MILAN (Reuters) – Intesa Sanpaolo (ISP.MI) concluded its tortuous takeover battle for rival UBI (UBI.MI) on Thursday, securing 90.2% of its target’s shares to create Italy’s biggest bank owning a fifth of the loan market. Intesa overcame fierce opposition from UBI’s management to take over Italy’s healthiest second-tier bank, in a move that sent shockwaves […]

(Reuters) – Li Auto Inc’s stock soared more than 50% following its debut on Nasdaq on Thursday, after the Chinese electric vehicle maker sold shares to investors in its $1.1 billion initial public offering (IPO) for a higher-than-expected price. The stock opened at $15.5 and extended gains to rise as much as $17.50, adding to […]

SINGAPORE – The majority of property owners with tenants that qualify for rent relief under the amended Covid-19 (Temporary Measures) Act should receive notices regarding their Government cash grants by mid-August, the Ministry of Law (MinLaw) said on Thursday (July 30). Landlords cannot take enforcement action against tenants that meet the criteria for rent relief […]

SYDNEY (Reuters) – Asian stocks were boosted on Thursday by the promise of ultra-easy monetary policy globally as the U.S. Federal Reserve pledged to support the country’s virus-battered economy, though record-shattering COVID-19 cases tempered gains. In a mixed lead for Europe, futures for Eurostoxx 50 STXEc1 were slightly higher and those for Germany’s Dax FDXc1 […]

WASHINGTON (Reuters) – The U.S. economy likely contracted at its steepest pace since the Great Depression in the second quarter as the COVID-19 pandemic destroyed consumer and business spending, potentially wiping out more than five years of growth. The bulk of the historic plunge in gross domestic product expected to be reported by the Commerce […]

(Reuters) – Boeing Co (BA.N) slashed production of its biggest twin-engined jets, delayed its new 777X by up to a year and began sunsetting the iconic 747 as it posted a bigger-than-expected quarterly loss dominated by the COVID pandemic on Wednesday. The cuts mark the industry’s latest effort to tackle a crisis that has decimated […]

(Reuters) – U.S. stocks rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve overshadowed concerns about next steps for the government’s coronavirus relief plan. Advanced Micro Devices Inc (AMD.O) jumped 12.4% after the chipmaker raised its full-year revenue forecast. Its shares were among […]

DUBLIN/PARIS (Reuters) – Leasing giant AerCap (AER.N) said on Wednesday it had cancelled 15 orders for the grounded Boeing (BA.N) 737 MAX aircraft as it slows the pace of new plane deliveries to weather the coronavirus crisis. Announcing the cancellations – which leave 80 of the MAX jets still on its order books – the […]

(Reuters) – General Motors Co (GM.N) on Wednesday said if the U.S. economy continues to recover from the coronavirus pandemic and the auto industry does not experience any further production shutdowns, the No. 1 U.S. automaker should be able to generate enough cash to pay off a $16 billion loan by the end of the […]

OAKLAND, Calif./NEW YORK (Reuters) – After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland. Now with the coronavirus pandemic forcing cancellations of her […]