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April 3, 2020
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JPMorgan reaches agreement to increase stake in China mutual fund venture to 100%

Reuters
FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky BEIJING (Reuters) – JPMorgan (JPM.N) said on Friday it has reached agreement with its Chinese partner to increase its stake in its Chinese......
Reuters - Business

Why sweetened layoff benefits may be at odds with U.S. loan program

Reuters
WASHINGTON/SAN FRANCISCO (Reuters) – The generous U.S. unemployment benefits rolled out to blunt the economic harm caused by the coronavirus could have an unintended effect: it may actually be an incentive for companies to choose layoffs rather than keep staff on their books. FILE PHOTO: Treasury Secretary Steven Mnuchin addresses......
Reuters - Business

H&M sees second-quarter loss as pandemic slams sales in March

Reuters
STOCKHOLM (Reuters) – H&M (HMb.ST), the world’s second-biggest clothing retailer, said on Friday it expected a loss in the second quarter after reporting a 46% plunge in March sales as the coronavirus pandemic took a toll on the retail sector. FILE PHOTO: The H&M clothing store is seen in Times......
Reuters - Business

Google releases location data to show if coronavirus lockdowns working in 131 countries

Reuters
OAKLAND, California (Reuters) – Alphabet Inc’s Google on Thursday published reports for 131 countries showing whether visits to shops, parks and workplaces dropped in March, when many governments issued stay-at-home orders to rein the spread of the novel coronavirus. FILE PHOTO: The logo of Google is seen in Davos, Switzerland......
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Sweden’s H&M sees second-quarter loss as pandemic slams March sales

Reuters
FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar STOCKHOLM (Reuters) – H&M (HMb.ST), the world’s second-biggest clothing retailer, reported on Friday a 46% plunge in March sales as the coronavirus pandemic took its toll and said it......
Reuters - Business

British supermarket Sainsbury’s to remove most customer purchasing limits

Reuters
FILE PHOTO: People follow social distancing rules as they are seen queueing outside a Sainsbury’s store in Royal Wharf as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 31, 2020. REUTERS/Steven Watt LONDON (Reuters) – British supermarket group Sainsbury’s (SBRY.L) said on Friday it would start......
Reuters - Business

Trump touts ‘great’ Saudi-Russia oil deal to halt price rout, but details unclear

Reuters
DUBAI/MOSCOW/WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two......
Reuters - Business

Oil falls on scepticism over Trump’s Saudi-Russia output deal

Reuters
SINGAPORE (Reuters) – Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. FILE PHOTO: The sun sets......
Reuters - Business

Airline industry braces for prolonged recovery from coronavirus crisis

Reuters
SYDNEY/WASHINGTON (Reuters) – International seat capacity has dropped by almost 80% from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry may take years to recover from the coronavirus pandemic. FILE PHOTO: A British Airways plane taxis past tail fins of......
Reuters - Business

Trump says 3M ‘will have a big price to pay’ over face masks

Reuters
U.S. President Donald Trump listens during the daily coronavirus response briefing at the White House in Washington, U.S., April 2, 2020. REUTERS/Tom Brenner WASHINGTON (Reuters) – U.S. President Donald Trump slammed 3M Co (MMM.N) in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act......
Reuters - Business

Boeing to temporarily suspend Philadelphia area operations amid coronavirus outbreak

Reuters
FILE PHOTO: The Boeing logo is displayed on a screen, at the New York Stock Exchange (NYSE) in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid (Reuters) – Boeing Co (BA.N) said on Thursday it will temporarily suspend production at facilities in Ridley Township, Pennsylvania, amid the ongoing coronavirus pandemic,......
Reuters - Business

Airbnb lowers internal valuation to $26 billion as coronavirus hits bookings: FT

Reuters
FILE PHOTO: Airbnb logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) – Airbnb lowered its internal valuation by 16% to $26 billion, as the home rental firm deals with a sharp drop in bookings due to the......
Reuters - Business

Dollar strength consolidates as global recession looms

Reuters
SINGAPORE (Reuters) – The dollar edged toward an almost 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic. A trader shows U.S. dollar notes at a currency exchange booth in Karachi, Pakistan......
Reuters - Business

Mnuchin says small business rescue loans launch Friday, despite lender confusion

Reuters
WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses despite confusion over last-minute final rules and lenders unprepared to approve applications. FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before the......
Reuters - Business

Asian markets look to follow Wall Street rally as oil surges

Reuters
NEW YORK (Reuters) – Asian markets on Friday looked to latch onto Wall Street’s overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession. FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an......
Reuters - Business

Bed Bath sues 1-800-Flowers for trying to renege on deal over COVID-19

Reuters
WILMINGTON, Del (Reuters) – Bed Bath & Beyond Inc (BBBY.O) has asked a judge to hold 1-800-Flowers.Com Inc (FLWS.O) to a $252 million deal between the companies in what appears to one of the first examples of a corporate sale coming unraveled due to the coronavirus pandemic. FILE PHOTO: The......
Reuters - Business

Tesla sees strong Model Y production, deliveries; shares rise

Reuters
(Reuters) – Tesla Inc (TSLA.O) said on Thursday production and deliveries of its Model Y sport utility vehicle was significantly ahead of schedule, as the company delivered the highest number of vehicles in any first quarter to date. FILE PHOTO: Tesla Inc CEO Elon Musk attends an opening ceremony for......
Reuters - Business

U.S. gig workers seeking coronavirus jobless benefits hit bureaucratic wall

Reuters
(Reuters) – Uber and Lyft drivers are hitting a wall in their efforts to apply for the coronavirus jobless benefits promised by Congress as state agencies say they are not ready to handle a class of workers who are totally new to the U.S. unemployment system. FILE PHOTO: Uber and......
Reuters - Business

General Motors, Honda to jointly develop two new electric vehicles

Reuters
The GM logo is pictured at the General Motors Assembly Plant in Ramos Arizpe, state of Coahuila, Mexico October 7, 2019. REUTERS/Daniel Becerril (Reuters) – General Motors (GM.N) and Honda Motor Co Ltd (7267.T) said on Thursday the companies would jointly develop two new electric vehicles for Honda. The new......
Reuters - Business

Tesla misses estimates for quarterly deliveries

Reuters
FILE PHOTO: Tesla Inc CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo (Reuters) – Tesla Inc (TSLA.O) on Thursday fell short of Wall Street estimates for first-quarter vehicle deliveries, due to the production disruptions and shutdowns......

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