Stocks Rise as Oil Prices Rebound: Live Market Updates

April 22, 2020
Business

Catch up: Here’s what else is happening.

Kraft Heinz will continue to offer manufacturing employees a $100 bonus for the next two weeks, a company spokesman said on Wednesday. After two employees at a food production plant in Holland, Mich., tested positive for the coronavirus, Kraft Heinz closed the facility on Sunday for a deep cleaning and reopened it on Monday.
Delta Air Lines reported a loss of $607 million for the first three months of the year, its first quarterly loss in five years, as the travel industry started to collapse in the wake of the pandemic.
Rupert Murdoch’s Fox Corporation, the owner of Fox News and the Fox television network, announced pay cuts to its executive ranks that will affect 700 employees. Mr. Murdoch and his son, Lachlan, the company’s chief executive, will forgo their salaries through September, even though most of their compensation comes from stock awards and bonuses. Executives who report to Mr. Murdoch will see a 50 percent reduction in pay for the same period, and those working at the level of vice president will have their salaries reduced by 15 percent from May through July.
The French carmaker Renault plans to begin limited production at a plant outside Paris on Monday, joining carmakers like Volkswagen and Daimler that are gradually emerging from lockdown. Renault resumed production last week at factories in Portugal and Spain that make engines and gearboxes. Renault’s plant in Flins, about 25 miles west of Paris, will be the first vehicle assembly plant in France to reopen. Initially only about one-quarter of the work force will report for duty to reduce the risk of infection, a spokeswoman said.
General Motors said on Tuesday that it was shutting down its four-year-old car-sharing service, Maven, the latest such venture to close its doors. Maven, which allows customers to rent cars by the hour, has struggled to build a substantial following. It was forced to suspend services in March because of the coronavirus outbreak.

Reporting was contributed by Isabella Kwai, Stacy Cowley, Noam Scheiber, Sapna Maheshwari, David Yaffe-Bellany, Niraj Chokshi, Rick Gladstone, Keith Bradsher, Edmund Lee, Clifford Krauss, Vindu Goel, Kate Conger, Neal E. Boudette, Jack Ewing, Mohammed Hadi, Alan Rappeport, Carlos Tejada, Mike Ives, Katie Robertson and Kevin Granville.

Article source: https://www.nytimes.com/2020/04/22/business/stock-market-tracker-live-coronavirus.html