Asian shares and U.S. stock futures rose on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases.
(Bloomberg) — Outside the German town of Arnstadt, workers for China’s Contemporary Amperex Technology Co. Ltd. (CATL) are hustling to build Europe’s biggest electric-car battery plant.The site, which covers an area equivalent to about 100 football fields, previously housed one of the continent’s largest solar-panel factories. During a visit in October, wooden crates filled with surplus equipment were stacked up outside the metal-clad structure to make way for car-battery-making equipment. Roaring bulldozers swarmed a nearby lot to prep for construction of a new building.The $2 billion project—one of about a half dozen battery factories under construction in Germany alone—worries …read more […]
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.
Uber Technologies Inc is closing its office in downtown Los Angeles, where the ride-hailing company employs customer support staff, to focus on its bigger locations.
Uber Technologies Inc said late on Tuesday that it was closing its office in downtown Los Angeles, where the ride-hailing company had employed customer support staff.
The jobs from the office being closed will be shifted to a customer support office of Uber in Manila, the LA Times reported, citing sources and a recording of comments from an Uber manager. Earlier this month, Uber, which is backed by Japanese technology investment giant SoftBank Group Corp , moved forward by a year its target to achieve a measure of profitability to the fourth quarter of 2020, but added it still expects to lose a total of more than $1 billion this year. …read more […]
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.
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