Business News

* Plan aims for carbon neutral airplane by 2035 (Recasts, adds details)

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

Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Macy's Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.

Ian Taylor, who built Vitol into the world's biggest oil trader, has died from pneumonia at the age of 64, the company said on Tuesday, after surviving bouts of cancer and a stroke last year.

U.S. luxury jeweler Tiffany & Co said on Tuesday it had amended certain of its debt agreements in order to have sufficient liquidity to navigate the coronavirus outbreak as it posted a 43% slump in quarterly sales.

U.S. stock index futures dropped on Tuesday, giving back some gains after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve's two-day policy meeting.

S&P Global Ratings on Tuesday lowered its outlook on Japan's sovereign debt rating to stable from positive, citing increased uncertainty over the country's fiscal health as it boosts spending to overcome the effects of the coronavirus pandemic.

HSBC said on Tuesday that it had lowered its year-end forecast on 10-year British government bond yields to 0%, given a small probability of negative interest rates and a sense that rates will stay low for a long period.

Thai Airways has asked German and Swiss courts to protect its planes, deposit accounts and other assets overseas from creditors, a government spokeswoman said.

U.S. luxury jeweler Tiffany & Co said on Tuesday it had received antitrust clearances from Mexican and Russian authorities to go ahead with its $16.2-billion purchase by French giant LVMH.

U.S. stock index futures dropped on Tuesday, giving back some gains after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve's two-day policy meeting.

While some potential vaccines have emerged in the global race to find a way to stop the spread of COVID-19, many scientists and researchers believe antibody based therapies hold great promise for treating people already infected with the disease.

Bon Appetit's editor-in-chief, Adam Rapoport, resigned late Monday after a 16-year-old picture of him with brownface resurfaced online and drew harsh criticism, coupled with a subsequent claim of discriminatory pay at the Conde Nast-owned U.S. food magazine by a staff editor.

HSBC said on Tuesday that it had lowered its year-end forecast on 10-year British government bond yields to 0%, given a small probability of negative interest rates and a sense that rates will stay low for a long period.

Volkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed chief operating officer Ralf Brandstaetter to lead cost cutting efforts at the company's largest plants in Germany.

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

The following are the top stories from selected Canadian newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

Hong Kong will lead a $5 billion rescue of Cathay Pacific Airways , which like other airlines has been hit by a global travel slump triggered by the coronavirus pandemic.

Gilead Sciences Inc's antiviral drug, remdesivir, prevented lung disease in macaques infected with the new coronavirus, a study published in medical journal Nature said on Tuesday.