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Gap records nearly $1 billion in losses on coronavirus-led store closures

Reuters
(Reuters) – Gap Inc (GPS.N) on Thursday reported a quarterly loss of nearly $1 billion as the apparel retailer was forced to close its stores due to the coronavirus outbreak, sending its shares down about 8% after market hours. FILE PHOTO: A closed Gap store is pictured in Times Square......
Reuters - Business

Uber Eats features black-owned restaurants on U.S., Canadian delivery platform

Reuters
FILE PHOTO: An Uber Eats bicyclist makes a delivery during the coronavirus outbreak, in the U.S. Capitol Hill neighborhood in Washington, U.S. April 1, 2020. REUTERS/Jonathan Ernst (Reuters) – Uber Technologies Inc on Thursday launched a feature on its food delivery app Uber Eats that allows customers in the United......
Reuters - Business

Slack revenue growth fails to impress; scraps billings outlook

Reuters
FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid (Reuters) – Slack Technologies Inc (WORK.N) on Thursday withdrew its 2021 billing outlook and reported a 50% jump......
Reuters - Business

Broadcom’s revenue forecast disappoints on weakness in chip business

Reuters
FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo (Reuters) – Broadcom Inc (AVGO.O) on Thursday forecast current-quarter revenue, the midpoint of which was slightly below analysts’ estimates as its chip business took a......
Reuters - Business

S&P 500 closes down, snapping four-day rally

Reuters
(Reuters) – The S&P 500 lost ground on Thursday as investors took profits in advance of Friday’s jobs report, ending a four-day rally driven by rising economic sentiment. The Nasdaq joined the S&P 500 in negative territory, while the blue-chip Dow posted a nominal gain. “We were pretty overvalued going......
Reuters - Business

U.S. to revise Chinese passenger airline ban after Beijing move: sources

Reuters
WASHINGTON (Reuters) – The U.S. Transportation Department plans to issue a revised order in the coming days that is likely to allow some Chinese passenger airline flights to continue, government and airline officials said. A China Eastern Airlines aircraft is seen at Hongqiao International Airport in Shanghai, following the coronavirus......
Reuters - Business

Tesla’s Elon Musk calls for breakup of Amazon in tweet

Reuters
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo (Reuters) – Telsa Inc Chief Executive Elon Musk on Thursday called......
Reuters - Business

Volkswagen resumes deliveries of Golf 8 after software fix

Reuters
FILE PHOTO: People take pictures of the new Golf 8 car during its presentation at the Volkswagen plant in Wolfsburg, Germany October 24, 2019. REUTERS/Fabian Bimmer FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) is resuming deliveries of its Golf 8 model after fixing a software glitch, a spokesman said on Thursday. The......
Reuters - Business

America’s billionaire wealth jumps by over half a trillion during COVID-19 pandemic: report

Reuters
FILE PHOTO: A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Picture taken August 28, 2018. REUTERS/Marcos Brindicci/File Photo (Reuters) – The combined wealth of America’s billionaires, including Amazon.com Inc (AMZN.O) founder Jeff Bezos and Facebook Inc (FB.O) CEO Mark Zuckerberg, jumped over......
Reuters - Business

ECB gives another shot of stimulus as economy reels

Reuters
FRANKFURT (Reuters) – The European Central Bank approved a bigger-than-expected expansion of its stimulus package on Thursday to prop up an economy plunged by the coronavirus pandemic into its worst recession since World War Two. Just months after a raft of crisis measures, the ECB again expanded its money-printing scheme......
Reuters - Business

Intesa CEO says state-backed FCA loan crucial to protect Italy’s economy

Reuters
FILE PHOTO: A Mirafiori FCA worker walks at the Mirafiori industrial complex on the 80th birthday of the plant in Turin, Italy July 11, 2019. REUTERS/Massimo Pinca/File Photo MILAN (Reuters) – A 6.3 billion euro ($7 billion) state-backed loan for Fiat Chrysler (FCA) (FCHA.MI) financed by Intesa Sanpaolo (ISP.MI) is......
Reuters - Business

U.S. new weekly jobless claims drop below 2 million

Reuters
FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford/File Photo WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits dropped below......
Reuters - Business

German auto stimulus to boost VW’s electric push

Reuters
BERLIN/FRANKFURT (Reuters) – Germany unveiled sweeping incentives for cheap electric cars, providing a boost to Volkswagen’s (VOWG_p.DE) electric push while penalising heavy sports utility vehicles (SUVs) with new staggered taxes for polluting combustion-engined cars. FILE PHOTO: A Volkswagen E-Golf electric vehicle is displayed at the Canadian International Auto Show in......
Reuters - Business

U.S. banks attract bargain hunters though hurdles to growth remain

Reuters
(Reuters) – Investors eyeing a turnaround in the U.S. economy are piling into U.S. bank stocks even as some caution that positive stress test results and an abatement of loan losses will be needed to sustain a rally in the battered sector. FILE PHOTO: A woman passes by a Chase......
Reuters - Business

Factbox: German stimulus to drive forward green vehicles

Reuters
FILE PHOTO: An electric vehicle charging station of municipal utilities “Stadtwerke Ruesselsheim” is pictured at their headquarters in Ruesselsheim, Germany, May 23, 2019. REUTERS/Ralph Orlowski FRANKFURT (Reuters) – Germany’s coronavirus recovery stimulus package contains measures to boost low emission cars and electric vehicle charging infrastructure. Here are some of them:......
Reuters - Business

HSBC, StanChart criticised for backing Hong Kong security law

Reuters
HONG KONG/LONDON (Reuters) – Senior British politicians criticised HSBC (HSBA.L) and Standard Chartered (STAN.L) on Thursday after the banks backed China’s national security law for Hong Kong, in conflict with the British government’s opposition to the proposed legislation. In a break from their usual policy of political neutrality, the British......
Reuters - Business

HSBC, StanChart shares rise as support for China law eases Hong Kong impact worries

Reuters
HONG KONG (Reuters) – Hong Kong shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s national security law for the city, allaying worries about their businesses getting hurt by any potential political crossfire in their largest market. In a break from their usual policy of......
Reuters - Business

U.S. airlines gain final approval to drop services to 75 domestic airports

Reuters
FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage/File Photo WASHINGTON (Reuters) – Fifteen U.S. airlines were granted final government approval on Wednesday......
Reuters - Business

Red tape thwarts South Africa’s green energy potential

Reuters
JOHANNESBURG – World-leading renewables companies are lining up to invest in South Africa’s energy sector and help remedy a chronic generation shortfall that pushed the continent’s most advanced economy into recession even before the COVID-19 pandemic struck. Wind turbines produce renewable energy outside Caledon, South Africa, May 20, 2020. REUTERS/Mike......

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