Reuters Business News

The novel coronavirus outbreak and economic fallout is proving to be a bonanza for whistleblower lawyers as the U.S. securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid.

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Tuesday that he expects the bank will boost its credit reserves again in the second quarter by an amount "roughly equivalent" to the $7 billion it added in the first quarter to protect the bank from a potential wave of loan defaults.

Warner Music Group said on Tuesday it is aiming to sell up to $1.82 billion in stock in its U.S. initial public offering, potentially the largest New York IPO so far in 2020 as the market for new stocks rebounds after the COVID-19 pandemic put many debuts on hold.

Heavy debts inherited from government bailouts and other fund-raising moves will delay the airline industry's recovery from the coronavirus crisis, a trade body said on Tuesday.

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.

U.S. passenger railroad service Amtrak told Congress in a letter made public Tuesday it needs a further $1.475 billion bailout or it will be forced to make sweeping service cuts and suspend some routes.

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.

New York Governor Andrew Cuomo donned a face mask and rang the opening bell at the New York Stock Exchange on Tuesday, marking the partial reopening of the trading floor at the iconic 11 Wall Street building, which had been closed since March 23 due to the coronavirus.

U.S. stocks jumped and the S&P 500 breached 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions.

U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to dig out of the hole amid record unemployment.

British retailer John Lewis Partnership said on Tuesday it will re-open its department stores on a "phased basis" after the government said non-essential retail could re-open from June 15.

Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their troubled alliance to try to recover from the coronavirus pandemic, five senior sources told Reuters.

The coronavirus crisis, which has virtually grounded global air traffic since March, has pushed several struggling airlines over the edge.

U.S. car rental company Hertz Global Holdings said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy protection.

A banker went on trial in Switzerland on Tuesday charged with failing to sound the alarm over millions of dollars linked to scandal-tainted Malaysian sovereign wealth fund 1MDB.

AXA will meet the bulk of business interruption claims from some restaurant owners in France, it said on Tuesday, after losing a court case seen as a potential precedent for coronavirus-related disputes across the world.

Most U.S. states have begun to reopen their economies, but Jay Foreman, chief executive of Basic Fun, said he's more worried than ever.

Inside the small-scale Iowa abattoir Stanhope Locker and Market, owner Shaunna Zanker yawns with exhaustion as she listens to yet another farmer asking her to slaughter his pigs.

British low cost airline easyJet said chief financial officer Andrew Findlay plans to leave the company next year, in an announcement made just days after he survived an attempt by the airline's founder to oust him.

France's Total entering Spain's electricity market through the purchase of assets from Portugal's EDP shows how competition is increasing in the country, the Chief Executive of utility Naturgy said on Tuesday.