Despite OPEC’s unprecedented output deal agreed a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by about a third.
Offering less variety on their menus helps restaurants get by with fewer workers in the kitchen and makes replenishing food inventory simpler and cheaper.
The company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.
A review of regulatory filings shows that restaurant chains and companies in industries ranging from mining to manufacturing to cruise travel received large amounts.
With store vacancies at an eight-year high, retail landlords see the potential of gamers someday pouring out of their basements and into their shopping meccas as a kind of lifeline.
The auto industry—already fretting lengthy factory shutdowns and depressed new-vehicle demand—is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences.
New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000, reaching almost 1 million, unless government stimulus programs offset the increase.
A worldwide rally gained steam on Wall Street on Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
States across the U.S. have issued stay-at-home mandates to help slow the spread of the deadly coronavirus. That’s led to a decline of about 35% to 50% in driving in most states.
The Chicago-based medical-device maker plans to supply 50,000 tests a day starting April 1.
Lawmakers in Washington, D.C., are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.
The appeal of sharing a high-touch vehicle with an unknown number of strangers has succumbed to the fear of viral transmission.
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
The 11.4% gain was the Dow’s biggest since 1933. The huge jump was a sign of investor belief that Congress has no alternative than to pass a $2 trillion rescue of a U.S. economy that is on life support.
The U.S. relief packages being considered don’t directly address rents. But the Federal Reserve’s actions may give banks the leeway to defer mortgage payments, allowing property owners to delay rent.
General Motors—which hopes to make ventilators in Kokomo—and Ford Motor Co. are among automakers that are throwing their design and production prowess behind two other manufacturers’ efforts to build more ventilators and respirators for health care workers and first responders.
First came the order to close up. Then the laying off of staff. Now small-business owners across the U.S. are bleeding cash and wading through paperwork to get financial assistance.
While retailers such as Macy’s Inc., Kohl’s Corp. and J.C. Penney have been forced to temporarily close their stores, others like Walmart and Costco Wholesale Corp. are experiencing a surge in sales normally seen around the holiday peak.
The report suggests consumers had already begun to scale back on spending before the number of coronavirus cases in the U.S. began accelerating.
Just weeks since most economists bet the China-led slump would quickly reverse once the virus was contained, many are rethinking that optimism as swathes of Chinese factories stay shut and workers idled.
