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February 28, 2020
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Reuters - Business

Stock futures fall as coronavirus-led rout continues

Reuters
(Reuters) – U.S. stock index futures dropped on Friday as a surge in coronavirus cases, which have already wiped nearly $3 trillion off stocks listed on the benchmark S&P 500 this week, triggered recession fears. The index confirmed its fastest correction in history in volatile trading in the previous session......
Reuters - Business

Ex-Barclays bankers cleared over Qatar fees in blow to UK fraud office

Reuters
LONDON (Reuters) – Three former Barclays (BARC.L) executives were acquitted in London on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar during the credit crisis, in return for rescue funding. Former Barclays banker Richard Boath leaves the Old Bailey Central Criminal Court......
Reuters - Business

ECB’s Weidmann: No need for immediate monetary policy action due to coronavirus

Reuters
FILE PHOTO: German Bundesbank President Jens Weidmann attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski FRANKFURT (Reuters) – There is no need to take immediate monetary policy action due to the coronavirus outbreak, the European Central Bank’s......
Reuters - Business

Aramco secures unconditional EU okay for $69 billion SABIC deal

Reuters
FILE PHOTO: A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed BRUSSELS (Reuters) – World No. 1 oil producer Saudi Aramco has gained unconditional......
Reuters - Business

Hyundai Motor halts work at factory after worker tests positive for coronavirus

Reuters
SEOUL (Reuters) – Hyundai Motor (005380.KS) shut down a factory in South Korea on Friday after a worker tested positive for the new coronavirus, disrupting production of popular models such as Palisade sport utility vehicle. Shares of the automaker ended down more than 5% after the news, while the wider......
Reuters - Business

Chinese maker of ‘Amazon coat’ weathers coronavirus impact with tax breaks, rent waivers

Reuters
BEIJING/SHANGAHI (Reuters) – Orolay, the maker of the ‘Amazon coat’ that became a darling of U.S. fashion and social media a year ago, knows it is luckier than most Chinese small businesses trying to get back on their feet amid huge disruptions caused by the coronavirus epidemic. FILE PHOTO: Founder......
Reuters - Business

Japan minister flying to Lebanon to make case for Ghosn’s return

Reuters
FILE PHOTO: Former Nissan chairman Carlos Ghosn gestures during a news conference at the Lebanese Press Syndicate in Beirut, Lebanon January 8, 2020. REUTERS/Mohamed Azakir/File Photo TOKYO (Reuters) – Japan’s deputy justice minister is travelling to Lebanon this weekend to try to make the case that fugitive ex-Nissan (7201.T) Chairman......
Reuters - Business

EasyJet to cancel flights as coronavirus hits demand

Reuters
LONDON (Reuters) – British budget airline easyJet (EZJ.L) said on Friday it would cancel flights and cut costs across its business after the coronavirus outbreak hit demand for travel to Italy and other European markets. FILE PHOTO: An Easyjet plane takes off from Manchester Airport in Manchester, Britain, January 20,......
Reuters - Business

Oil prices on track for biggest weekly fall in four years

Reuters
SINGAPORE (Reuters) – Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global demand. FILE PHOTO: A seagull flies in front of an......
Reuters - Business

London Stock Exchange on track to close Refinitiv deal as income jumps

Reuters
The London Stock Exchange Group (LSE.L) said on Friday it would complete its $27 billion takeover of analytics company Refinitiv on time this year as it reported higher-than-expected annual income, driven a jump in clearing activity. The Refinitiv logo is seen on a screen in offices in Canary Wharf in......
Reuters - Business

UBS cuts Ermotti’s pay after French court blow, overhauls bonus scheme

Reuters
Swiss bank UBS CEO Sergio Ermotti addresses a news conference in Zurich, Switzerland February 20, 2020. REUTERS/Arnd Wiegmann ZURICH (Reuters) – UBS (UBSG.S) Chief Executive Sergio Ermotti cashed in less money in 2019 as the bank made pay concessions related to a French tax case and missed earnings goals during......
Reuters - Business

Exclusive: Aluminum smelter resurrected on Trump tariffs may close as losses mount

Reuters
MARSTON, Missouri (Reuters) – A bankrupt aluminum smelter that re-opened in 2018, after U.S. President Donald Trump imposed tariffs on imported metals, is losing money at such a rapid clip that it could close within 60 days, the top executive at the Missouri plant said on Thursday. FILE PHOTO: A......
Reuters - Business

JPMorgan restricts global travel to protect against virus: Bloomberg News

Reuters
FILE PHOTO: The J.P.Morgan logo is seen at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo (Reuters) – JPMorgan Chase & Co (JPM.N) issued global restrictions on non-essential travel to protect its employees and business against the spreading coronavirus, the Bloomberg News bloom.bg/2vnxhyW reported late on......
Reuters - Business

Public Storage only bidder left for National Storage with $1.25 billion bid

Reuters
(Reuters) – U.S.-based Public Storage (PSA.N) emerged on Friday as the likely buyer of Australia’s largest self-storage operator National Storage REIT (NSR.AX) with its current A$1.89 billion ($1.25 billion) offer, after two rivals dropped out of the race. Warburg Pincus had pulled out of the contest, National Storage said on......
Reuters - Business

Japan’s January factory output beats forecasts but slowdown expected

Reuters
TOKYO (Reuters) – Japan’s factory output rose more than expected in January, providing some relief for policymakers amid heightened risks of a recession as the coronavirus outbreak in China disrupts supply chains and business activity. FILE PHOTO: Smoke rises from a factory during sunset at Keihin industrial zone in Kawasaki,......
Reuters - Business

Oil prices fall again, on track for biggest weekly drop in over 4 years

Reuters
SINGAPORE (Reuters) – Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand. FILE PHOTO: A seagull flies in......
Reuters - Business

World stocks set for worst week since 2008 as virus fears grip markets

Reuters
TOKYO (Reuters) – Global share markets were headed for the worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and derail economic growth. FILE PHOTO: People wearing surgical masks walk past a screen showing Nikkei index......
Reuters - Business

Texas prosecutors accuse Arkema, executives of failures over chemical fire

Reuters
HOUSTON (Reuters) – Jurors in the criminal case against the U.S. arm of a French company on Thursday heard it routinely stored combustible chemicals where floodwaters could reach them and failed to alert emergency workers as toxic fires erupted. FILE PHOTO: A fire burns at the flooded plant of French......
Reuters - Business

Global funds cut equity exposure in turbulent February, eye virus risk: Reuters poll

Reuters
BENGALURU (Reuters) – Global funds changed course in February and recommended a cut to equity allocations in their model balanced portfolio after taking them to a two-year high in January, instead suggesting an increase in bond holdings, Reuters polls showed. A trader works on the floor at the New York......
Reuters - Business

Global shares head for worst week since 2008 financial crisis

Reuters
TOKYO (Reuters) – Global share prices headed for the worst week since the darkest days of the world financial crisis in 2008 as investors braced for the coronavirus to become a pandemic and rapidly spread around the world. FILE PHOTO: People wearing surgical masks walk past a screen showing Nikkei......

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