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Updated: 2 hours 46 min ago

S&P 500 muted as virus cases rise, jobless claims weigh

Thu, 06/18/2020 - 13:36
The S&P 500 was little changed on Thursday as coronavirus infections picked up again in parts of the United States and data showed an elevated level of weekly jobless claims, lending weight to predictions of a prolonged economic recovery.
Categories: Business News

Trump to nominate lawyer Crenshaw to fill SEC Democratic commissioner slot

Thu, 06/18/2020 - 13:28
The White House announced on Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the U.S. Securities and Exchange Commission (SEC).
Categories: Business News

U.S. labor market improvement stalling; second wave of layoffs seen

Thu, 06/18/2020 - 13:23
The number of Americans filing for unemployment benefits fell last week, but the pace of decline has stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.
Categories: Business News

LATAM Airlines says operations to plunge 50% by year's end

Thu, 06/18/2020 - 13:23
LATAM Airlines Chief Executive Roberto Alvo said on Thursday he expects the region´s largest carrier to be operating at half of pre-pandemic levels by the end of 2020, and that a full recovery was unlikely for at least 3-4 years.
Categories: Business News

Ford's redesigned F-150 pickup will offer greater connectivity, sleeper seat

Thu, 06/18/2020 - 13:16
Ford Motor Co next week will show the next generation of its brawny F-150 pickup truck that offers a new sleeper-seat feature and over-the-air software updates in a machine Ford is counting on to help pay off coronavirus-related debts.
Categories: Business News

Kroger says demand easing after coronavirus stockpiling

Thu, 06/18/2020 - 12:21
U.S. supermarket chain Kroger Co stopped short of raising its annual forecasts on Thursday, saying a coronavirus-driven surge in demand for essential goods was fading as American households reconsider what they have on their shelves.
Categories: Business News

Coronavirus raises stakes as auto unions ready for a fight

Thu, 06/18/2020 - 12:17
The coronavirus crisis has forced carmakers to speed up layoffs that must be matched with hefty payouts and deft negotiation to retain the support of powerful trade unions vital if Europe's auto industry is to manage a shift to low-emission vehicles.
Categories: Business News

Wirecard investor DWS says has sold down position, considering legal action

Thu, 06/18/2020 - 12:17
Asset manager DWS, the fund management arm of Deutsche Bank, said it has further sold down its position in embattled German technology company Wirecard and was considering legal action.
Categories: Business News

U.S. gasoline demand recovery falters as refiners ramp up output

Thu, 06/18/2020 - 12:10
A recovery in demand for gasoline in the United States, the world's largest market for the motor fuel, hit a plateau last week as coronavirus cases surged in some states, undercutting refiners' efforts to ramp up low fuel production.
Categories: Business News

Oil edges up on OPEC output cut compliance; pandemic still weighs

Thu, 06/18/2020 - 12:05
Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.
Categories: Business News

IMF says deeper-than-expected contraction in U.S. economy likely in second quarter

Thu, 06/18/2020 - 11:48
A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday.
Categories: Business News

World stock markets slip on second wave virus fears, safe-havens rise

Thu, 06/18/2020 - 11:25
Global stock markets drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift economic comeback from the pandemic, underpinning demand for safe-haven currencies such as the dollar and Japanese yen.
Categories: Business News

U.S. retail foot traffic rebounds, more staff at work, as lockdowns ease

Thu, 06/18/2020 - 11:20
Retail foot traffic recovered to approach pre-lockdown levels last week and businesses appeared to bring more employees back to the job, according to data from firms that collect cellphone location information and manage employee time for companies.
Categories: Business News

Saudi Aramco cuts hundreds of jobs amid oil market downturn, sources say

Thu, 06/18/2020 - 11:14
State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis.
Categories: Business News

Audi boss to head carmaker's R+D division: sources

Thu, 06/18/2020 - 10:56
Markus Duesmann, the head of Audi , will also head the research and development division at German carmaker Volkswagen's premium brand, two sources told Reuters on Thursday.
Categories: Business News

Oil prices broadly stable after mixed U.S. data

Thu, 06/18/2020 - 10:29
Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases.
Categories: Business News

U.S. labor market recovery stalling; second wave of layoffs underway

Thu, 06/18/2020 - 10:27
The number of Americans filing for unemployment benefits fell last week, but the pace of decline appears to have stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.
Categories: Business News

Vans, not glamorous, but key as EU weighs autos mega-merger

Thu, 06/18/2020 - 10:12
Their silhouettes don't stir dreams of adventure like a sports car or trendy SUV, but vans are a rare source of profit for European carmakers, which is why EU regulators are focused on them as they decide whether to back an industry mega-merger.
Categories: Business News

Colgate reviewing Chinese toothpaste brand Darlie amid debate on racial inequality

Thu, 06/18/2020 - 09:48
Colgate-Palmolive on Thursday said it was working to review and evolve its Chinese toothpaste brand, Darlie, the latest in a string of brand reassessments amid a U.S. debate on racial inequality.
Categories: Business News

Wirecard scrambles to find missing $2.1 billion as loan crunch looms

Thu, 06/18/2020 - 09:39
Wirecard's auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm warned the delay could cause billions in loans to be called in as early as Friday.
Categories: Business News