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U.S. airlines, saying it will take a ‘long time’ to recover, try to quickly reduce workforce

By Tracy Rucinski and Akanksha Rana CHICAGO (Reuters) – U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the coronavirus keeps people from flying. Moves by American Airline Group Inc (O:) and Delta Air …

Dollar Extends Gains Against Yen; Pound off Lows as U.K Unveils £330B Stimulus

© Reuters. By Yasin Ebrahim  Invesing.com – The dollar extended its gains on Tuesday, thanks to a surge against the yen as risk appetite returned amid a rally on Wall Street after the Federal Reserve and the Trump administration rolled out new stimulus measures to combat the Covid-19 outbreak. The pound moved off the lows against the greenback after the …

Dollar thrives, Aussie trampled in rush for liquidity

© Reuters. Dollar thrives, Aussie trampled in rush for liquidity By Tom Westbrook SINGAPORE (Reuters) – The dollar held overnight gains against most major currencies on Wednesday, after U.S. yields jumped and as deepening fear around the coronavirus drove a scramble for greenback. The pound and safe-haven yen made the best efforts at recovery, but only managed to recoup fractions …

Yen firm, riskier currencies wobble as policymakers grapple with pandemic

© Reuters. Yen firm, riskier currencies wobble as policymakers grapple with pandemic By Hideyuki Sano TOKYO (Reuters) – The safe-haven Japanese yen held largely firm on Tuesday, while risk-sensitive currencies struggled to stay afloat as coordinated moves by central banks failed to quell investor trepidation over the spreading coronavirus pandemic. Global risk assets were routed over the past several days, …

Exclusive: Shale gas pioneer Chesapeake Energy taps restructuring advisers – sources

© Reuters. FILE PHOTO: A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township By Mike Spector, David French and Jessica DiNapoli (Reuters) – Chesapeake Energy Corp (NYSE:), the oil and gas exploration and production company that helped spearhead the U.S. shale revolution, has tapped debt restructuring advisers amid a rout in energy prices, people familiar …

Large U.S. banks plan to access Fed’s discount window

© Reuters. Large U.S. banks plan to access Fed’s discount window By Pete Schroeder and Elizabeth Dilts Marshall WASHINGTON (Reuters) – The eight largest U.S. banks said on Monday that they would be jointly access funding from the Federal Reserve’s so-called “discount window.” The banks said that while they are strong and well-capitalized, the move is aimed at reducing the …

Egypt’s central bank ready to intervene if necessary

© Reuters. Egypt’s central bank ready to intervene if necessary CAIRO (Reuters) – Egypt’s central bank said on Sunday it was ready to intervene immediately to maintain banking and monetary stability if necessary, after the government announced steps to contain the coronavirus outbreak. The central bank instructed banks to cancel fees and commissions for six months on ATM withdrawals, e-payments …

EU plans to agree coordinated economic coronavirus response on Monday

© Reuters. EU plans to agree coordinated economic coronavirus response on Monday By Jan Strupczewski BRUSSELS (Reuters) – European Union finance ministers plan to agree on Monday on a coordinated economic response to the coronavirus pandemic, with the European Commission forecasting the effects of the virus could push the EU into a recession. The action would be a coordinated stepping …

United sees $1.5 billion less revenue in March vs last year, warns things getting worse

© Reuters. United sees $1.5 billion less revenue in March vs last year, warns things getting worse CHICAGO (Reuters) – United Airlines Holdings (O:) told employees on Sunday that it expects to book $1.5 billion less revenue in March than the same time last year, and is taking further measures to address a situation it said is getting worse. In …

Mexico central bank chief flags peso weakness when quizzed on rates

© Reuters. Mexico central bank chief flags peso weakness when quizzed on rates MEXICO CITY (Reuters) – Mexico’s central bank will be mindful of a recent slide in the peso currency when mulling its next interest rate decision, Bank of Mexico Governor Alejandro Diaz de Leon said on Friday. Asked on Mexican radio whether the Bank of Mexico could still …

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