Europe’s biggest bank, HSBC has cut already bleak global growth forecasts even further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending.
(Bloomberg) — One of China’s best-performing stocks so far in 2020 is a little-known server maker that last year abruptly joined the same U.S. blacklist that threatens Huawei Technologies Co.’s survival. Investors are betting that Beijing’s rapidly emerging plan to invest trillions in technology will outweigh the Trump administration’s curbs.Dawning Information Industry Co. has soared 60% since the start of the year, making it the third-best performer year to date on the benchmark CSI 300 index of Shanghai and Shenzhen stocks. It’s now trading at about 56 times its projected 2020 earnings, above its average over the past three years …read more […]
Worker welfare is having a moment on Wall Street.
Chipmaker Taiwan Semiconductor Manufacturing Co’s $12 billion investment in the United States will increase U.S. economic independence from China, Secretary of State Mike Pompeo said in a statement early on Friday.
Taiwan Semiconductor Manufacturing Co Ltd , the biggest contract chipmaker, said it plans to build a $12 billion factory in Arizona in an apparent win for the Trump administration’s efforts to wrestle global tech supply chains back from China.
Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines in the first four months of the year and the financial outlook remained “very bleak” due to the pandemic.
Australia’s second largest bank Westpac Banking Corp on Friday said it has filed its defence in a case where it is accused of 23 million alleged breaches of anti-money laundering laws.
Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was up 39 cents, or 1.3% at $31.52 a barrel by 0333 GMT, after rising nearly 7% on Thursday. West Texas Intermediate (WTI) oil was up 19 cents, or 0.7%, at $27.75 a barrel, having jumped 9% in the previous session. …read more […]
The airline industry is not likely to recover to pre-coronavirus levels for at least the next six to 12 months, Southwest Airlines Co Chief Executive Officer Gary Kelly said on Thursday.
Asian stocks struggled to extend gains on Friday and were on course to end the week lower as deteriorating U.S.-China relations undercut optimism over the reopening of major economies.
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
(Bloomberg) — An armada of tankers filled with Saudi crude heading to American shores is raising concern that tanks may fill again just as a U.S. glut shows signs of easing.Over 30 tankers laden are set to arrive in the U.S. Gulf Coast and West Coast during May and June, according to ship tracking data compiled by Bloomberg. The more-than 50 million barrels of Saudi crude on the water threaten to disrupt a positive supply development: U.S. crude stockpiles declined for the first time since January and inventories at the Cushing, Oklahoma storage hub contracted by the most in months.“The …read more […]
Negative rates would take interest, including on home loans, into an upside-down world. …read more […]
Taiwan Semiconductor Manufacturing Co Ltd, a major supplier to Apple Inc, announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a “strong partnership” with the U.S. government.
Taiwan Semiconductor Manufacturing Co Ltd, the world’s biggest contract manufacturer of computer chips, on Friday announced plans to build an approximately $12 billion advanced chip factory in Arizona.
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