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

(Reuters) – Tesla Inc (TSLA.O) 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. “Device & shipping cost are free. Only requirement is that the vents are needed immediately for patients, not stored in a warehouse. Please me or @Tesla […]

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Coronavirus: Johnson & Johnson vows to make ‘not-for-profit’ vaccine

The world’s biggest pharmaceutical company is confident it has a COVID-19 vaccine and has told Sky News it wants to make it available on a not-for-profit basis. Johnson & Johnson says it hopes to begin human trials of the vaccine in September, which could mean mass production by early next year. It is a significant development for a world struggling […]

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

WASHINGTON (Reuters) – 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. According to a Reuters survey of economists, initial claims for state unemployment benefits probably climbed to a seasonally adjusted 3.5 million […]

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Futures rise at end of dismal first quarter

(Reuters) – U.S. stock index futures rose on Tuesday at the end of one of Wall Street’s worst first quarters on record, as an unexpected expansion in Chinese factory activity raised hopes of a more stable economic recovery from the coronavirus pandemic. A rebound in oil prices from 18-year lows after the United States and Russia agreed to discuss stabilizing […]

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Fracking Once Lifted Pennsylvania. Now It Could Be a Drag.

Natural-gas companies operating in the state were looking shaky before the coronavirus hit. Local economies are now at risk. By Peter Eavis CARMICHAELS, Pa. — The last time the global economy was in free fall, an economic savior showed up in southwestern Pennsylvania. Energy companies, which had discovered a way to get at the state’s vast natural-gas reserves, invested billions […]

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

SYDNEY (Reuters) – 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. China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in […]

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Airlines plan furloughs; Air New Zealand sees smaller carrier in a year

SYDNEY/BENGALURU (Reuters) – Major global airlines projected layoffs, furloughs and capacity cuts over the next few months, with Air New Zealand on Tuesday warning it expected staffing levels to be 30% lower than it is now, due to the coronavirus pandemic. Airlines have been rushing to shore up liquidity, reduce capital expenditure and cut costs to stay afloat amid the […]

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KFC owner Yum Brands breaks junk debt market's four-week fast

(Reuters) – Yum Brands Inc (YUM.N), owner of Pizza Hut, KFC and Taco Bell restaurant chains, sold $600 million in bonds on Monday, reopening the U.S. market for junk-rated debt issues after its longest lull since the 2008 financial crisis. Yum’s bond offering represented a glimmer of investor demand in one of the riskiest corners of the corporate credit market, […]

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

WASHINGTON/CHICAGO (Reuters) – 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. Congress approved legislation last week authorizing the $25 billion for passenger […]

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China March factory activity unexpectedly expands, but outlook still grim

BEIJING (Reuters) – Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps. China’s official Purchasing Managers’ Index (PMI) rose to 52 in March from a collapse to a record low […]

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