Business

A group of 23 U.S. states led by California, the District of Columbia and four major cities are filing suit Wednesday to challenge a Trump administration decision to weaken Obama administration fuel efficiency standards In March, the Trump administration issued final rules requiring 1.5% annual increases in efficiency through 2026 …

Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Many worried that Russia may not agree to extending production cuts ahead of …

The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief. Hertz’s board earlier in the day approved the company seeking Chapter …

Global benchmark Brent rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions imposed on people’s movements due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 …

Oil prices climbed more than 2% on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins. Brent crude futures LCoc1 were up 63 cents, or 1.8%, at $35.28 …

Facebook Inc is launching Facebook Shops, a service that will allow small businesses to display and sell their products on the social network’s platforms, Chief Executive Officer Mark Zuckerberg said on Tuesday.

The European Commission will present a pandemic recovery plan next week that will exceed 1 trillion euros in a mix of grants and loans, Executive Vice President Valdis Dombrovskis said on Tuesday. Dombrovskis, speaking at a press conference after a meeting of EU finance ministers, welcomed a proposal put forward …

The global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected, the head of the International Monetary Fund said, and she stressed the danger of protectionism. Managing Director Kristalina Georgieva said the Fund was likely to revise downward its forecast …

U.S. crude prices jumped 7% on Friday to their highest since March, on strengthening fuel demand as countries around the world eased travel restrictions, they had imposed to curb the spread of the coronavirus. U.S. crude gained 19.7% in the week and Brent crude rose 5.2% after a week of …

Wall Street’s main indexes fell on Thursday, extending declines for the third straight session, as comments from President Donald Trump renewed worries over Sino-U.S. trade relations and added to concerns of a prolonged economic downturn. Trump said he was very disappointed with China over its failure to contain the novel …

Nearly three million workers in the United States filed for unemployment benefits last week as the coronavirus pandemic continued to cause one of the worst stretches of job loss in American history. More than 36 million people have sought unemployment aid since the outbreak began in the US. The unemployment …

Oil prices rose on Tuesday, after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed. OPEC and its allies, a …

Saudi Arabia is tripling its value added tax (VAT) as part of austerity measures to support its coronavirus-hit economy. The government in Riyadh also said it will suspend its cost of living allowance to shore up state finances. The oil-rich nation has seen its income plummet as the impact of …

Qatar Airways has warned its employees of “substantial” redundancies as it struggles with a collapse in demand. Its chief executive Akbar Al Baker wrote to staff warning of the job losses, although he did not say how many were under threat. Qatar Airways said it needed to “act decisively to …

Oil prices fell on Monday as investors worried about the second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. Brent crude futures lost 96 cents, or 3.1%, to $30.01 a barrel by 11:25 a.m. EDT (1525 GMT). West Texas …

Demand for labour contracted at the fastest pace in the 22-year history of the monthly Report on Jobs published by the Recruitment and Employment Confederation trade body and accountants KPMG. The figures chimed with other signs that Britain is in the midst of a historic collapse in economic output after …

The US Treasury secretary says the unemployment rate reported by the government is likely to get worse amid lockdown measures put in place due to the coronavirus pandemic. Steven Mnuchin made the comments on Sunday after the US Labor Department announced last week that the unemployment rate had surged to …

Microsoft Corp. said on Friday it would create its first datacentre region in Italy under a $1.5 billion investment plan as the U.S. company expands its cloud computing services to more locations across the world. Microsoft’s rival Amazon Web Services last week opened a datacentre region in Milan, while in …

The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy. The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s. Since the pandemic began, the US has suffered …

Shares in the world’s largest generic drugmaker jumped nearly 20% in late Tel Aviv trade as the company also reaffirmed its 2020 outlook, despite disruption to the global economy from the coronavirus pandemic. Chief Executive Kare Schultz said all facilities remained open and no jobs had been cut due to …