Business

American Airlines backs calls to extend billions in federal aid through March

A member of a ground crew walks past American Airlines planes parked at the gate during the coronavirus disease (COVID-19) outbreak at Ronald Reagan National Airport in Washington, April 5, 2020. Joshua Roberts | ReutersAmerican Airlines' top executives on Wednesday backed efforts to extend billions in federal aid to protect aviation jobs through March as the pandemic's impact on travel threatens tens of thousands of positions. Some $32 billion in federal aid was set aside to protect jobs in the U.S. airline industry, and it prohibited employers from cutting positions through Sept. 30 under the CARES Act relief package that lawmakers passed in March. But with that deadline looming and a surge in U.S. coronavirus cases hurting a nascent recovery in travel demand, some lawmakers and la...

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Business

American Airlines warns 25,000 employees about potential job cuts as coronavirus continues to sap demand

An airline employee walks past empty American Airlines check-in terminals at Ronald Reagan Washington National Airport in Arlington, Virginia, on May 12, 2020. ANDREW CABALLERO-REYNOLDSAmerican Airlines on Wednesday warned about 25,000 front-line employees — roughly 29% of its U.S. mainline workforce — that they could be furloughed this fall, the latest carrier to prepare staff for job cuts as surges in coronavirus cases dash hopes for a quick rebound in travel demand. The airline also urged employees to take new extended leaves that can last up to two years or early retirement packages to get as many people off payroll as possible before having to involuntarily cut their jobs.  American's revenue in June was down more than 80% than a year ago, CEO Doug Parker and President Robert Is...

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Business

Dr. Anthony Fauci says he hasn’t thought about resigning despite White House criticism

National Institute of Allergy and Infectious Diseases Director Anthony Fauci attends the daily coronavirus briefing in the Brady Press Briefing Room at the White House on April 09, 2020 in Washington, DC. U.S. unemployment claims have approached 17 million over the past three weeks amid the COVID-19 pandemic. Alex Wong | Getty ImagesWhite House coronavirus advisor Dr. Anthony Fauci said he hasn't thought about resigning despite criticism in recent days from President Donald Trump and other administration officials about his response to the coronavirus pandemic.  Fauci, director of the National Institute of Allergy and Infectious Disease, said he told the White House he found it "bizarre" and thought the administration made a "big mistake," but his job is too critical to quit now, acco...

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Business

J.C. Penney gets more time from lenders in push for survival

An empty parking lot is seen outside a closed JC Penney Co. store in Mt. Juliet, Tennessee, on Thursday, April 16, 2020. Luke Sharrett | Bloomberg | Getty ImagesJ.C. Penney has a little bit more breathing room.  The retailer on Tuesday confirmed in a court filing it had struck a deal with its lenders to push back a key deadline originally imposed on it as part of its bankruptcy financing. According to the terms of its debtor-in-possession financing agreement, it had to submit a business plan to its lenders by July 8 and get two-thirds of them on board by July 15. If it missed those deadlines, it would have had to begin the process of selling off its assets.  Now, after confidentially submitting its business plans on time, J.C. Penney has until July 31 to review them with its lenders...

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Business

Walmart will require customers to wear masks at its stores

Joel Porro and Lizz Hernandez wear gloves and protective masks as they put bags in the trunk of their car after shopping at Walmart Supercenter as the coronavirus pandemic continues on Sunday, March 5, 2020 in Miami. David Santiago | Miami Herald | Tribune News Service via Getty ImagesWalmart and Sam's Club customers will soon be required to put on a mask or face covering before shopping in stores.  The big-box retailer announced the new policy Wednesday and said it will take effect July 20. It said the majority of its approximately 5,000 stores and clubs  — about 65% — are in areas where there's already some kind of government requirement for face coverings. With the new policy, Walmart joins a growing list of retailers that require masks inside of stores. Best Buy started requiring...

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Business

U.S. reports record 67,400 single-day spike of new coronavirus cases

Emergency Medical Technicians (EMT) lift a patient that was identified to have coronavirus disease (COVID-19) into an ambulance while wearing protective gear, as the outbreak of coronavirus disease (COVID-19) continues, in New York City, New York, U.S., March 26, 2020. Stefan Jeremiah | ReutersThe United States reported 67,417 new cases of the coronavirus on Tuesday, setting yet another fresh record for new cases reported in a single day, according to data collected by Johns Hopkins University.  Cases in the U.S. keep climbing, averaging about 62,210 new cases per day over the past seven days — more than triple the number just a month ago and up more than 21% compared with the seven-day average a week ago, according to a CNBC analysis of the data from Hopkins.  Texas, California and ...

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Trump says U.S. would have half the number of coronavirus cases if it did half the testing

US President Donald Trump delivers a press conference in the Rose Garden of the White House in Washington, DC, on July 14, 2020. Jim Watson | AFP | Getty ImagesPresident Donald Trump insisted again Tuesday that the U.S. would have fewer coronavirus cases if it conducted less testing — even as outbreaks continue to surge across the nation and deaths begin to pick up pace.  "Think of this, if we didn't do testing, instead of testing over 40 million people, if we did half the testing we would have half the cases," Trump said at a press conference at the White House. "If we did another, you cut that in half, we would have, yet again, half of that. But the headlines are always testing."  Trump said that while coronavirus testing "is a good thing," it has also served as "fodder for the fa...

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Business

Moderna says its coronavirus vaccine trial produced ‘robust’ immune response in all patients

The vaccine by Cambridge, Massachusetts-based Moderna Inc., generated antibodies similar to those seen in people who have recovered from COVID-19 in a study volunteers who were given either a low or medium dose. Ted S. Warren | APModerna's potential vaccine to prevent Covid-19 produced a "robust" immune response in all 45 patients in its early stage human trial, providing more promising data that the vaccine may give some protection against the coronavirus, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine. All 45 patients produced neutralizing antibodies, which scientists believe are important for gaining protection against the virus. In the trial, each participant received a 25, 100 or 250 microgram dose, with 15 people i...

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