LJUBLJANA (Reuters) – China’s household appliances maker Hisense (000921.SZ) plans to start producing TV sets in Slovenia in January 2021, creating about 350 jobs in the country, Hisense said on Monday. Production would be approximately 1.5 million TV sets in ... More »
FRANKFURT/BERLIN (Reuters) – Germany will take a stake in unlisted biotech firm CureVac, which is working on a COVID-19 vaccine, Economy Minister Peter Altmaier said on Monday, confirming an earlier Reuters report. The Berlin government will acquire a 23% stak... More »
(Reuters) – General Electric Co (GE.N) on Monday tapped the planemaking head of Brazil’s Embraer (EMBR3.SA) to run its key aircraft engines division on Monday, as the global aviation industry grapples with disruption caused by the COVID-19 pandemic. Irishman J... More »
BUDAPEST (Reuters) – Hungary is ready to give financial support to Audi (NSUG.DE) to help its manufacturing plant in the country run at full operating capacity, Prime Minister Viktor Orban was reported as saying on Monday as he visited the site. Orban said Aud... More »
(Reuters) – Walmart Inc (WMT.N) has partnered with Canadian e-commerce firm Shopify Inc (SHOP.TO) (SHOP.N), as the world’s biggest brick-and-mortar retailer ramps up its efforts to capture a bigger slice of the coronavirus-driven surge in online shopping. U.S.... More »
CHICAGO (Reuters) – United Airlines (UAL.O) said on Monday it is pledging its MileagePlus frequent flyer program for a new $5 billion loan aimed at further buffering its liquidity, even as its cash burn rate slows thanks to a steady improvement in demand. So f... More »
BEIJING (Reuters) – Delta Air Lines (DAL.N) has received approval from the Shanghai government to resume flights from June 18, a company spokeswoman said on Monday, paving the way for the carrier to resume services to China after months of suspension due to CO... More »
SAO PAULO (Reuters) – Passenger revenue at Latin America’s No. 2 airline, Avianca Holdings AVT_p.CN, has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken ... More »
CHICAGO (Reuters) – Employer retirement plans are not known for their flashy investments – a majority of 401(k) investors these days use target date funds that invest in broad, diversified equity and fixed income mutual funds that automatically rebalance to mi... More »
LONDON (Reuters) – British Airways will sell at least 10 works of art that normally hang in its executive lounges, a source said, turning to pieces by famous artists like Damien Hirst to raise millions of pounds to help it through the coronavirus pandemic. The... More »
NEW YORK, June 10 (Reuters) – U.S. money market fund assets decreased by $24.84 billion to $4.668 trillion in the week ended June 9, the Money Fund Report said on Wednesday. Taxable money market fund assets decreased by $24.31 billion to $4.534 trillion, while... More »
SYDNEY/HONG KONG (Reuters) – Hong Kong will lead a $5 billion rescue of Cathay Pacific Airways (0293.HK), which like other airlines has been hit by a global travel slump triggered by the coronavirus pandemic. The government’s involvement in the recapitalisatio... More »
LONDON (Reuters) – British businesses have borrowed nearly 35 billion pounds ($44 billion) under three emergency credit programmes for companies hit by the coronavirus crisis with demand strongest for a 100% state-backed scheme for the smallest firms. After a ... More »
BRUSSELS (Reuters) – Foreign state-backed or state-owned companies seeking to acquire European companies may be investigated to see if they are benefiting from unfair subsidies, EU antitrust chief Margrethe Vestager said on Tuesday. “They (foreign subsidies) c... More »
LONDON (Reuters) – Vitol’s former chief executive and chairman Ian Taylor has died at the age of 64 from cancer, according to an internal memo and four sources familiar the matter. Taylor joined Vitol [VITOLV.UL] in 1985 and became group President and CEO in 1... More »
LONDON (Reuters) – G7 government bonds? Check. Gold? Check. But that may not be enough as the coronavirus crisis accelerates a hunt for a wider pool of assets to better balance investment portfolios during stressful times. Corporate and Chinese government debt... More »
LONDON (Reuters) – Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. Brent crude was down 85 cents, or 2.1% to $39.95 a barrel by 0912 GMT.... More »
LONDON (Reuters) – The Australian dollar fell nearly 2% on Tuesday after China’s education ministry warned students to carefully consider studying there amid tension between the trading partners. The dollar found some footing, rising against tearaway commodity... More »
LONDON/LOS ANGELES (Reuters) – Chanel, Revlon and L’Oreal, three of the biggest brands in cosmetics, are quietly moving away from using talc in some products as U.S. cancer lawsuits and consumer concerns mount. Luxury beauty company Chanel has removed talc fro... More »
FRANKFURT (Reuters) – The European Central Bank is contemplating whether to extend a request to banks to hold off on dividend payments and share buybacks, and hopes to provide more clarity in July, Andrea Enria, its chief bank supervisor said on Tuesday. The E... More »
STOCKHOLM (Reuters) – Sweden’s economy looks like it has started to pick up after the impact of the novel coronavirus and measures to halt its spread, Finance Minister Magdalena Andersson said on Tuesday. “If you summarize, there are a number of indicators tha... More »
TOKYO (Reuters) – Japan and the United Kingdom agreed to start negotiations for a swift agreement on an economic partnership to secure business continuity for both nations, Japan’s foreign ministry said on Tuesday. Foreign Minister Toshimitsu Motegi welcomed i... More »
(Reuters) – S&P Global Ratings said it has revised Japan’s outlook to stable on increased uncertainty around debt stabilization. The ratings agency said stable outlook reflects its view that until fiscal 2023, relatively large fiscal deficits will continue in ... More »
(Reuters) – European shares fell on Tuesday as declines in cyclical stocks and UK’s British American Tobacco threw a spanner into a rally driven by optimism over a global recovery from the coronavirus crisis. The pan-European STOXX 600 index fell 1.3%, with eu... More »
BRUSSELS (Reuters) – A plunge in household spending and investment pulled down euro zone gross domestic product in the first quarter as the COVID-19 pandemic struck, but the fall was slightly smaller than first estimated, the European Union’s statistics office... More »
LONDON (Reuters) – Stock market bulls were forced to a halt on Tuesday and high-flying currencies like the euro and Australian dollar lost altitude, as a weeks-long risk rally ran into some turbulence. It all seemed so sudden. Asian equities had scored their n... More »
TOKYO (Reuters) – Japanese investors have clipped the wings of a resurgent U.S. dollar as they position for the likelihood that the U.S. Federal Reserve will take steps to flatten the Treasury yield curve. Ahead of the Fed’s two-day policy meeting that ends on... More »
LONDON (Reuters) – The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns due to the coronavirus pandemic. HIGHLIGHTS: ** ECB increases size o... More »
FRANKFURT (Reuters) – The European Central Bank expects the euro zone to suffer a deep recession this year, with losses only partly made up in 2021 as pandemic-related restrictions weigh on output for an extended period. In what ECB President Christine Lagarde... More »
(Reuters) – The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns to cope with the coronavirus pandemic. Following are highlights of ECB Pres... More »
PARIS (Reuters) – French government and industry officials are negotiating a 1-billion-euro, privately led investment fund for small aerospace suppliers in which major manufacturers could invest 200 million euros, people familiar with the proposals said on Wed... More »
(The author is editor-at-large for finance and markets at Reuters News. Any views expressed here are his own) By Mike Dolan LONDON (Reuters) – Many households have built up a stash of savings during the coronavirus lockdowns of the past three months — and how ... More »
LONDON (Reuters) – Euro zone manufacturers appear to have passed their nadir, a survey showed on Monday, but activity is still contracting sharply as government-imposed lockdowns due to the coronavirus pandemic keep demand in check. Many countries in the bloc ... More »
CHICAGO (Reuters) – The COVID-19 pandemic has put a bright spotlight on weaknesses in many of the systems designed to protect Americans from risks. But with older people more susceptible to serious illness and death from the virus, the problems in our Medicare... More »
BOSTON (Reuters) – William Ackman’s hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and... More »
NEW YORK (Reuters) – The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic. The euro EUR=EBS wa... More »
(Reuters) – Hedge fund Starboard Value LP is close to having eight directors elected to the board of GCP Applied Technologies Inc (GCP.N) at the chemical company’s annual meeting, people familiar with the matter said on Wednesday. While not all votes have been... More »
LONDON (Reuters) – The coronavirus crisis may have dealt a lethal blow to the idea that the euro could one day replace the dollar as the world’s preferred currency, by exposing euro zone frailties and cementing the U.S. Fed’s role as global lender of last reso... More »
BOSTON (Reuters) – Northern Trust Corp’s decision to liquidate a $1.8-billion prime money market fund was seen as an outlier event by industry analysts on Wednesday, but one that could portend more problems depending on how the economy fares. Money has rushed ... More »
(Reuters) – Human Interest, which helps small and medium-sized businesses set up 401K plans for employees, said on Wednesday it had extended its Series C funding round to $50 million due to more demand during the coronavirus crisis. The San Francisco-based sta... More »
WASHINGTON (Reuters) – A U.S. banking regulator announced on Wednesday it had finalized work on a long-running effort to change community lending standards for banks. The new rule from the Office of the Comptroller of the Currency (OCC) is an update to require... More »
BERLIN (Reuters) – Germany’s DIHK chambers of industry and commerce expect Europe’s largest economy to shrink at least 10% this year due to the coronavirus crisis, its president said on Tuesday, a much more pessimistic view than the government’s forecast. “Thi... More »
DUBAI (Reuters) – Abu Dhabi’s Etihad Airways has laid off hundreds of employees this month, including cabin crew, after the coronavirus pandemic forced it to ground flights, according to industry and company sources. The state-owned airline, which had 20,530 e... More »
TOKYO (Reuters) – Mitsubishi Motors Corp (7211.T) on Tuesday posted an 89% drop in annual operating profit in the year ended March as the Japanese automaker took a hit from falling vehicle sales as the coronavirus pandemic takes its toll on global demand for c... More »
FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp’s CEO on Tuesday said there were no taboos in plans to consolidate its steel unit, marking a break with tradition under which the business had been sacrosanct for centuries. “Nothing is off-limits anymore,” Martin... More »
MILAN (Reuters) – The auto industry represents a significant share of Italy’s economy and it is right to support those who create jobs, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler’s (FCHA.MI) request for state-backed loans. The I... More »
LONDON (Reuters) – Investors are bearish on stocks, especially riskier assets, and expect a slower economic recovery as the risk of a second wave of infections from the novel coronavirus persists, a BofA fund manager survey showed. World stocks have bounced ba... More »
BENGALURU (Reuters) – WeWork’s India franchise said on Tuesday it laid off 100 employees, or 20% of its workforce, as the office-sharing startup joins a slew of firms that are cutting costs and revamping operations as a prolonged nationwide lockdown to curb th... More »
BEIJING (Reuters) – U.S. electric vehicle maker Tesla Inc (TSLA.O) suffered a slump of 64% in car registrations in China in April on the month, data from auto consultancy LMC Automotive showed. Tesla’s China registrations, including imported cars, fell to 4,63... More »
SACRAMENTO, Calif. (Reuters) – Businesses in the San Francisco Bay Area may open for curbside retail and manufacturing, while fan-free professional sports events might be allowed as soon as June, as California continued to loosen coronavirus health restriction... More »
ZURICH (Reuters) – A spike in trading volumes boosted margins for wealth manager Julius Baer (BAER.S) in the first four months of the year, even though markets slid and a strong Swiss franc ate into assets under management. Baer attributed a 16% rise in gross ... More »
SHANGHAI (Reuters) – China is expected to stand pat on its benchmark lending rate on Wednesday, after the central bank kept medium-term funding cost for financial institutions steady last week, a Reuters survey of traders and analysts found. Thirty-four respon... More »
PRAGUE (Reuters) – Czech car production fell 31.1% year-on-year in the January-April period to 337,497 cars, the Automotive Industry Association said on Tuesday. In April alone, when the country ground to a standstill due to measures aimed to curb the coronavi... More »
YUYAO, China/SHANGHAI (Reuters) – In the eastern Chinese city of Yuyao, a group of five face-masked workers at a Geely auto plant, stood almost shoulder to shoulder behind an SUV as they conducted paint and other quality checks. That scene would not have been ... More »
TOKYO (Reuters) – Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic. Brent crude c... More »
(Reuters) – The United States will announce on Tuesday that it has signed a $354 million contract with a company to make generic medicines and pharmaceutical ingredients in the country needed to treat COVID-19, the New York Times reported late on Monday. The m... More »
WASHINGTON (Reuters) – The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Bankin... More »
NEW YORK (Reuters) – Small businesses are among the hardest hit as the coronavirus pandemic continues to cause economic uncertainty in communities across the United States. As some state economies begin to reopen, we invited a group of small business experts t... More »
(Reuters) – U.S.-based stock funds posted $3.2 billion in inflows in the week ended on Wednesday, according to Lipper. U.S. taxable bond funds attracted $10.35 billion, the fifth straight weekly inflow, while money market funds drew $20.3 billion, Lipper data ... More »
BOSTON (Reuters) – Miami-area direct lending firm TCA Fund Management Group Corp and its affiliates reached a settlement with U.S. securities regulators over allegations of fraudulent revenue recognition that inflated the value of its private funds, according ... More »
LONDON (Reuters) – Travel group TUI (TUIGn.DE) will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday. Holiday plans have been put on hold in the face of travel restrict... More »
WELLINGTON (Reuters) – New Zealand’s Prime Minister Jacinda Ardern said on Wednesday that the annual budget will invest to create more jobs and get the economy going, but warned the country was about to enter a “very tough winter”. The government is seen unlea... More »
FRANKFURT/DUESSELDORF, Germany (Reuters) – German conglomerate Thyssenkrupp (TKAG.DE) on Tuesday warned its operating loss could swell to 1 billion euros ($1.1 billion) in the current quarter citing the coronavirus pandemic. The group, whose operations range f... More »
(Reuters) – European shares edged higher on Tuesday following a clutch of upbeat quarterly earnings reports, but investors remained cautious of a resurgence in new coronavirus cases as hard-hit economies lift lockdowns. The pan-European STOXX 600 index rose 0.... More »
BEIJING/WASHINGTON (Reuters) – U.S. President Donald Trump said on Monday he opposed renegotiating the U.S.-China “Phase 1” trade deal after a Chinese state-run newspaper reported some government advisers in Beijing were urging fresh talks and possibly invalid... More »
LONDON (Reuters) – Britain’s government should extend a costly job support programme until the end of the year for retail and hospitality workers hit hardest by the coronavirus, a think tank said on Tuesday, ahead of an expected government announcement. The Re... More »
TOKYO (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it expects profit to drop 80% to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel coronavirus which has sapped global demand for vehicles. Global automaker... More »
TOKYO (Reuters) – Japanese Finance Minister Taro Aso said on Tuesday he was not considering tax cuts, including a reduction in the sales tax, for the time being as a way of easing the economic pain from the coronavirus pandemic. “Japan’s fiscal condition is in... More »
TOKYO (Reuters) – Japan’s government will offer a wide range of funding support for the country’s automobile industry, which is facing slumping output due to the coronavirus pandemic, top government spokesman Yoshihide Suga said on Tuesday. He also told a regu... More »
BEIJING (Reuters) – China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States. China’s fi... More »
NEW YORK/SINGAPORE (Reuters) – Negative interest rates in the United States were once unimaginable. The coronavirus has changed that. While the Federal Reserve has all but ruled it out, the sweeping economic and financial-markets impact of the pandemic has for... More »
MELBOURNE/SINGAPORE (Reuters) – Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel... More »
LONDON (Reuters) – Britain will on Tuesday announce changes to programme that is paying the wages of more than 6 million workers at businesses affected by the coronavirus, its health minister said. Britain’s finance minister, Rishi Sunak, will make a statement... More »
SYDNEY/HONG KONG (Reuters) – Asian shares tumbled on Tuesday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted. European markets were... More »
(Reuters) – Hyatt Hotels Corp (H.N) said late Monday it would lay off 1,300 people globally as it tries to cope with the coronavirus crisis, which has virtually halted global travel by keeping people indoors. Hyatt said it had also cut pay for senior managemen... More »
HONG KONG (Reuters) – Tim Hortons China said Tuesday it received an investment from Chinese tech giant Tencent, as the Canadian coffee brewer seeks to expand in the Chinese market. Tim Hortons said in a statement on its Weibo it will use the funds to upgrade d... More »
BOSTON (Reuters) – Sandwich maker Potbelly Corp on Monday promised to reimburse activist shareholders’ expenses with stock not cash, creating a situation that lawyers call an outlier for now but which they said could find traction in tough economic times. The ... More »
WASHINGTON (Reuters) – A federal judge in Montana on Monday upheld his ruling last month that canceled an environmental permit for the long-delayed Keystone XL oil pipeline and threatened other oil and natural gas pipeline projects with delays. Chief U.S. Dist... More »
WASHINGTON (Reuters) – The White House has begun informal talks with Republicans and Democrats in Congress about what to include in another round of coronavirus relief legislation, officials said on Sunday, while predicting further U.S. jobs losses in the comi... More »
BOSTON (Reuters) – Global hedge funds posted their biggest monthly gain in more than a decade in April when stocks rocketed higher with the help of government rescue packages designed to fuel growth stalled by the coronavirus outbreak, according to new data on... More »
(Reuters) – U.S.-based stock funds posted $10.8 billion in outflows in the week ended ON Wednesday, according to Lipper. U.S. taxable bond funds attracted $11.9 billion, the fourth straight weekly inflow, while money market funds draw $32.8 billion, the tenth ... More »
BRUSSELS (Reuters) – Antwerp is regaining its glitz as Belgium eases a two-month nationwide coronavirus lockdown that virtually halted business in the world’s largest diamond trade centre. The return of some of the brokers, cutters and couriers who normally th... More »
(Reuters) – J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic. The New Y... More »
MILAN (Reuters) – Luxury sports car maker Ferrari (RACE.MI) still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Form... More »
BERLIN/MUNICH (Reuters) – The business climate in Germany’s auto sector suffered its biggest slump in April and hit its lowest level since 1991, when the Ifo economic institute began collecting data post-reunification, a survey showed on Monday. The news came ... More »
PARIS (Reuters) – The French government has rejected a request by Amazon (AMZN.O) to tap a state partial unemployment scheme for employees at its six warehouses in the country, a spokeswoman for the labor ministry said on Monday. The e-commerce giant has shut ... More »
WASHINGTON (Reuters) – New orders for U.S.-made goods suffered a record decline in March and could sink further as disruptions from the novel coronavirus fracture supply chains and depress exports. The report from the Commerce Department on Monday was the late... More »
PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter. Skoda, the Czech R... More »
(Reuters) – The S&P 500 and Dow Jones dropped for the third session on Monday following a U.S.-China spat about the origins of the coronavirus outbreak, while major carriers slumped after billionaire Warren Buffett’s Berkshire Hathaway dumped its stakes in the... More »
NEW YORK (Reuters) – Oil prices were mixed on Monday as countries started to ease coronavirus lockdowns, though a fresh spat between the United States and China over the origin of the virus weighed on prices. Worldwide fuel demand fell by an estimated 30% in A... More »
(Reuters) – Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and a... More »
LONDON (Reuters) – Like the myriad approaches governments are taking to tackle the coronavirus crisis, the way the world’s top banks are calculating their potential losses also differs widely, with puzzling outcomes for investors. These discrepancies are roote... More »
LONDON (Reuters) – Oil and gas output from some of the world’s top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented... More »
LONDON (Reuters) – Two of the world’s biggest gold refiners, Valcambi and Argor-Heraeus, said on Monday they were restoring close to full operations after Swiss authorities relaxed coronavirus lockdown measures. The decisions end six weeks of partial or full c... More »
ZURICH (Reuters) – Germany could only allow coronavirus antibody tests to help determine how freely people can move once it has advice from its ethics council, Health Minister Jens Spahn said, after securing millions of the tests from Swiss drugmaker Roche. Ge... More »
BRUSSELS (Reuters) – World leaders launched a pledging “marathon” on Monday – without the United States – to raise at least $8 billion for research into a possible vaccine and treatments for the coronavirus. Organisers included the European Union, non-EU state... More »
(Reuters) – General Electric Co (GE.N) said on Monday it was planning to cut the global workforce of its aviation unit this year by as much as 25%, or up to 13,000 jobs, including both voluntary and involuntary layoffs, citing prolonged aircraft reduction sche... More »
(Reuters) – Shares of the top four U.S. airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway (BRKa.N) offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry. U.S. airline... More »
(Reuters) – Tyson Foods Inc expects to continue idling meat plants and slowing production because of the new coronavirus, the company said on Monday, signaling more disruptions to the U.S. food supply. Tyson reported lower-than-expected earnings and revenue fo... More »
OSLO (Reuters) – Norwegian Air (NWC.OL) shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners. The approval follows w... More »
