The International Monetary Fund projects the world economy will shrink by 3% in 2020, compared with a contraction of 0.1% in 2009. (WSJ)
Global oil demand is expected to fall by a record 9.3 million barrels a day this year, the IEA said. (WSJ)
Iranian naval forces seized a Hong Kong-flagged tanker and redirected the vessel into Iranian waters before releasing it. (WSJ)
The biggest U.S. airlines reached a deal with the government on financial assistance aimed at preventing layoffs. (WSJ)
J.B. Hunt’s first-quarter profit fell 12.4% to $104.8 million and the freight carrier said coronavirus-related disruptions hit the carrier in March. (Dow Jones)
Renault will stop making gas-powered cars in China for domestic sale and wind up its joint venture with state-run Dongfeng Motor. (WSJ)
General Motors has started mass production of Ventec Life Systems ventilators for the federal government. (WSJ)
Johnson & Johnson lowered its forecast for 2020 revenue but expressed optimism for a recovery later this year. (WSJ)
Fastenal’s first-quarter profit rose 3.3% but the industrial parts supplier says sales slowed sharply in the second half of March. (WSJ)
Kroger and a union representing its supermarket employees want the workers temporarily designated as first responders to the coronavirus pandemic. (WSJ)
Companies surveyed by PricewaterhouseCoopers expect to strengthen scrutiny of suppliers' financial health and sourcing as a result of coronavirus disruptions. (Supply Chain Dive)
Cleveland-Cliffs is suspending production at two iron ore mining operations in Minnesota and Michigan. (Industry Week)
Amazon appears to be going ahead with the launch of its European cargo airline. (Lloyd’s Loading List)
A survey shows U.S. trucking companies are furloughing workers in larger numbers this month as business falls. (Commercial Carrier Journal)
FedEx’s less-than-truckload Freight unit is furloughing “a small number” of employees because of a decline in volume. (Daily Memphian)
U.S. denim apparel imports from China fell 63% in the first two months of the year. (Sourcing Journal)
Yankee Candle closed its Deerfield, Mass., distribution and warehouse operations after the state said it was not an essential operation. (MassLive)
Discount retailer Burlington Stores furloughed nearly all of its store and distribution center employees. (MarketWatch)
Indonesia startup Kargo raised $31 million to back expansion of its load-matching business for freight brokers. (TechCrunch)
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