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Subscribe now to stay ahead with the most trusted business news source. The money at stake in the stimulus legislation amounts to more than what the US government spends on national defense, scientific research, highway construction and other discretionary programs.

Wednesday's gains came after the Dow surged 11.4 per cent, its biggest one-day percentage increase since 1933, on indications Congress is nearing agreement on a rescue package for the United States economy that could amount to more than USD 2 trillion.

French Prime Minister Edouard Philippe said on television on Monday that the lockdown, which is supposed to end on March 31, could last several more weeks. "We do not want to introduce a national curfew". A number of are already in place, together with in Good on the Mediterranean coast. The anti-malaria drug, he said, may be used in severe cases of Covid-19, under strict medical surveillance and on the advice of a group of doctors.

The Fed also said it "expects to announce soon the establishment of a Main Street Business Lending Programme to support lending to eligible small-and medium-sized businesses, complementing efforts" by the Small Business Administration. But because of the harsh and accelerated impact of the virus to businesses of all sizes, many have called on the Fed to re-think the use of its toolkit, which has historically targeted the banking and finance industries.

From Feb. 21 to March 13, the USA average retail regular-grade price declined 14.53 cents per gallon (CPG) to $2.3869, according to the most recent Lundberg Survey of US fuel markets. That's according to fuel price tracking company GasBuddy . This means very little need (demand) for oil. Meanwhile, Russia and Saudi Arabia, two of the world's largest oil producers, are in a spat that's destabilizing the supply of oil.

The 59-year-old executive said other factors were also impacting the oil market, including coronavirus and sanctions. Oil rose further Friday after a dramatic rebound from multi-year lows but stayed below $30 a barrel on fears the deadly coronavirus will push the world into recession with an oversupply.

President Donald Trump called on USA health regulators to expedite potential therapies aimed at treating COVID-19, the respiratory disease caused by the virus, and the White House sounded upbeat on the chances of passage of hundreds of billions of dollars of aid in Congress.

During the task force briefing at the White House Friday, the president described a drug called chloroquin, which has always been used as a treatment for malaria, as a possible treatment for coronavirus . Small studies indicate that chloroquine and various variants help fight COVID-19. "FDA's responsibility to the American people is to ensure products are safe and effective", said Hahn.

These tests typically take place in the spring. Senate Minority Leader Charles E. Schumer (D-N.Y.) floated the idea Thursday as part of a host of measures to help borrowers . "They've been through a lot". Schools open. Schools not open. "That's going to make a lot of students happy". "Some probably not. The ones that work hard, maybe not".

Amazon said that vendors would see "reduced purchase orders" as it "temporarily paused" orders for all non-essential products until April 5. Amazon said it was taking a similar approach with the big brands it buys directly from. They just won't be as actively restocking them once they sell out. "We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back", Amazon said via CNBC .

GM spokesperson Jim Cain said its shutdown will also start Wednesday and last through March 30; it will take several days to complete the shutdown and operations will be evaluated weekly after that. The two checks combined will about equal what the workers normally make. At a meeting with auto company officials Sunday, UAW President Rory Gamble and other union officials requested a two-week shutdown, Gamble said in a statement posted Tuesday to Facebook .

Air New Zealand Ltd yesterday suspended trading for another two days to assess the financial implications of deep capacity cuts announced on Monday. In a corporate press statement , Qantas Group said the cuts were coming into effect from the end of March and will be running until "at least the end of May", and represent the grounding of around 150 aircraft - including nearly all of Qantas and Jetstar's wide-body fleet.

Following scenes of panic buying for items such as toilet paper in Australia and elsewhere, Woolworths , the country's largest supermarket chain, chose to set aside one hour a week to allow only those with disabilities or aged over 60 to enter.

It said JetBlue staff at the gate where the passenger departed immediately took action to sanitize the surrounding area and any others the passenger had visited "based on security camera footage". Agents with the Florida Department of Health in Palm Beach County assessed the situation and spoke with all the passengers aboard the aircraft. "When he was sitting on the plane, he got either a phone call or a text message saying that it was a positive test".

Chancellor of the Exchequer Rishi Sunak announced the news during today's coronavirus briefing. He announced a £330 billion fund for government backed loans for businesses, the equivalent of 15 per cent of the country's GDP. Prime Minister Boris Johnson reiterated the message that the government will support those most in need, saying: "The state is asking people to make considerable changes to their lives - only right that the state should stand behind people as they make those changes".

The three biggest global airline alliances - oneworld, SkyTeam and Star Alliance - urged governments to "evaluate all possible means" to assist the industry. But government assistance is only half the solution, says CAPA . "That is not a prospect that any responsible government should be prepared to contemplate", the consultancy firm said.

Last week's drops also confirmed the end of the longest-ever bull market on Wall Street, which emerged from the financial crisis and ran for almost 11 years. Hedge funds and other investors will have to give regulators more information about the bets they are taking, the European Union's markets watchdog announced on Monday, warning that a markets slump triggered by the coronavirus could last weeks.

The official did not say how much oil would be bought for the reserve, which now holds 635 million barrels. Saudi Arabia , OPEC's de facto leader, wanted deeper and more prolonged cuts to counter the effect of the spread of coronavirus on demand.

Government bond purchases could help alleviate strains from two long-running trades that have become very expensive in recent days: The "basis trade", which seeks to exploit pricing gaps between Treasury securities and futures, and "risk parity funds", which try to score strong performance with moderate risk using futures contracts that can boost the returns of low-risk assets.

Most Alaskan cruises depart from USA ports, but laws require all ships flying a foreign flag - and that is most cruise ships - to call on a foreign port before returning to a port in the country of origin. Leonard said that some small-vessel companies based in Southeast Alaska would not be affected by the Canadian port closures. A few ships from mainstream cruise lines are small enough to operate their now scheduled itineraries in Alaska, including 450-passenger Seabourn Sojourn and ...

Google had previously told employees in the San Francisco Bay Area , Dublin and Seattle to work from home in recent days. The coronavirus continued to spread in the U.S.as health officials enforce new measures to contain the spread. Google's Director of workplace services, Adrienne Crowther, has also added that the company has been continuously prioritizing health safety of local communities as well as workforces.

Tech giant Google's parent Alphabet has asked all its north American employees to work from home till at least April 10 in a bid to reduce density at its offices and prevent the spread of the novel coronavirus (Covid-19), ZDNet reported quoting the company.

In addition, the company said it will accelerate plans for its 5 million barrel per day production capacity target. Its capacity was expected to be 4 million bpd by the end of 2020. The decision came a day after Saudi Arabia, the world's top exporter, chose to hike production by at least 2.5 million bpd to a record 12.3 million from April, and prompted sharp new falls in world prices.

There are now 162 announced cases of COVID-19 in this state but, due to the lack of testing availability, that's likely a vast undercount. The two most recent deaths occurred on Friday, health officials said . For employers: The rules also waive financial penalties for employers who file their tax reports late, pay their taxes late, or do not respond information requests in a timely fashion as a result of COVID-19.

In addition, hourly employees who work in a store, club, office or distribution center will receive up to two weeks' pay if they are required to quarantine by the government or by the retailer. Walmart is deploying an emergency leave program for its employees. The coronavirus outbreak has thrust corporate policies on paid leave and workplace practices into sharp focus, especially for the retail and restaurant industries where so many employees are needed at stores.

Jetstar will cut flights across Asia , while domestic and New Zealand routes will also be reduced. Among the reductions, the biggest focus is on Asian flights, which has dropped 31 percent compared to a year ago. The start of Qantas' new Brisbane-Chicago route will be delayed from April 15th to mid-September. Jetstar's daily Gold Coast to Seoul, South Korea, flight was suspended last week.

President Donald Trump visited the CDC in Atlanta on Friday, where he defended his administration's handling of the outbreak and tried to reassure Americans that the government had the virus under control. White House officials have been blindsided by the president's sudden moves. "And I think we have a lot of support everywhere". Trump says he is hoping to bring in help for hourly wage earners.

Australia-listed Oil Search's share price dropped by 31% while energy firm Santos saw its shares drop more than a quarter in value (27%). Should these losses hold, it would be the biggest one-day percentage decline for both benchmarks since January 17, 1991, the outset of the U.S.

With what's happening in the global market, along with an expected decease in travel, gas prices have nowhere to go but down like a rock, said Patrick DeHaan, head of petroleum analysis for GasBuddy , in his weekly gas report. "The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus".

This announcement represents a major victory for Bitcoin and the crypto community. The board, along with its new members, will also form a committee to evaluate a succession plan with Dorsey and make recommendations on corporate governance.

The suit sought unspecified damages, adding that each breach of privacy law could draw a maximum penalty of A$1.7 million ($1.1 million). Facebook's own investigation found that some data from 87 million users in the United States and elsewhere had been compromised by the firm, and claimed the practices violated the social network's terms of service.

All of the gains were concentrated in full-time work and the private sector. Food services and drinking places both added 53,000 while government employment grew by 45,000. "If things don't change in the coming months, American workers may not see big wage gains in 2020". Economists had been looking for payroll growth of 175,000 and a 3.5% jobless rate.

Asian stock markets were mostly higher Wednesday after Wall Street sank despite an emergency US interest cut aimed at defusing fears a virus outbreak might depress global economic activity. U.S. stocks were in the green most of the day, but trading was hesitant in stretches, in the wake of news of the first confirmed case in NY city. "We agree with this point but think that central bankers will still want to do their part to support the economy".

They also urge South Africans to reduce the risk of acquiring COVID-19 and other respiratory infections by practicing good hand hygiene: frequent correct hand washing, cough hygiene, staying at home when ill and keeping distance away from sick people with respiratory illness.

OPEC also said that voluntary cuts of approximately 2.1 million barrels per day, already in place, should continue for the rest of the year. On Thursday, OPEC ministers citing "an unprecedented situation " agreed to cut output by 1.5 million barrels per day (bpd) - or 1.5 percent of global demand- until the end of 2020.