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Updated: 56 min 32 sec ago

LATAM Airlines suspends Argentina operations, blaming COVID-19 and government

Wed, 06/17/2020 - 2:09pm
LATAM Airlines Group said on Wednesday its Argentine subsidiary will cease operations indefinitely, canceling all domestic flights, its first major cutback since filing for bankruptcy protection.

U.S. lawmaker says seeking bipartisan legislation on airline mask rules

Wed, 06/17/2020 - 1:32pm
A U.S. senator said on Wednesday he was hoping for bipartisan support in Congress for mandatory rules on masks for air travel after the head of the Federal Aviation Administration again resisted calls for a mandate.

Oil slips as fresh COVID-19 outbreaks face draw in U.S. fuel stocks

Wed, 06/17/2020 - 1:28pm
Oil prices edged lower on Wednesday as a drawdown in U.S. distillate stockpiles for the first time since March and a sharp drop in U.S. crude production faced concerns over fuel demand due to fresh outbreaks of COVID-19.

S&P 500, Dow muted as rising COVID-19 cases dent recovery hopes

Wed, 06/17/2020 - 1:25pm
The S&P 500 and the Dow edged higher in choppy trading on Wednesday as hopes of a swift recovery from a coronavirus-driven downturn were dented by fears of a record rise in coronavirus cases in six U.S. states.

PepsiCo to drop Aunt Jemima name, criticized for racist history; Uncle Ben's under review

Wed, 06/17/2020 - 1:18pm
PepsiCo Inc will change the name and brand image of its Aunt Jemima pancake mix and syrup, it said on Wednesday, dropping a mascot that has been criticized for a racist history.

U.S. Justice Department proposes rolling back protections for big tech

Wed, 06/17/2020 - 1:01pm
The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections that big tech platforms like Alphabet's Google and Facebook have had for decades, a senior official said, following through on U.S. President Donald Trump's bid to crack down on tech giants.

LATAM Airlines to suspend operations in Argentina indefinitely

Wed, 06/17/2020 - 1:00pm
LATAM Airlines Group on Wednesday said it will cease operations at its Argentine subsidiary "indefinitely," its first major cutback since Latin America's largest airline filed for bankruptcy protection last month.

U.S. homebuilding rises moderately; jump in permits hints at green shoots

Wed, 06/17/2020 - 12:41pm
U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.

Stocks seesaw as rising coronavirus cases offset recovery hopes

Wed, 06/17/2020 - 12:36pm
Equity markets around the world seesawed on Wednesday as the prior day's rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.

FAA chief acknowledges agency, Boeing made mistakes on 737 MAX

Wed, 06/17/2020 - 12:32pm
Federal Aviation Administration chief Steve Dickson acknowledged on Wednesday that Boeing and the U.S. air safety agency both made mistakes in the development of the 737 MAX jetliner, grounded for more than a year following fatal crashes.

Powell repeats Fed to use full range of tools to aid economy

Wed, 06/17/2020 - 12:29pm
With a full U.S. economic recovery out of reach until the coronavirus pandemic is brought to heel, the Federal Reserve will use its "full range of tools" to cushion households and businesses, Fed Chair Jerome Powell told lawmakers on Wednesday.

Exclusive: Who's in charge at Nissan? COO's allies push to give him shared CEO role – sources

Wed, 06/17/2020 - 12:23pm
Nissan's chief operating officer Ashwani Gupta helped engineer the troubled automaker's latest turnaround plan. Now his allies are pressing the board to promote him to co-CEO to drive the new strategy, said four people with direct knowledge.

Insider-trading investigation against U.S. senator dismissed

Wed, 06/17/2020 - 12:19pm
The U.S. Senate Ethics Committee has cleared Senator Kelly Loeffler of wrongdoing in connection with stock trades, her office said on Wednesday, after the wealthy Republican - who is in a tough election race - was criticized over share sales during the coronavirus outbreak.

U.S. shale companies to boost oil output by 500,000 bpd by month-end

Wed, 06/17/2020 - 12:10pm
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices.

U.S. SEC has problems with car rental firm Hertz selling new shares: CNBC

Wed, 06/17/2020 - 11:51am
The U.S. Securities and Exchange Commission (SEC) has told bankrupt Hertz Global Holdings Inc it has issues with the car rental firm's plan to sell new shares, the agency's Chairman Jay Clayton told CNBC television on Wednesday.

U.S. Justice Department to propose rolling back protections for big tech

Wed, 06/17/2020 - 11:48am
The U.S. Justice Department will propose legislation as soon as Wednesday to try to remove protections that big tech platforms like Alphabet's Google and Facebook have had for decades, a department official said on Wednesday, speaking on condition of anonymity.

Oil falls as coronavirus cases pick up in China, U.S

Wed, 06/17/2020 - 11:44am
Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after U.S. stocks of diesel fuel fell for the first time in weeks and U.S. oil production dropped sharply.

Dollar rises as investors take refuge ahead of Fed

Wed, 06/17/2020 - 11:43am
The U.S. dollar rose from early lows on Wednesday as investors wary of wider geopolitical risks sought its relative safe haven ahead of midday remarks by Federal Reserve Chair Jerome Powell.

S&P 500, Dow flat after three-day rally

Wed, 06/17/2020 - 11:40am
The S&P 500 and the Dow were largely flat on Wednesday as a record rise in coronavirus cases in six U.S. states dented sentiment following a three-day rally on hopes of a swift recovery from a coronavirus-driven downturn.

United Airlines sweetens exit deal for flight attendants, others

Wed, 06/17/2020 - 11:13am
United Airlines sweetened on Tuesday a voluntary exit package for frontline employees like flight attendants and gate agents, saying it needed "a lot more people to sign up" to avoid involuntary layoffs in October, according to a staff email seen by Reuters.

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