Geely Automobile Holdings Ltd said on Friday it raised HK$6.48 billion ($836 million) from a share placement as the Chinese automaker looks to replenish its coffers to finance growth in the world’s largest auto market.
French carmaker Renault said on Friday it was launching talks with unions to reorganise and cease assembling vehicles at several plants in France as it cuts some 15,000 jobs worldwide and tries to refocus to survive a slump in sales.
Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 43 cents, or 1.2%, to $34.86 a barrel by 0643 GMT and U.S. West Texas Intermediate (WTI) crude was at $33.14 a barrel, down 57 cents, or 1.7%. Both contracts are headed for their biggest monthly gains in years as production cuts and optimism about demand recovery led by China supported prices, analysts said. …read more […]
U.S. Federal Reserve officials have talked broadly about helping households and firms through the current economic crisis and quickly unleashed trillions of dollars in cash and credit guarantees to build a “bridge” to the post-pandemic world.
The administrator of Virgin Australia Holdings Ltd said it expected to shortlist two preferred bidders early next week after parties confirmed non-binding indicative proposals to acquire the airline on Friday.
The administrator of Virgin Australia Holdings Ltd said it expected to shortlist two preferred bidders early next week after parties confirmed non-binding indicative proposals to acquire the airline on Friday.
Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world’s biggest auto market as international rivals seek to muscle in.
SoftBank Vision Fund’s head, Rajeev Misra, saw his total pay for the past business year more than double to roughly $15 million, even as the fund’s underperformance pushed SoftBank to a record operating loss of some $13 billion.
Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world’s biggest auto market as international rivals seek to muscle in.
Asia’s stock markets pulled back and major currencies were held in check on Friday, as investors await the U.S. response to China tightening control over the city of Hong Kong.
Global travel disruptions are the top concern for American businesses in China, of which many are cutting compensation and bonuses amid the fallout of the COVID-19 epidemic, according to a report from a business group.
The spotlight Friday will be on the U.S. economy when the Bureau of Economic Analysis released April personal income and spending data. …read more […]
Anhui Jianghuai Automobile Group (JAC Motors) said on Friday that German automaker Volkswagen AG agreed to buy 50% of its parent company Anhui Jianghuai Automobile Group Holding.
The union representing workers at a meatpacking plant near Los Angeles where at least 153 employees have come down with COVID-19 called on Thursday for the plant’s immediate closure, saying measures to control the outbreak were not working.
Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets.
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