ZURICH (Reuters) – Credit Suisse (CSGN.S) CEO Thomas Gottstein wants to cut costs by 2% to 3% each year, he said in an interview published on Saturday, with savings put back into the bank’s business. “Basically, like in the automotive industry, we want to be 2-3% more efficient every year,” he told Swiss newspaper Finanz […]

HONG KONG (Reuters) – Cathay Pacific Airways Ltd (0293.HK) said it will offer a voluntary scheme to its Hong Kong-based pilots who are approaching retirement age to leave the group early, in a continued effort to cut costs amid the coronavirus pandemic. The airline said in an email to Reuters on Saturday it is looking […]

HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) on Friday reported a $1.1 billion second-quarter loss on sharply lower energy demand and prices from the COVID-19 pandemic, and confirmed plans to make deeper spending cuts. It was Exxon’s first back-to-back quarterly loss in at least 36 years, but was small in comparison to rivals who took […]

NEW YORK (Reuters) – The Nasdaq rose on Friday, lifted by strong earnings from some of the largest U.S. companies, but gains were curbed and the Dow and S&P lost ground as uncertainty about the government’s next round of coronavirus aid exacerbated economic worries. Apple shares surged to reach a high of $413.33 and were […]

BOSTON (Reuters) – A surge in technology stocks on Friday powered by blowout quarterly earnings was not enough to offset declines triggered by recent data showing a sharp contraction in U.S. economic performance and uncertainty about another government relief package. The dollar rose but was still set for its worst month in a decade against […]

Senate Republicans want to cap state and federal unemployment benefits at 70% of prior wages in the next round of pandemic assistance under consideration, a move they argue would encourage more people to return to work than the $600 a week payment that ends in July. But achieving that level of customization won’t be an […]

LONDON (Reuters) – After years of gloom, euro bulls will be celebrating the single currency’s brisk rally to two-year highs against the dollar, yet the euphoria is now being tempered by caution over what side effects the rapid run-up might bring. The euro EUR=EBS has enjoyed a 11% jump against the dollar since, benefiting from […]

(Reuters) – Futures tracking the Nasdaq 100 index jumped nearly 1% on Friday as tech titans Apple, Amazon.com and Facebook managed to deliver impressive quarterly earnings despite the COVID-19 pandemic that has crushed the wider U.S. economy. Apple Inc (AAPL.O) surged 6% in premarket trading, setting the stock on course to open at a record […]

LONDON (Reuters) – European shares recovered from their lowest levels in a month on Friday, as investors looked past a severe economic contraction in Germany and on to company earnings, while the euro reached its highest in more than two years, set for its best month in a decade. The pan-European STOXX 600 rose 0.74%, […]

(Reuters) – Shake Shack Inc (SHAK.N) posted a bigger-than-expected quarterly loss on Thursday, as the burger chain temporarily closed some restaurants and limited working hours due to COVID-19 lockdowns and civil unrest that gripped several U.S. cities. Shares of New York-based company were down 5% in extended trading. Restaurants have been forced to bank heavily […]