Business

Cruise Industry News reports: Princess Cruises announced will temporarily and voluntarily pause all ship operations for 60 days, calling it a proactive response to the unpredictable circumstances evolving from the global spread of COVID-19 and in an abundance of caution. The company will voluntarily pause global operations of its 18 cruise ships for two months (60 days), impacting voyages departing …

ABC News reports: Modell’s Sporting Goods, the century-old family-owned sporting goods chain, has filed for Chapter 11 bankruptcy and will be closing its remaining 115 stores. It becomes the latest traditional retailer to succumb to a fast-changing environment. In recent years Payless ShoeSource Corp., Toys R Us and children’s chain Gymboree have filed for Chapter 11 reorganization or liquidated their …

Investor’s Daily reports: The Dow Jones Industrial Average dropped more than 5.2% to retrace all of Tuesday’s rebound and more in the stock market today. At the day’s low of 23,606, the Dow industrials also fell 20.2% below its 29,568 peak to meet the textbook definition of a bear market-level decline. Among the biggest losers on the 30-stock Dow industrials, …

Business Insider reports: Google is recommending that all of its tens of thousands of North American employees work from home, its latest move to try and protect its employees from the growing coronavirus outbreak. On Tuesday, the Silicon Valley-based search giant sent out a memo to its workforce informing that it was now changing its policies to recommend all workers …

CBS Las Vegas reports: GM Resorts International says they will be temporarily closing their buffets at ARIA, Bellagio, MGM Grand, Mandalay Bay, The Mirage, Luxor and Excalibur amid coronavirus concerns. The changes will go into effect on Sunday, March 15, according to their Public Relations department. The closures are temporary and MGM says it will be evaluated on a weekly …

The Associated Press reports: Coronavirus fears and a crash in oil prices sent a shudder through financial markets Monday, with stocks plummeting so fast on Wall Street that they triggered the first automatic halt in trading in over two decades. The Dow Jones Industrial Average plunged more than 2,000 points at one point during the day, or nearly 8 percent, …

Reuters reports: Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed. Despite sliding demand for crude due to the coronavirus, Riyadh made plans …

USA Today reports: U.S. stock futures and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession. Dow futures tumbled 1,255 points while Standard & Poor’s 500 futures sank 4.9%. Futures contracts hit a 5% daily down limit on Sunday evening, triggering a halt in trading. On Monday, the …

The New York Times reports: Wells Fargo’s chairwoman, Elizabeth A. Duke, has resigned, the bank announced on Monday, bowing to pressure from Washington ahead of what is likely to be another round of grilling from Congress over its history of deceptive consumer practices. Ms. Duke, who is known as Betsy, resigned on Sunday. She had been the bank’s chairwoman since …

The Insider reports: Airlines have wasted thousands of gallons of fuel running empty “ghost” flights during the coronavirus outbreak because of European rules saying operators can lose their flight slots if they keep their planes on the ground. Demand for flights has collapsed across the globe. Under Europe’s rules, airlines operating out of the continent must continue to run 80% …

CNN Business reports: Rationing supplies. Overwhelmed delivery workers. Toilet paper protected by security guards. This is the new reality for some retailers that are having to take drastic action to limit the number of toilet paper rolls, face masks and hand sanitizer bottles each person can buy as customers stockpile goods over fears of the novel coronavirus outbreak. The epidemic …

The Hill reports: The U.S. added 273,000 jobs in February, according to data released Friday by the Labor Department, blowing past expectations ahead of a feared coronavirus economic slump. The unemployment rate stayed roughly even at 3.5 percent while the labor force participation rate held steady at 63.4 percent. February’s job gain comes after an upwardly revised increase of 273,000 …

Reuters reports: Chinese gaming company Beijing Kunlun Tech Co Ltd said on Friday that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, for about $608.5 million. The deal comes after a U.S. government panel set a June 2020 deadline to sell the app. The panel, dubbed the Committee on Foreign Investment in …

Investor’s Daily reports: As the coronavirus upends more aspects of life in the United States, Wall Street’s only certainty is this: The uncertainty will continue. The Dow Jones industrial average closed down 969 points Thursday as investors fled stocks and headed for the safety of U.S. debt. The 3.6 percent skid canceled out most of Wednesday’s eye-popping rally, and was …

The Associated Press reports: The struggling British airline Flybe collapsed Thursday amid drops in demand caused by the new coronavirus, leaving passengers stranded and threatening the viability of regional airports across the country. Flybe’s fall highlights the damage that the virus outbreak has had on the airline industry, which has cut back on flights around the world as people avoid …

The Associated Press reports: The International Air Transport Association says the virus outbreak that began in China could cost airlines as much as $113 billion in lost revenue due to the collapse of air travel. Representatives of the airline industry group said Thursday after a working meeting in Singapore that the industry urgently needs help from governments in waiving some …

Reuters reports: Amazon.com Inc should stop third-party sellers from price gouging for items like Purell hand sanitizer as people seek to protect themselves from the coronavirus, U.S. Senator Edward Markey said in a letter to the online retailer on Wednesday. A box of small Purell bottles that usually sells for $10 was listed online for $400, he said. One third-party …

CNBC reports: United Airlines announced deep cuts to its schedule next month amid the global coronavirus outbreak and slowing demand. The airline will cut international flights by 20% and domestic flights by 10%. Some wide-body planes will be parked, the company said Wednesday. United shares fell after its announcement but later recovered from the lows of the day, and were …

ABC News reports: Stocks surged on Wednesday as major victories from former Vice President Joe Biden during Super Tuesday sparked a massive rally within the health-care sector. The Dow Jones Industrial Average soared 1,173.45 points higher, or 4.5%, to 27,090.86. The S&P 500 jumped 4.2% to 3,130.12, while the Nasdaq Composite advanced 3.8% to 9,018.09. The Dow posted its second-highest …

NBC News reports: The Federal Reserve’s historic, emergency rate cut was not enough to assuage Wall Street on Tuesday, with the Dow Jones Industrial Average plunging wildly to end the day down by almost 800 points. Nervous traders loaded up all day on “safe haven” assets such as gold and Treasury notes — pushing yields to record levels — amid …