Business

US aerospace giant Boeing will reportedly stop making its iconic 747 aircraft for good after it completes the last of the 16 jets currently on order. Covid-19 has crippled an already declining market for the plane. The final 747 is now expected to roll out of the company’s Seattle-area factory …

Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more than 55,000 new coronavirus cases …

As the ads boycott grows, Mark Zuckerberg shows no sign of backing down. “My guess is that all these advertisers will be back on the platform soon enough” the Facebook chief executive has said. Campaigners accuse the tech firm of being too slow and reluctant to remove some hateful content. …

Saudi Arabia has issued a dire warning with OPEC members, Nigeria and Angola, warning that it would ignite an oil-price war with them unless they toe the line. In June, OPEC+ members agreed to continue reducing production in an effort to boost oil prices and what they did has helped …

The gap between the U.S. unemployment rates for Blacks and whites widened further in June, to its largest in five years, underscoring the uneven nature of the nascent recovery from the historic job losses triggered by the coronavirus pandemic. Jobless rates for both groups fell in June, but the rate …

World food prices rose in June to post their first increase of 2020 and mark a slight rebound after the sharp falls triggered by the coronavirus pandemic, the United Nations food agency said on Thursday. The Food and Agriculture Organization (FAO) food price index, which measures monthly changes for a …

NPC International Inc., the largest franchisee of Pizza Hut restaurants in the U.S., filed for bankruptcy after coronavirus-related shutdowns added to competitive pressures in the restaurant industry. The closely held company sought Chapter 11 protection in the Southern District of Texas court on Wednesday. NPC, founded in 1962, operates 1,227 …

Oil prices rose more than 1% on Wednesday following a drawdown in U.S. crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains. Brent crude LCOc1 rose 76 cents, or 1.8%, to settle at $42.03 a barrel. U.S. crude CLc1 …

The U.S.-Mexico-Canada Agreement (USMCA) officially entered into force on Wednesday, replacing the 26-year-old North American Free Trade Agreement (NAFTA). “Today marks the beginning of a new and better chapter for trade between the United States, Mexico, and Canada,” U.S. Trade Representative (USTR) Robert Lighthizer said in a statement, adding the …

The Treasury Department announced on Wednesday that it will loan $700 million to a trucking firm that ships military equipment, in exchange for having U.S. taxpayers acquire an almost 30 percent stake in the company. Under the unusual arrangement, the Treasury Department will provide the emergency loan to YRC Worldwide …

U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57% from May, they jumped 306% compared …

The downturn in eurozone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus, a survey showed. Over 10 million people have been infected by the virus globally and more than 500,000 have died, …

Collapsing demand from rental car companies, corporations and government agencies has sapped U.S. auto sales during the coronavirus pandemic and a recovery will likely be slow, threatening auto workers whose jobs depend on fleet sales. Weak fleet orders are expected to hurt June sales, which automakers will report on Wednesday. …

Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent LCOc2 fell 37 cents, or 0.88%, to $41.48 a barrel by 1125 GMT, paring …

Gilead Sciences Inc has priced its COVID-19 drug candidate remdesivir at $390 per vial for the United States and governments of other developed countries, it said on Monday, setting the price of a five-day course at $2,340 per patient. The price for U.S. private insurance companies will be $520 per …

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude LCOc1 dropped 83 cents, or 2%, to $40.19 a barrel by 0456 GMT, while U.S. …

PepsiCo Inc will stop advertising on Facebook Inc, Fox Business News reported here on Sunday, citing sources. The halt on advertising will run through July and August, the report said. Sources described the move as a “global boycott” on placing Facebook ads, the report said. PepsiCo did not immediately respond …

A boycott of Facebook by major advertisers is hammering the social media giant’s stock price and chief executive Mark Zuckerberg’s personal fortune. Zuckerberg’s net wealth is down by $7.21 billion as of Saturday, while Facebook’s share price dropped more than 8% at the close of Friday trading, as the ad …

Oil prices dipped on Friday, erasing earlier gains, on concerns about rising new coronavirus cases in the United States and China and expectations of U.S. output ticking up while crude stockpiles linger at record highs. Brent crude LCOc1 futures were 13 cents lower at $40.92 at 1342 GMT. U.S. West …

Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. They rose across the U.S. by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas …