Thursday, 28 Mar 2024

Business

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LATAM becomes largest airline yet driven to bankruptcy by coronavirus

(Reuters) – LATAM Airlines Group (LTM.SN), the continent’s largest carrier, filed for U.S. bankruptcy protection on Tuesday, becoming the world’s largest carrier so far to seek an emergency reorganization due to the coronavirus pandemic. The filing highlights the financial weakness of Latin America’s carriers, following a similar bankruptcy earlier this month by the region’s No. […]

S&P 500 rises on economic recovery and vaccine hopes, pulls back from highs

New York (Reuters) – U.S. stocks closed higher on Tuesday on optimism about the development of coronavirus vaccines and a revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points. Stocks pared gains late in the session, after Bloomberg News reported the Trump administration was weighing […]

Blackstone risks paying damages in dispute with Italy's RCS

MILAN (Reuters) – Milan’s Arbitral Tribunal has judged that the contracts over the sale of Italy’s RCS (RCSM.MI) headquarters to Blackstone (BX.N) in 2013 were valid but found that the purchaser’s behaviour may entitle the Italian publisher to compensatory damages, RCS said on Tuesday. The case centres on the ownership of RCS’ historic headquarters in […]

Global airlines body raises alarm over bailout debts

PARIS (Reuters) – Heavy debts inherited from government bailouts and other fund-raising moves will delay the airline industry’s recovery from the coronavirus crisis, a trade body said on Tuesday. Global airline debts are set to rise by more than a quarter to $550 billion by the end of the year after governments announced $123 billion […]

S&P 500 tops 3,000 pts on hopes of economic recovery, COVID-19 vaccine

(Reuters) – U.S. stocks jumped and the S&P 500 breached 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions. The benchmark index traded above the key psychological level and also above its 200-day moving average, a closely watched long-term trend indicator, […]

S&P 500 futures top 3,000 points on recovery hopes

(Reuters) – U.S. stock futures rose 2% and breached a major chart barrier on Tuesday as global easing of lockdowns and business restarts boosted optimism about economic recovery among investors returning from a long weekend. Spain urged foreign holidaymakers to return from July as it eases one of Europe’s strictest curbs, while Britain was looking […]

Lufthansa, German government agree on $9.8 billion rescue package: sources

FRANKFURT/BERLIN (Reuters) – The German government and the management of flagship carrier Lufthansa (LHAG.DE), which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro ($9.8 billion) bailout, two people close to the matter said. The agreement is still pending approval by the German coronavirus rescue fund’s […]

Kuehne+Nagel owner sees about 20,000 job cuts: Die Welt

ZURICH (Reuters) – Freight-forwarder Kuehne+Nagel (KNIN.S) may cut more than 20,000 jobs, with warehouse workers most affected, as the coronavirus-caused economic crisis hits shipping, controlling shareholder Klaus-Michael Kuehne said in an interview. Kuehne+Nagel, which employs 83,000 people, will likely cut jobs in locations such as the United States that unlike some European countries does not […]

Hong Kong tensions rattle world stock markets, oil tumbles

NEW YORK/LONDON (Reuters) – Oil prices tumbled and global equity markets fell on Friday as China’s move to impose a new security law on Hong Kong further strained U.S.-China relations and clouded economic recovery prospects. China also dropped its annual growth target for the first time, adding to uncertainty about the fallout from the COVID-19 […]

Wall Street ends mixed as China-U.S. tensions weigh

(Reuters) – Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus. President Donald Trump’s warning on Thursday that the U.S. would react strongly to China’s plan for a national […]