Spam-maker Hormel Foods Corp is eliminating a growth drug banned by China from its hog supply, the company said on Tuesday, joining rivals that are seeking to increase meat sales to Chinese buyers grappling with a pork shortage.
Asian shares and U.S. stock futures edged cautiously higher on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases.
(Bloomberg) — A growing number of China’s private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labor costs.To slow the spread of the virus that’s claimed more than 2,000 lives, Chinese authorities and big employers have encouraged people to stay home. Shopping malls and restaurants are empty; amusement parks and theaters are closed; non-essential travel is all but forbidden.What’s good for containment has been lousy for business. With classes canceled at a coding-and-robotics school in Hangzhou, employees will lose 30% to 50% …read more […]
Oil prices were slightly higher on Wednesday with gains limited by the widening economic impact from the coronavirus epidemic that started in China, although new confirmed cases fell for a second day in the province at the center of the outbreak.
Oil prices gained 1% on Wednesday, with Brent rising a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. Brent crude was up by 59 cents, or 1%, at $58.34 a barrel by 0439 GMT, while U.S. oil was up 55 cents, or 1.1%, at $52.60 a barrel. China is still struggling to get manufacturing going again in the world’s second-largest economy, after imposing stringent city lockdowns and travel restrictions to …read more […]
Asian shares and U.S. stock futures edged cautiously higher on Wednesday as investors tried to shake off worries about the coronavirus epidemic following a slight decline in the number of new cases.
Boeing Co found debris that could pose potential safety risks in the fuel tanks of several 737 MAX aircraft that are in storage and waiting to be delivered to airlines, according to an internal memo seen by Reuters on Tuesday.
President Donald Trump objected on Tuesday to U.S. proposals that would prevent companies from supplying jet engines and other components to China’s aviation industry and suggested he had instructed his administration not to implement them.
(Bloomberg) — Michael Milken’s pardon by President Donald Trump on Tuesday was accompanied by a statement praising his “innovative work” in high-yield debt as well as a long list of people the White House said had provided “longstanding support” for the pardon. It proved a veritable Who’s Who of private equity, hedge fund, real estate and media titans. Here are the biggest names:Sheldon Adelson: a major Republican donor and Trump supporter, Adelson is the chief executive officer of casino operator Las Vegas Sands Corp. His wife Miriam also backed the pardon.David Bahnsen: a former Morgan Stanley managing director and wealth …read more […]
A federal judge in Texas on Tuesday rejected Chinese telecommunications equipment maker Huawei Technologies Co Ltd’s constitutional challenge to a U.S. law that restricted its ability to do business with federal agencies and their contractors.
Firm of ‘Big Short’ investor also axes stake in Bed Bath & Beyond Continue reading… …read more […]
HSBC could be forced to take $600 million in additional provisions against loan losses if the Coronavirus outbreak persists into the second half of this year, Chief Financial Officer Ewan Stevenson said on Tuesday.
The White House announced a slew of presidential pardons and commuted sentences from President Trump on Tuesday, and the name Eddie DeBartolo Jr. will raise the eyebrows of many sports fans. …read more […]
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