BOSTON (Reuters) – Employees at the largest U.S. oil companies have lost around $5 billion in retirement savings since the end of 2018 because of outsized bets on their own slumping stock, according to a Reuters analysis of company disclosures, a trend exacerbated by the recent crash in oil prices. The losses spread across the 401(k) plans of some 66,000 […]
Read moreDETROIT (Reuters) – Fears of a U.S. sales slowdown in auto showrooms due to the coronavirus outbreak that has spread globally are appearing in analysts’ forecasts, but industry executives said the pandemic has yet to affect demand or factory production. Officials with Detroit automakers General Motors Co (GM.N), Ford Motor Co (F.N) and Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N) on […]
Read moreSEATTLE/WASHINGTON (Reuters) – Boeing Co (BA.N) plans to separate 737 MAX wiring bundles, flagged by regulators as potentially dangerous, before the jet returns to service, two people familiar with the matter told Reuters on Wednesday. The changes mark a reversal from the U.S. planemaker’s initial recommendation to the Federal Aviation Administration and pose a fresh hurdle to the jet’s already-delayed […]
Read moreNEW YORK (Reuters) – Wall Street plunged on Wednesday, with the Dow confirming a bear market for the first time since the 2008 financial crisis as the World Health Organization called the coronavirus outbreak a pandemic. The Dow Jones Industrial Average .DJI fell 1,464.63 points, or 5.85%, to 23,553.53, the S&P 500 .SPX lost 140.84 points, or 4.89%, to 2,741.39 […]
Read more(Reuters) – The S&P 500 .SPX on Wednesday fell 20% below its Feb. 19 intraday record high, crossing the threshold into a bear market after the World Health Organization classified the coronavirus outbreak as a pandemic. Earlier in the session the Dow Jones Industrial Average .DJI also dipped 20% below its intraday record high reached on Feb. 12. To confirm […]
Read moreNEW YORK/WASHINGTON (Reuters) – President Donald Trump will meet with Wall Street executives on Wednesday to discuss the financial industry’s response to the coronavirus and the toll it is taking on small businesses, markets and the broader economy, the White House said. The Trump administration in recent days has tapped financial regulators to assess financial resilience and unveiled a fiscal […]
Read more(Reuters) – Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have grounded many flights and ditched their financial outlooks. Below is a list of how the world’s biggest airlines have responded to the sharp drop in travel demand since the outbreak forced a multitude of cancellations. AIR FRANCE KLM (AIRF.PA) […]
Read more(Reuters) – U.S. stock indexes tumbled on Wednesday as investors worried over the absence of immediate measures from President Donald Trump’s administration to counter the economic fallout from the coronavirus outbreak. The Dow Jones Industrial Average fell 4.59%, the biggest decliner among the major indexes, also weighed down by a 10% drop in shares of constituent Boeing Co (BA.N). The […]
Read moreWASHINGTON (Reuters) – The Trump administration is “looking at” investments in Chinese military companies by the California Public Employees’ Retirement System (CalPERS), U.S. National Security Adviser Robert O’Brien said on Wednesday. “It’s something we are looking at,” O’Brien said in response to a question during an appearance at the conservative Heritage Foundation thinktank. “It’s an issue of security for American […]
Read moreLONDON (Reuters) – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak. Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas […]
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