Business News

U.S. Federal Reserve policymakers on Wednesday will publish their first economic projections since the coronavirus pandemic set off a recession in February, estimates expected to signal a collapse in output this year and near-zero interest rates for the next few years.

Boeing Co deliveries slowed even further in May from April as the coronavirus pandemic's crushing impact on airlines added to a year of crisis following the grounding of its 737 MAX planes, company data showed on Tuesday.

Gilead Sciences Inc's antiviral drug remdesivir prevented lung disease in macaque monkeys infected with the new coronavirus, according to a study published in the journal Nature on Tuesday.

Layoffs in the United States fell in April, but remained the second highest on record, while hiring hit an all-time low, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May.

Volkswagen CEO Herbert Diess has apologised to the carmaker's supervisory board after accusing some of its members of leaking confidential information to the press.

Glass maker Corning Inc said on Tuesday it would receive $204 million from the U.S. government to boost the manufacturing capacity of its vials that will be used to store coronavirus vaccines and treatments.

* Board says apology accepted, continues to back CEO (Adds detail about deliberations about racist advert)

Glass maker Corning Inc said on Tuesday it would receive $204 million from the U.S. government to boost the manufacturing capacity of its vials that will be used to store coronavirus vaccines and treatments.

Short-term asset price moves such as the recent rebound across markets will not influence Brazilian monetary policy, central bank director Fabio Kanczuk said on Tuesday, but policymakers are watching how the exchange rate and commodities feed into inflation expectations.

Chicago wheat, corn and soybean futures fell on Tuesday, giving back some gains from recent rallies as the U.S. Department of Agriculture gave an assessment of crop conditions that analysts viewed as favorable.

Barclays has dismissed as "distorted and exaggerated" legal arguments by financier Amanda Staveley, who is claiming up to 1.5 billion pounds in damages for alleged deceit over a financial crisis-era fundraising in a high-profile London trial.

Goldman Sachs is closing its easy access savings business to new customers in Britain from Wednesday after deposits surged near to regulatory limits during the coronavirus lockdown.

Oil prices were little changed on Tuesday, as traders said concerns about a resurgence in coronavirus cases offset recent commitments from major oil producers to curb production.

* World Bank sees global output shrinking by 5.2% in 2020 (Updates to market close)

Macy's Inc warned on Tuesday its business was not likely to return to normal until late next year, even as it saw better-than-expected sales from stores reopening after COVID-19 lockdowns were lifted across the United States.

Warehousing specialist Segro on Tuesday said it would raise about 650 million pounds ($827.58 million) through private share placement to fund its expansion across the United Kingdom and continental Europe.

Mexican President Andres Manuel Lopez Obrador said on Tuesday some Canadian mining firms are not up-to-date on their tax payments and urged them to resolve the matter.

GlaxoSmithKline (GSK) has started a trial in the United States to test an experimental rheumatoid arthritis drug on patients suffering from pneumonia caused by COVID-19, the British drugmaker said on Tuesday.

U.S. luxury jeweler Tiffany & Co , which is being bought by France's LVMH for $16 billion, said on Tuesday it had amended some of its debt agreements to gain more financial leeway amid the coronavirus pandemic after its quarterly sales sank 44%.

* Macy's gains as reopened stores perform better than expected