Saturday, 15 Aug 2020


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Hertz CFO Jamere Jackson resigns

(Reuters) – Hertz Global Holdings Inc (HTZ.N) Chief Financial Officer Jamere Jackson has resigned from his post, the bankrupt car rental company said on Friday. Jackson will be replaced by Chief Accounting Officer Eric Esper, effective Aug. 14, the company said in a regulatory filing Hertz said Jackson, who also stepped down from his […]

S&P 500 ends almost flat as record remains elusive

(Reuters) – The S&P 500 closed nearly flat on Friday despite coming close again to its record closing high, as data on the U.S. economy added to uncertainty over the recovery. Aggressive stimulus measures have helped the three main U.S. stock indexes bounce back from a coronavirus-driven crash in March, and the S&P 500 briefly […]

Can U.S. retail sector's 'V-shaped' rebound jump the fiscal cliff?

(Reuters) – Even with nearly a fifth of the labor force collecting unemployment benefits in July, Americans continued spending with relative gusto, driving retail sales back to pre-coronavirus levels as they shifted shopping online, brought their food home, and stocked up on new appliances. The downside: It was government money they spent, and that is […]

China's retail sales unexpectedly fall as consumer caution prevails

BEIJING (Reuters) – China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the recovery in the factory sector struggled to gain momentum. Asian markets pulled back on Friday following the disappointing set of economic indicators, which […]

WeWork gets new $1.1 billion commitment from SoftBank, cuts burn rate

NEW YORK (Reuters) – The We Company, owner of WeWork, told employees on Thursday that it cut its cash burn rate almost in half to $671 million from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank (9984.T). WeWork said in an e-mail to employees discussing […]

Relief efforts should cushion economy in months ahead, White House report says

WASHINGTON (Reuters) – Increased transfer payments and expanded liquidity measures aimed at companies should help buffer U.S. households and businesses from the worst of the economic crisis unleashed by the coronavirus pandemic in coming months, the White House Council of Economic Advisers said in a report on Thursday. Nonetheless, the economy would recover faster and […]

US maintains tariffs in EU trade fight but postpones hikes

The United States has held off on a threat to expand a 16-year old trade fight with the European Union over trade subsidies. US trade representative Robert Lighthizer confirmed the Trump administration would maintain 15% tariffs on Airbus aircraft and 25% tariffs on other European goods imposed last year, including Scotch Whisky, following a World […]

Thyssenkrupp faces pressure to fix steel unit as losses mount

FRANKFURT/DUESSELDORF (Reuters) – Struggling conglomerate Thyssenkrupp (TKAG.DE) on Thursday said its steel unit would rack up 1 billion euros ($1.2 billion) in operating losses this year, raising pressure to fix or sell the division. The expected loss at Thyssenkrupp Steel Europe, the continent’s No.2 player after ArcelorMittal (MT.AS), comes as the sector suffers from cheap […]

Deutsche Boerse expels Wirecard from Germany's blue-chip index DAX

FRANKFURT (Reuters) – Exchange operator Deutsche Boerse (DB1Gn.DE) will remove Wirecard (WDIG.DE), the payments company that folded after an accounting scandal, from the DAX index of Germany’s leading blue-chip stocks this month following an index rule change. The exchange operator on Wednesday said it had opted for new rules – which were proposed last month […]

From carats to peanuts: how a pandemic upended the global diamond industry

JOHANNESBURG/MUMBAI – As the coronavirus pandemic upended the global diamond industry, shuttering mines from Lesotho to Canada and disrupting supply chains, Rajen Patel swapped diamond polishing for peanut farming. \ Patel, who worked for a decade in India’s Surat where about 80% of the world’s diamonds are polished, joined the exodus of gem workers leaving […]