Exclusive: Macy’s taps Lazard to bolster finances as coronavirus saps sales – sources

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NEW YORK (Reuters) – Macy’s Inc (M.N) has hired investment bank Lazard Ltd (LAZ.N) to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.

FILE PHOTO: People wait to enter Macy’s Herald Square ahead of early opening for the Black Friday sales in Manhattan, New York City, U.S., November 28, 2019. REUTERS/Andrew Kelly

The move by Macy’s, the largest U.S. department store operator by sales, is a sign of

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White House looks to bolster small business lending program

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WASHINGTON (Reuters) – The White House hopes Congress will nearly double the size of its program to support ailing small businesses by the end of the week, as some of the nation’s largest lenders still sit on the sidelines and others remain unable to access the system.

FILE PHOTO: The U.S. Capitol Building as seen ahead of a vote on the coronavirus (COVID-19) relief bill on Capitol Hill in Washington, U.S., March 25, 2020. REUTERS/Tom Brenner

U.S. President Donald Trump said the administration will seek another $250 billion on top of the $350 billion of funds granted by Congress last

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Saudi wants cooperation to bolster oil, blames Russia for turmoil: Gulf source

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DUBAI (Reuters) – Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia’s opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters.

International crude prices have fallen over 50 percent to under $26 a barrel since March 6, when Saudi Arabia, de facto leader of the Organisation of Petroleum Exporting Countries, and non-OPEC producers led by Russia failed to agree on a joint supply policy in response to the precipitous fall in fuel demand caused by coronavirus pandemic.

U.S. President

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