Thursday, 2 Jul 2020

Business

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Wall Street tumbles on rising coronavirus cases; banks lead declines

NEW YORK (Reuters) – Wall Street’s major indexes tumbled on Friday as several U.S. states imposed business restrictions in response to a surge in coronavirus cases and as financial shares tumbled after the Federal Reserve moved to cap bank dividend payments. Several U.S. states that were spared the brunt of the initial coronavirus outbreak or […]

Global stock markets sink as U.S. virus concerns offset Europe rebound hopes

NEW YORK (Reuters) – Global equities sank and perceived safe-haven assets like U.S. Treasuries and gold gained on Friday as investors weighed hopes that Europe will continue to rebound from the coronavirus pandemic’s economic damage against concerns over a record surge in new COVID-19 infections in the United States. The euro zone is “probably past” […]

Euro set for biggest weekly rise in three weeks on stimulus hopes

LONDON (Reuters) – The euro gained on Friday and is set for its biggest weekly rise in three weeks after the European Central Bank reaffirmed its dovish stance in the minutes of its policy meeting while the dollar struggled at U.S. coronavirus infections surged. Facing the biggest economic contraction in generations, ECB policymakers at their […]

Coronavirus: UK car production plunges 95% in worst May since 1946

The number of cars being made in the UK plummeted by 95.4% last month in the worst May since 1946. Just 5,314 vehicles rolled off production lines with factories still closed or running at reduced capacity due to the coronavirus pandemic, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). […]

Stocks and oil gain despite surging coronavirus cases

LONDON (Reuters) – Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. They rose across the U.S. by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas temporarily stopped […]

PG&E raises $5.5 billion as it eyes exit from bankruptcy next week

(Reuters) – PG&E Corp (PCG.N) has raised about $5.5 billion from a share offering and sale of equity units as the biggest U.S. power provider by customers looks to emerge from Chapter 11 bankruptcy next week. The company sold just over 423 million shares at $9.50 apiece to raise about $4 billion, while a separate, […]

Visa, Mastercard weigh cutting ties with Wirecard after scandal

NEW YORK (BLOOMBERG) – Visa Inc and Mastercard Inc are considering revoking Wirecard’s ability to process payments on their networks, moves that could cause further pain for the fintech firm that’s been battered by an accounting scandal. The world’s largest payment networks have begun reaching out to some Wirecard clients to prepare them for the […]

Sticky weekly jobless claims underscore U.S. labor market distress

WASHINGTON (Reuters) – The number of Americans filing claims for unemployment benefits fell less than expected last week likely as hiring by reopening businesses is being partially offset by a second wave of layoffs, supporting the view that the labor market could take years to recover from the COVID-19 pandemic. Other data on Thursday reinforced […]

Vaccine makers face biggest medical manufacturing challenge in history

CHICAGO/LONDON (Reuters) – Developing a COVID-19 vaccine in record time will be tough. Producing enough to end the pandemic will be the biggest medical manufacturing feat in history. That work is underway. From deploying experts amid global travel restrictions to managing extreme storage conditions, and even inventing new kinds of vials and syringes for billions […]

Huawei named on Pentagon list of firms backed by Chinese military

Telecoms firm Huawei has been named on a list of companies that the Trump administration says are owned or controlled by the Chinese military. The list could lay the groundwork for tougher financial sanctions and comes at a time when simmering tensions between the two countries are again coming to the surface. Washington put Huawei […]