Business

Thursday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Thursday’s business headlines.

Oil prices

Oil prices slumped as investors stared down a larger-than-expected jump in U.S. crude inventories and surging COVID-19 cases counts in several states.

A second wave of coronavirus cases threatens to halt travel activity and stifle demand rebound.

Bayer

Bayer will pay up to $10 billion to settle tens of thousands of lawsuits with U.S. plaintiffs alleging the company’s Roundup herbicide causes cancer.

Investors have long been waiting for a settlement to bring clarity over how much the litigation will cost Bayer, following its 2018 purchase of agricultural giant Monsanto.

Bayer didn’t admit to any wrongdoing as part of the settlement and continued to defend its decision to purchase Monsanto. The company will continue to sell Roundup.

Middle seats

The U.S. government may consider buying out every middle seat from commercial airlines until the COVID-19 pandemic subsides, the union representing American Airlines pilots said Wednesday.

The Allied Pilots Association’s proposal would amount to billions in subsidies every month but the union sees it saving jobs while ensuring social distancing.

Passing Zoom

Fastly has surpassed Zoon to become the best performer among tech companies since the coronavirus concerns starting roiling the economy.

Fastly’s technology helps consumers more rapidly view and retrieve digital content. Its customers include Shopify, Spotify and the messaging app Slack, whicare are all seeing usage spikes with so many people working remotely.

Fastly is up 222% during the pandemic, where Zoom is up 159%.

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