Rolls-Royce considering cutting up to 15% of its workforce: source

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FILE PHOTO: An Airbus A350 is pictured with a Rolls-Royce logo at the Airbus headquarters in Toulouse, France December 4, 2014. REUTERS/ Regis Duvignau

(Reuters) – British aero-engine maker Rolls-Royce Holdings Plc (RR.L) is considering cutting up to 15% of its workforce, a source close to the company told Reuters, with its customers cutting production and airlines parking planes due to the coronavirus pandemic.

The size of layoffs has been mentioned internally by senior management but is by no means finalised, and there is a lot of negotiation still to be done, the source added.

The company’s engines

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Exxon, Chevron slam brakes on shale as oil demand tumbles

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HOUSTON (Reuters) – Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand.

Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world’s top oil producer and a net exporter for the first time in decades. They each announced global shut-ins of up to 400,000 barrels per day (bpd) this quarter due to lockdowns to

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For Fed Chair Powell, March was pure madness as coronavirus response intensified

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SAN FRANCISCO/WASHINGTON (Reuters) – A half-hour staff meeting in a secure location.

FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque

A 40-minute consultation with an infectious disease specialist.

Multiple days of “unscheduled telephone calls from home with staff and other government officials,” including Saturdays and Sundays.

These are just a few of the items on Fed Chair Jerome Powell’s March calendar,

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Uber must face lawsuit claiming it stifled competition, drove out rival Sidecar

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FILE PHOTO: A passenger enters an Uber car in New York City, New York, U.S., December 6, 2019. REUTERS/Jefferson Siegel

(Reuters) – Uber Technologies Inc was ordered by a U.S. judge on Friday to face a lawsuit claiming its illegal predatory pricing and other anticompetitive practices stifled competition, and drove rival Sidecar Technologies Inc out of business.

Chief Magistrate Judge Joseph Spero of the federal court in San Francisco said SC Innovations, the successor to Sidecar, could try to prove that Uber tried to monopolize the ride-sharing business, by crowding out smaller rivals including Lyft Inc or making it harder

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