British online fashion retailer ASOS Plc said it had raised 247 million pounds ($304 million) via a placing, to help it shore up its finances in case of a prolonged business downturn from the coronavirus pandemic.
The dollar found a footing on Wednesday as investors returned to safe-havens, reversing some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing.
Asian stocks were mixed on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.
As several European borders limit travel to stop the spread of COVID-19, two of the world’s biggest pulp makers say transportation logjams are delaying shipments of the raw material – the only ingredient in the toilet paper that people are hoarding to weather quarantines.
(Bloomberg) — Tesla Inc. will temporarily cut employee salaries by as much as 30% starting Monday to save costs while the coronavirus pandemic forces the company to shut down some operations.In the U.S., those ranked vice president or above will see the steepest salary reductions, followed by a 20% cut for directors, and 10% for everyone else, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. For the exception of those being assigned to critical tasks, employees who can’t work from home will be furloughed without pay, though they’ll keep health-care benefits.The move …read more […]
The U.S. government’s massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don’t-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.
Iran’s Oil Minister, Bijan Zanganeh, said his country does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, according to a letter sent to OPEC and seen by Reuters. “The vague circumstances around which the upcoming OPEC and non-OPEC ministerial (meeting) is being organised is of grave concern to me,” Zanganeh wrote in the letter dated April 7 and addressed to the Algerian oil minister, who holds the presidency of OPEC. …read more […]
(Bloomberg) — Tesla Inc. will reduce employees’ salaries as much as 30% starting this Monday to cut costs as it shuts down some operations because of the coronavirus pandemic.In the U.S., the salary cut is 30% for vice presidents and above, 20% for directors and above, and 10% for others, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. Employees who haven’t been assigned to critical tasks and who can’t work from home will be furloughed without pay, though they will keep health-care benefits.Carmakers are trying to conserve cash with sales plunging toward …read more […]
Australia’s Treasury Wine Estates Ltd said it may spin off the prestigious Penfolds label and shrink its low-end “commercial” division in the United States as it seeks ways to grow profit amid upheaval brought by the coronavirus crisis.
Tesla Inc told employees on Tuesday it would furlough all non-essential workers and implement salary cuts during a shut down of its U.S. production facilities because of the coronavirus outbreak.
Tesla said it planned to resume normal operations on May 4, barring any significant changes, according to an email sent to U.S. employees by in-house counsel Valerie Capers Workman, which was viewed by Reuters. Tesla did not immediately respond to a request for comment. The coronavirus pandemic has slashed U.S. demand for cars and forced several other automakers to furlough U.S. workers. …read more […]
Asian stocks stepped back on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.
Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. Brent crude was up by 75 cents, or 2.4%, at $32.62 per barrel by 0246 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session. …read more […]
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