Reuters Business News

American Airlines Group Inc shares jumped more than 40% on Thursday after announcing a big boost to U.S. flights next month following dramatic cuts caused by the coronavirus pandemic, as well as some leadership changes to cut costs.

The U.S. Transportation Department plans to issue a revised order in the coming days that is likely to allow some Chinese passenger airline flights to continue, government and airline officials said.

The euro jumped to a 12-week high against the dollar on Thursday after another shot of European Central Bank stimulus to help economies slammed by the coronavirus pandemic, but world equity markets pulled in the reins after a strong seven-day run.

American Airlines Group Inc told employees on Thursday that 14 officers will be as leaving the company as part of leadership changes in which another five officer positions will not be filled, according to memos seen by Reuters.

The U.S. Transportation Department plans to issue a revised order in the coming days that is likely to allow some Chinese passenger airline flights to continue, government and airline officials said.

The Nasdaq 100 index retreated from an intraday record high on Thursday, with the S&P 500 and Dow Jones indexes also slipping as a rally fueled by hopes of a post-coronavirus economic recovery fizzled out.

U.S. Secretary of State Mike Pompeo is set warn American investors on Thursday against 'fraudulent' accounting practices of China-based companies, and suggest the Nasdaq's recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.

Germany has become the second major European economy to use a multi-billion-euro recovery plan to spur clean driving, with incentives for electric cars that should boost Volkswagen and Tesla , while polluting SUVs face higher taxes.

The combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Facebook Inc CEO Mark Zuckerberg, jumped over 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS).

American Airlines Group Inc shares jumped by 25% after it said Thursday it will significantly boost its U.S. flight schedule next month after dramatic reductions caused by the coronavirus pandemic, flying more than 55% of its July 2019 domestic capacity.

Oil prices fell on Thursday on doubts over the ability of top crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.

A 6.3 billion euro ($7 billion) state-backed loan for Fiat Chrysler (FCA) , financed by Intesa Sanpaolo , is crucial in terms of safeguarding Italy's economy, the head of the country's biggest retail bank said.

Fiat Chrysler will file regular reports on its use of a multi-billion euro state-backed loan which Italy is set to approve soon and will face sanctions if it does not respect commitments attached to the package, the economy minister said.

The European Central Bank approved a bigger-than-expected expansion of its stimulus package on Thursday to prop up an economy plunged by the coronavirus pandemic into its worst recession since World War Two.

Following is the statement from the European Central Bank following its policy meeting.

The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns due to the coronavirus pandemic.

The European Central Bank expects the euro zone to suffer a deep recession this year, with losses only partly made up in 2021 as pandemic-related restrictions weigh on output for an extended period.

The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns to cope with the coronavirus pandemic.

European Central Bank policymakers debated expanding their pandemic-fighting programme by between 500 billion euros ($566 billion) and 750 billion euros on Thursday before settling for a compromise figure, three sources told Reuters.

LVMH said on Thursday Frederic Arnault, one of the younger sons of the luxury goods group's billionaire boss, would take over running watch brand Tag Heuer, joining his siblings in taking on bigger roles within the conglomerate.