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

Reuters
NEW YORK/LONDON (Reuters) – Global stock markets fell on Thursday as a continued rise in the number of coronavirus cases dashed hopes of a swift recovery from the pandemic-induced economic slump and drove demand for safe-haven currencies such as the dollar and Japanese yen. Traders wear masks as they work......
Reuters - Business

Tesla wants to start building a new U.S. vehicle plant this summer

Reuters
FILE PHOTO: The Tesla factory is seen in Fremont, California, U.S. June 22, 2018. REUTERS/Stephen Lam DETROIT (Reuters) – Electric vehicle maker Tesla Inc (TSLA.O) wants to start building a large vehicle assembly plant in the southwestern United States as early as the third quarter of this year, the company......
Reuters - Business

Unemployment payments backlog draws hundreds to Kentucky’s capital

Reuters
People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston FRANKFORT, Ky. (Reuters) – Hundreds of people who lost jobs during the coronavirus crisis but have been unable to get their unemployment insurance checks converged......
Reuters - Business

Chanel warns virus impact will linger on luxury sector

Reuters
MILAN/PARIS (Reuters) – The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel’s chief financial officer said on Thursday, warning the French fashion label’s 2020 revenues and profit would be significantly hit. Chanel bags and creations are displayed on mannequins......
Reuters - Business

Trump to nominate lawyer Crenshaw to serve as Democratic SEC commissioner

Reuters
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo WASHINGTON (Reuters) – The White House announced Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the Securities......
Reuters - Business

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

Reuters
WASHINGTON (Reuters) – 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. FILE PHOTO: The One World Trade Center and the......
Reuters - Business

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

Reuters
FILE PHOTO: Markus Duesmann, board member of German luxury carmaker BMW attends the company’s annual news conference in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder MUNICH (Reuters) – Markus Duesmann, the head of Audi (NSUG.DE), will also head the research and development division at German carmaker Volkswagen’s (VOWG_p.DE) premium brand,......
Reuters - Business

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

Reuters
MILAN/PARIS (Reuters) – 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. FILE PHOTO: A Peugeot......
Reuters - Business

Wirecard faces loan crunch over missing $2.1 billion

Reuters
BERLIN (Reuters) – Wirecard’s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending the German payments firm’s shares down over 60% on Thursday as it warned the delay could cause billions in loans to be called in as early as Friday. FILE PHOTO: An......
Reuters - Business

U.S. weekly jobless claims remain high as second wave of layoffs hits industries

Reuters
Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston WASHINGTON (Reuters) – A second wave of layoffs amid weak demand and fractured supply chains is keeping......
Reuters - Business

Exclusive: Who’s in charge at Nissan? COO’s allies push to give him shared CEO role – sources

Reuters
(Reuters) – Nissan’s chief operating officer Ashwani Gupta helped engineer the troubled automaker’s latest turnaround plan. Now his allies are pressing the board to promote him to co-CEO to drive the new strategy, said four people with direct knowledge. FILE PHOTO: Nissan Motor COO Ashwani Gupta speaks during a news......
Reuters - Business

Mother’s Day sales uptick doesn’t cover coronavirus downturn, Washington D.C. florist says

Reuters
WASHINGTON (Reuters) – Mother’s Day during the coronavirus pandemic meant an uptick in sales for Lee’s Flower and Card Shop in Washington, D.C. FILE PHOTO: Lee’s Flower Shop, one of the oldest businesses in D.C.’s U Street neighborhood, posts signs on its windows ahead of another night of protests against......
Reuters - Business

U.S. Chamber urges China to accelerate purchases of U.S. goods

Reuters
Chinese and U.S. flags flutter in Shanghai, China June 3, 2020. REUTERS/Aly Song WASHINGTON (Reuters) – The U.S. Chamber of Commerce on Thursday underscored the importance of functional U.S.-China ties and urged Beijing to step up its purchases of U.S. goods and services as agreed under a Phase 1 trade......
Reuters - Business

Sharp learning curve for bosses as WFH goes global

Reuters
Two weeks into the coronavirus lockdown and Sergei Holmeckis, a boss at Deutsche Telekom’s Czech operations in the city of Brno, was frustrated with staff video calls. His team didn’t like turning on their cameras and the discussion was stilted. Source – For more click here To Return to the......
Reuters - Business

Stocks drift as second wave virus fears mount

Reuters
LONDON/TOKYO (Reuters) – Global stocks drifted on Thursday as spiking coronavirus cases in some U.S. states and China crushed hopes of a quick global economic comeback from the pandemic. FILE PHOTO: A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district,......
Reuters - Business

Oil prices fall as coronavirus case surge heightens demand fears

Reuters
MELBOURNE/SINGAPORE (Reuters) – Oil prices slipped on Thursday on concerns that a spike in new coronavirus cases in China and the United States could dampen a recovery in fuel demand, even as lockdowns ease. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin......
Reuters - Business

Global stocks retreat as investors fret over coronavirus relapse

Reuters
TOKYO/WASHINGTON (Reuters) – Asian stocks and Wall Street futures fell on Thursday as spiking coronavirus cases in some U.S. states and in China dented hopes of a quick global economic comeback from the pandemic. FILE PHOTO: A man wearing a protective face mask, following the coronavirus disease (COVID-19) outbreak, is......
Reuters - Business

Air maintenance firms, manufacturers plan for $60 billion in lost sales

Reuters
(Reuters) – Maintenance firms and spare parts producers who keep airplanes running are bracing for a decline of up to 75% in sales this year – and more pain to follow – as airlines park or retire thousands of aircraft due to the coronavirus pandemic. FILE PHOTO: People work near......
Reuters - Business

Trump administration proposes rolling back protections for big tech

Reuters
WASHINGTON (Reuters) – The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections big tech platforms like Alphabet’s Google and Facebook have had for decades, a senior official said, following through on President Donald Trump’s bid to crack down on tech giants. FILE PHOTO: Facebook,......
Reuters - Business

Australian regulator says Google’s $2.1 billion Fitbit deal could harm competition

Reuters
SYDNEY/BENGALURU (Reuters) – Australia’s antitrust regulator warned Google’s planned $2.1 billion acquisition of fitness tracker maker Fitbit (FIT.N) may give it too much of people’s data, potentially hurting competition in health and online advertising markets. FILE PHOTO: Fitbit Blaze watch is seen in front of a displayed Alphabet logo in......

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