Business

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 …

The Verge reports: Apple has tentatively agreed to a $500 million settlement after admitting to slowing down older phones. The deal would provide small payouts for many iPhone owners in the US, plus greater compensation for named class members and attorneys. It covers people who bought any product in the iPhone 6 and 7 lineup — which Apple secretly throttled …

CNBC reports: Stocks rose sharply in volatile trading on Monday, clawing back out of correction territory and regaining a big chunk of their losses from Wall Street’s worst week since 2008. The Dow Jones Industrial Average closed 1,293 points higher, or 5.1%. The S&P 500 and the Nasdaq Composite climbed 4.6% and 4.5%, respectively. Those gains snapped seven-day losing streaks …

The New York Times reports: Stocks tumbled for a seventh consecutive day on Friday, with the S&P 500 index falling about 0.8 percent, bringing its loss for the week to more than 11 percent. It was the worst weekly decline for stocks since the 2008 financial crisis. In early October that year, the S&P 500 fell about 18 percent. The …

NBC News reports: The stock market cratered again on Friday, marking the seventh day of a massive sell-off sparked by rising fears about the coronavirus epidemic. The Dow Jones Industrial Average plunged by 1000 points at the opening bell, with the S&P 500 and the Nasdaq each falling by 3 percent. The meltdown comes as traders appear to lose any …

MarketWatch reports: Investors’ growing fears about virus outbreak sends Dow Jones Industrial Average down about 1,200 points. At last check, the decline would rank within the top 20 for the Dow’s steepest weekly selloffs, with a drop of 9.18%, according to FactSet data. The worst week for the Dow was the 18.15% drop during the period ended Oct. 10, 2008, …

Investor’s Business Daily reports: The Dow Jones fell another 878 points on Tuesday, after Monday’s 1,000-plus point drop. Stocks continued to sell off in heavy volume. Visa and UnitedHealth were among the worst Dow performers. As the coronavirus is remains uncontained, its effects continue to infect the stock market while investors weigh the potential damage on the global economy. As …

MarketWatch reports: US markets continue to plunge on reports of increasing numbers of cases of the Coronavirus being identified outside China. The Dow Jones dropped by more than 1,000 points (3.7 percent) on Monday, while the S&P 500 dropped 3.5 percent and the Nasdaq index lost as much as 4 percent. Investors are increasingly worried about the economic impact of …

The New York Daily News reports: Wells Fargo will pay $3 billion to settle investigations into its long-running scam that had company employees opening millions of bogus bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal was revealed in 2016, the San Francisco-based bank has paid out billions in fines to state and federal regulators, reshuffled …

USA Today reports: At Shabu House in Houston’s Chinatown, Asian comfort food is on the menu, including hot pots of steaming soup filled with the customer’s choice of meat and vegetables. Since the coronavirus began to grab headlines, the restaurant has been at least half-empty. And Shabu House is not alone. “Pretty much all the restaurants in our entire shopping …

Bloomberg reports: Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under too much debt. The Fort Worth, Texas-based retailer is in talks with multiple potential buyers, according to a statement Monday. Pier 1 also reiterated a plan to …

The Washington Post reports: Facebook announced Friday that it would cancel a summit it had planned to hold at San Francisco’s Moscone Center in March. “Out of an abundance of caution, we canceled our Global Marketing Summit due to evolving public health risks related to coronavirus,” Anthony Harrison, a Facebook spokesman, said. The annual event brings together Facebook employees from …

Axios reports: Delta Airlines is spending $1 billion over the next decade to essentially cancel out all of its future greenhouse gas emissions beginning March 1, the company announced Friday. The big picture: Delta is the world’s biggest airline by revenue, and this news is the latest in a rapidly growing trend of corporations announcing climate-change goals in response to …

McClatchy reports on itself: McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism. The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined …

The Wall Street Journal reports: Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls. The company is also cutting about 2000 corporate jobs and closing several offices. It will abandon a dual national headquarters location …

Courthouse News reports: Under a settlement approved by a federal judge, Chipotle will pay consumers $6.5 million to settle claims that it ran a misleading ad campaign pledging to serve only non-GMO food. Through ads using phrases such as “G-M-Over It,” the fast food chain touted itself as the first in the United States to use only ingredients derived from …