Global automotive production may have peaked, auto supplier Robert Bosch said on Wednesday, announcing job cuts and a review of its business to cope with a 44% drop in full-year operating profit and a downturn in demand for cars.
(Bloomberg) — The U.K.’s decision to allow China’s Huawei Technologies Co. to be involved in building its 5G telecom networks won’t affect trans-Atlantic intelligence sharing, despite U.S. threats to the contrary, Digital Secretary Nicky Morgan said.Britain gave the green light for Huawei kit to be used in non-sensitive parts of its new networks Tuesday, ending a protracted debate. In the run-up to the decision, there was a steady drumbeat of warnings from President Donald Trump’s administration that the U.S. may hold back secret intelligence if Prime Minster Boris Johnson pressed ahead with giving the company a role.Asked in a Bloomberg …read more […]
Apple said it had baked into its outlook uncertainty related to a virus outbreak in China that has killed 132 and infected nearly 6,000. Starbucks warned results would be hit after it shut over half its cafes in the country.
The European Commission will on Wednesday announce guidelines allowing EU countries to restrict or exclude high-risk 5G vendors from core parts of their networks, a move likely to hurt China’s Huawei Technologies but which may not appease the United States. The non-binding recommendations, agreed by the bloc’s 28 countries, seek to tackle cybersecurity risks at national and EU level, with concerns mainly focused on Huawei, although the guidelines do not identify any particular country or company. EU digital chief Margrethe Vestager and EU industry chief Thierry Breton will present the guidelines at a press conference later on Wednesday. …read more […]
Global markets showed further signs of stabilization on Wednesday as investors looked past a rising death toll from China’s coronavirus outbreak to tiptoe back into shares and out of safe-haven assets such as the yen and German bonds.
The chief executive of Robert Bosch, the world’s biggest auto components supplier, warned that coronavirus could impact its global supply chain, which is heavily dependent on China.
(Bloomberg) — It could have been a lot worse for Hong Kong’s big market reopen as investors sought to gauge the widening impact of the coronavirus on China’s economy.The Hang Seng Index fell as much as 3% Wednesday on the first day of trading after the Lunar New Year. Though that was briefly its worst slide on a closing basis since October 2018, the index steadied to end the day 2.8% lower — matching its loss from Jan. 21. Meanwhile, the offshore yuan strengthened 0.1% to 6.9587 per dollar.While the stock declines were steep — especially for landlords, travel firms …read more […]
(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Banco Santander SA expects to reach the higher end of its target for capital this year as the Spanish lender seeks to dispel persistent concerns that it needs to boost its financial strength. The bank forecasts that its key Common Equity Tier 1 capital ratio — a closely watched metric — will rise to close to 12% this year after gaining to 35 basis points in the fourth quarter to 11.65%. The lender made the forecast after earnings jumped in the fourth …read more […]
Ford Motor plans to resume production on Feb. 10 at its manufacturing facilities in China with joint venture partner Chongqing Changan Automobile , a spokesman for the U.S. automaker said on Wednesday.
Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices.
Six months after Unilever’s Alan Jope suggested he may get rid of brands without “purpose”, investors are wondering when he will deliver.
(Bloomberg) — U.S. and European stock futures edged up, oil clawed back some of its recent losses, and China’s yuan was stable in offshore trading as investors continued to assess the risks from the coronavirus.A senior official said the White House hasn’t asked for a suspension of U.S.-China flights, helping ease some concerns amid mounting evidence of a near-term economic hit from the disease. Most Asian benchmarks rose, while Hong Kong tumbled in a catch-up with the global sell-off since that market shut for holidays. China remains closed. Treasuries added to recent gains.The S&P 500 Index climbed 1% on Tuesday …read more […]
China’s growth has helped power a global aviation boom over the last decade, but as the country curtails travel in the face of a new coronavirus, a slowdown could hit the industry harder than ever before.
U.S. President Donald Trump will sign a new North American trade agreement on Wednesday in an outdoor ceremony at the White House to be attended by about 400 guests – but not the key Democrats who helped secure congressional passage of the deal.
Asian shares fell on Wednesday as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and added to worries about the economic impact of the outbreak.
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