British engine-maker Rolls-Royce said that it would need to lay-off at least 9,000 of its 52,000 staff to make annual cost savings of 1.3 billion pounds ($1.59 billion) as it seeks to cope with the downturn in air travel caused by the pandemic.
Johnson & Johnson (JNJ) has decided to permanently discontinue talc-based Johnson’s Baby Powder in both the US and Canada, citing declining demand and misinformation.“Demand for talc-based Johnson’s Baby Powder in North America has been declining due in large part to changes in consumer habits and fueled by misinformation around the safety of the product and a constant barrage of litigation advertising” JNJ said.However, Johnson & Johnson remains confident in the safety of talc-based Johnson’s Baby Powder. “Decades of scientific studies by medical experts around the world support the safety of our product” argued the healthcare giant, adding that it will …read more […]
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer.
Asian stocks struggled to extend the week’s rally on Wednesday, and gold and bonds firmed, as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about the global recovery from the pandemic returned.
Expectations for second- and third-quarter corporate profits are deteriorating further in Europe, despite a gradual easing across the continent of lockdowns aimed at curbing the coronavirus pandemic, Refinitiv data showed on Wednesday.
Australia has made the deepest dividend cuts globally this year, with more than $6 billion deferred or cancelled as companies conserve cash to ride out the coronavirus, turning foreign investors wary of the country’s normally high-yielding firms.
Johnson & Johnson on Tuesday announced it would stop selling its talc Baby Powder in the United States and Canada, saying demand had dropped in the wake of what it called “misinformation” about the product’s safety amid a barrage of legal challenges. J&J faces more than 19,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. Many are pending before a U.S. district judge in New Jersey.
(Bloomberg) — Luckin Coffee Inc.’s battered stock faces a renewed wave of selling on Wednesday, after Nasdaq Inc. said it planned to delist the onetime market darling that shocked investors with revelations of accounting fraud last month.The Chinese coffee chain’s shares, which have been suspended since tumbling more than 80% in early April, will resume trading at 7 a.m. in New York. Luckin announced Nasdaq’s intention to delist the company in a statement on Tuesday, saying shares will remain on the exchange pending the outcome of an appeal hearing.The prospect of delisting is likely to trigger a rush for the …read more […]
What would seem like a sure win for elite investors – early bets on companies racing to make face masks, hand sanitizer and other coronavirus-related protective products – turned out to be a relatively unpopular strategy and one with surprisingly mixed results.
A company linked to China’s scandal-hit Luckin Coffee Inc is seeking fresh capital, sources said, highlighting the ripple effect of Luckin’s fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch.
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.
Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday.
HSBC Holdings PLC expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters.
U.S. gold futures rose 0.4% to $1,753.30. In testimony before the U.S. Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Fed was looking at extending access to the credit facilities to additional borrowers, including states with smaller populations. “What the Fed does in the next few months will be pretty important, and certainly Powell did indicate that the rates would remain near zero for foreseeable future,” ANZ analyst Daniel Hynes said. …read more […]
Democratic lawmakers on Tuesday urged the Trump administration to answer “serious questions” about Taiwan Semiconductor Manufacturing Co Ltd’s plans to build a U.S.-based $12 billion plant, flagging national security concerns and potentially undisclosed subsidies. TSMC, the world’s biggest contract chipmaker and supplier to U.S. tech giants such as Apple Inc, announced the project last week, in a move trumpeted by Commerce Secretary Wilbur Ross as signaling a “renaissance in American manufacturing” fueled by President Donald Trump. In a letter addressed Tuesday to Ross and Defense Secretary Mark Esper, top Senate Democrat Chuck Schumer and two colleagues said they …read more […]
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