Monday, 1 Jun 2020

Business

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Gilead trades that made millions on COVID-19 drug news raise eyebrows

NEW YORK/WASHINGTON (Reuters) – Well-timed trades in Gilead Sciences Inc’s (GILD.O) options ahead of good news on the biopharmaceutical company’s COVID-19 drug treatment may draw regulatory scrutiny, experts said. On April 17, Gilead’s shares jumped nearly 10% following a media report detailing encouraging partial data from trials of the U.S. company’s experimental drug remdesivir in […]

Local banks cut interest rates on savings accounts amid Covid-19 outbreak

SINGAPORE – Local banks have cut their interest rates on savings accounts amid the coronavirus outbreak this year, with OCBC Bank being the first to announce another reduction since May. The Business Times reported on Monday (June 1) that OCBC will reduce the salary credit bonus interest for customers on the OCBC 360 savings account […]

Europe's factories starting to recover, Asia's pain worsens

LONDON/TOKYO (Reuters) – European manufacturers may be over the worst of a coronavirus-driven downturn, but Asia’s pain deepened in May due to a slump in global trade, with export powerhouses Japan and South Korea seeing the sharpest falls in activity in over a decade, surveys showed. The new coronavirus pandemic – which has killed more […]

OCBC to cut salary credit bonus interest on 360 account from July 1

SINGAPORE (THE BUSINESS TIMES) – Amid a weakened interest rate environment and the challenging macro climate, OCBC will reduce the salary credit bonus interest for customers on the OCBC 360 savings account from July 1. For balances up to $35,000, the salary credit bonus interest will be halved to 0.6 per cent, down from the […]

Crude prices fall on concerns of U.S. riots, even as OPEC meeting advanced

NEW YORK (Reuters) – Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June. Riots over the weekend engulfed major U.S. cities on Saturday night, and more violence was feared Sunday […]

Edging closer to bailout, Lufthansa accepts tweaked demands by Brussels

BERLIN/FRANKFURT (Reuters) – Lufthansa’s (LHAG.DE) management board accepted a more favourable set of demands made by the European Commission in exchange for approval of a 9 billion euro ($10 billion) government bailout, the carrier said on Saturday, paving the way for its rescue. The agreement comes after Lufthansa’s supervisory board on Wednesday rejected an initial […]

Wall Street ends mostly higher as U.S.-China spat simmers

(Reuters) – U.S. stocks finished mostly higher on Friday after President Donald Trump announced measures against China in response to new security legislation that were less threatening to the U.S. economy than investors had feared. The Dow ended the session slightly lower, but all three indexes rose for the week and registered a second straight […]

United Airlines cutting 13 top jobs under fresh restructuring

(Reuters) – United Airlines Holdings Inc (UAL.O) said on Friday it will be eliminating 13 officer positions as it consolidates roles and restructures some key departments to address the severe financial impact of the coronavirus crisis on its business. Under the restructuring, which goes into place on June 15 and follows a management reshuffle announced […]

Wall Street ends down in late selloff; Facebook and China weigh

(Reuters) – Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday. Shares of Twitter Inc (TWTR.N) ended down 4.4% and Facebook Inc […]

BP America names Denver native is new chairman, president

David Lawler, a Denver native and CEO of BPX Energy, is adding the job of BP America’s chairman and president to his portfolio. Lawler will become BP’s chief representative in the U.S. July 1, the company announced Thursday. He will succeed Susan Dio, who is retiring after 36 years with the company. BPX Energy is […]