automaker said “given the unprecedented circumstances, exactly when we will resume production is unclear.” The company also said compensation of board members […]

Ross Stores, other retailers cancel vendor orders following coronavirus hit

After closing stores around the world to curb the spread of the coronavirus, retailers are now telling some vendors to immediately cancel orders. On Thursday, discount store operator Ross Stores Inc (ROST.O) sent a letter to its vendors, notifying them it would cancel all merchandise purchase orders through June 18 due to the impact the […]

Gap pulls forecast, suspends dividend, taps $500 million credit as coronavirus bites

Gap Inc (GPS.N) on Thursday withdrew its full-year forecast issued just two weeks ago, suspended its dividend and said it will draw down on its entire $500 million credit facility as the apparel retailer looks to weather the coronavirus crisis. The disruptions caused by the health crisis mark the latest headache for newly named Chief […]

To avoid a repeat of 2008, Main Street America says help needs to be fast

Small businesses in the United States say promised help from the federal government and the Federal Reserve is welcome news in the battle to stay afloat through the coronavirus crisis, but needs to hit their bank accounts fast if it’s to make a difference as they barter with landlords, hold onto tax receipts, haggle with […]

EU lawmakers back aid for virus-hit economy in remote vote

European Union lawmakers approved on Thursday emergency funds to cushion the bloc’s economic slump triggered by the coronavirus pandemic and shore up battered airlines by preserving their landing slots. Members of the European Parliament (MEPs) gave near unanimous support for three sets of proposals at the conclusion of a session that spanned more than 12 […]

Mini-bull, tired bear, or something in-between

Investors could be forgiven for doing a double-take: Wait, we’re back in a bull market? The Dow Jones Industrial Average’s surge of over 20% from its coronavirus-induced recent low this week, by one definition used on Wall Street, suggests a new bull market. The surge came on hopes a $2 trillion stimulus measure would flood […]

Global oil, gas producers cut spending after crude price crash

Oil and gas companies are cutting spending plans in response to the coronavirus pandemic and a push by Saudi Arabia and Russia to ramp up output. International benchmark prices have more than halved since the start of the year, falling to around $25 a barrel. North American oil and gas producers have cut capital spending […]