Business

Politico reports: Asia’s richest man announced his intention on Friday to ship 500,000 testing kits and 1 million masks to the U.S. in an effort to combat the coronavirus pandemic. Jack Ma’s charitable foundation and his China-based company’s foundation, the Alibaba Foundation, have also sourced and donated supplies to other countries being hit by the virus, including Japan, Korea, Italy, …

Axios reports: Delta Airlines will reduce its flight capacity by 40% for the next four months due to the novel coronavirus pandemic, a dramatic increase from the original 15% reduction, CNBC reports. The airline industry has had to curb flights as it grapples with lack of demand, as Americans are advised to avoid nonessential travel. CNBC notes Delta is seeing …

Reuters reports: The U.S. Department of Defense (DoD) is seeking court permission to reconsider certain aspects of its decision to award a $10 billion cloud computing contract to Microsoft Corp, court filings showed on Thursday. A U.S. judge last month granted Amazon.com Inc’s request to temporarily halt the DoD and Microsoft from moving forward with the deal, which Amazon had …

The New York Post reports: Telecharge, the service that bills itself as the official ticketing site for Broadway and Off-Broadway, will automatically refund Broadway tickets purchased for performances between today and April 12. The tickets will be refunded back to purchasers’ credit cards. Rival service Ticketmaster posted notices on its website for some Broadway shows indicating that internet and phone …

The Orlando Sentinel reports: Throughout its nearly 50-year history, Walt Disney World has closed briefly because of looming hurricanes and the 9/11 terrorist attacks, but late Thursday, the company announced it will shut down for nearly two weeks starting Sunday because of the coronavirus pandemic — an unprecedented move. The announcement had a sweeping effect. About 30 minutes after Disney …

The Hollywood Reporter reports: Disneyland will shutdown operations due to the coronavirus outbreak, the Walt Disney Co. announced Thursday. The closure takes effect March 14. The drastic move comes on the heels of more cases of the deadly virus being reported. “While there have been no reported cases of COVID-19 at Disneyland Resort, after carefully reviewing the guidelines of the …

The Hill reports: New York Stock Exchange (NYSE) officials are preparing for the possibility of closing the trading floor and conducting all business electronically in response to the growing coronavirus outbreak. In a statement to The Wall Street Journal, NYSE officials cautioned that they were taking steps to avoid having to make such a decision, but were prepared to do …

Investor’s Business Daily reports: The Dow Jones Industrial Average pared a 2,000+ point intraday loss by half after the Federal Reserve announced additional stimulus measures to combat a spreading coronavirus outbreak in the U.S. But it didn’t take long for sellers to come back into the stock market. On the NYSE, declining stocks swamped advancers by more than 35-to-1. Nasdaq …

NBC News reports: The Dow Jones Industrial Average fell by 1,700 points Thursday morning after President Donald Trump’s long-awaited response to the coronavirus epidemic triggered a massive sell-off on Wall Street. All three major averages sank after Trump’s Oval Office address Wednesday night failed to satisfy traders who were hoping for more concrete steps to staunch any economic slowdown from …

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 …