HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.
The dollar was little changed on Wednesday after U.S. retail sales rose more than expected in May, although caution kept investors from aggressively buying riskier currencies like the Australian dollar.
HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.
Amarin (AMRN) has announced a settlement agreement with Apotex Inc. that resolves a patent litigation over Apotex’s abbreviated new drug application (ANDA) seeking US approval of a generic form of Vascepa capsules. Shares in Amarin rose 5% in Tuesday’s after-market trading.Amarin’s lead product Vascepa was initially launched in the US in 2013 as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. A new, cardiovascular risk indication for the fish-oil derivative was approved by the FDA in December 2019 based on the results of the landmark Reduce-It trial.The company is currently appealing to the …read more […]
(Bloomberg) — Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.Futures in New York fell below $38 a barrel after climbing almost 6% over the previous two sessions. Beijing has ordered all schools to close in an escalation of containment measures as its struggles to halt the outbreak that’s already spread to neighboring provinces. China is one of the world’s few energy consumption bright spots, staging a rapid recovery over the past …read more […]
Shares in daily-deal site Groupon (GRPN) rose 4% after-hours on Tuesday after the company reported earning results that surpassed the Street’s very low expectations.Specifically, first quarter non-GAAP EPS of -$1.63 beat Street estimates by $0.28 while revenue of $374.15M beats by $22.45M. Nonetheless revenue still plunged 35.3% year-over-year, while GAAP EPS of -$7.53 fell short of Street expectations by $4.11.Total Gross Billings of $526.66M also represented a significant year-over-year drop of 31.5%, while gross profit was $201.2 million in the first quarter 2020, down 34%.“COVID-19 has had a major impact on our business and we have moved quickly to position …read more […]
HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
United Airlines sweetened on Tuesday a voluntary exit package for flight attendants and extended the application deadline, saying it needed “a lot more people to sign up” to avoid involuntary layoffs in October, according to a document seen by Reuters.
Asian share markets took a cautious turn on Wednesday as a resurgence of global coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in U.S. retail sales in May broke all records.
United Airlines sweetened a voluntary exit package for flight attendants and extended the application deadline, saying that while “thousands of employees” signed up, “we’re finding that’s not enough,” according to a document seen by Reuters.
(Bloomberg) — Nintendo Co.’s stock has found a 1-Up in an unexpected place.Shares in the videogame maker have climbed to a new two-year high, driven by rising fears of a coronavirus second wave. With cases expanding worldwide including in the U.S. and China, the stock has broken out of its two-month plateau. Nintendo’s Switch console-handheld hybrid was one of the hit products during global lockdowns, buoyed by the success of laid-back social simulator Animal Crossing: New Horizons.“The stock had been struggling the past two months with demand for stay-at-home stocks dropping as the economy re-opened and the state of emergency …read more […]
The dollar held firm against many of its rivals on Wednesday after U.S. retail sales jumped far more than expected in May,
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