Wall Street Gains as Washington’s Rescue Deal Inches Forward: Live Updates

March 25, 2020
Business

Here’s what else is happening:

BuzzFeed chief executive Jonah Peretti told employees Wednesday that their salaries would be reduced by up to 13 percent (and up to 25 percent for executives) in April and May in order to avoid layoffs. BuzzFeed is the first major digital news outlet to institute cutbacks in response to the pandemic-induced economic headwinds that have already swept across other sectors of the news industry.
Ford Motor said on Wednesday that it would keep its North American plants closed beyond March 30, the day it had previously hoped to restart production. BMW also said it would idle its factory in Spartanburg, S.C., on Sunday, five days sooner that is had previously planned, and keep it shut through at least April 12. And Volvo said it would close a plant in Ridgeville, S.C., from Thursday until at least April 14.
Gap said it would help source masks and protective gowns from its vendors for California hospitals. Canada Goose said it would reopen two manufacturing facilities to produce scrubs and patient gowns for health care workers and patients in Canada.

Reporting was contributed by Ben Casselman, Patricia Cohen, Niraj Chokshi, Jim Tankersley, Alan Rappeport, Alexandra Stevenson, David Gelles, Julie Creswell, David Yaffe-Bellany, David Enrich, Rachel Abrams, Steven Kurutz, Eduardo Porter, Clifford Krauss, Michael M. Grynbaum, Edmund Lee, Sapna Maheshwari, Brian X. Chen, Neal E. Boudette, Elaine Yu, Daniel Victor, Jason Karaian, Kevin Granville and Carlos Tejada.

Article source: https://www.nytimes.com/2020/03/25/business/stock-market-corona.html