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Business News
U.S. economy entered recession in February, business cycle arbiter says
(This June 8 story corrects GDP decline in paragraph 6 to 5.0% from 4.8%)
Business News
Airline industry headed for $84 billion loss this year: IATA
The coronavirus crisis will lead the airline industry into record annual losses of $84 billion as 2020 goes down as the “worst year in the history of aviation”, the sector’s main global body predicted on Tuesday.
Business News
EU trade chief Hogan says he is considering bid to become WTO chief
European Trade Commissioner Phil Hogan confirmed on Tuesday that he was considering a bid to become the next director-general of the World Trade Organization, a post that will become vacant at start of September.
Business News
Singapore’s migrant workers fear financial ruin after virus ordeal
As Sharif Uddin contemplates leaving the cramped Singapore dormitory where he has spent weeks under coronavirus quarantine, fears about his future creep in.
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Signet Jewelers Permanently Closing About 400 Stores This Year
The specialty jeweler lost more than $291 million during the coronavirus shutdown. …read more […]
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Tesla CEO Elon Musk Sees Model Y Facing Production Challenges
Tesla Inc.’s (TSLA) CEO billionaire Elon Musk disclosed that its Model Y is facing production and supply chain issues after production at its main Fremont auto plant was resumed last month.According to a leaked e-mail to employees seen by Electrek, the ramp up of Model Y production capacity to pre-Covid 19 levels is expected to take a while.“It is extremely important for us to ramp up Model Y production and minimize rectification needs,” Musk wrote in the email. “I want you to know that it really makes a difference to Tesla right now.”The vehicle maker was given a green light …read more […]
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Lululemon Earnings Preview: Will LULU Live Up To The Hype?
Popular ‘athleisure’ retailer Lululemon (LULU) is gearing up to report its earnings results this Thursday, and ahead of this key date analysts are busy ramping up their price targets and reiterating their bullish calls.Shares in LULU are currently trading up 36% year-to-date, which means that RBC Capital’s new $360 price target indicates upside potential of 14%. RBC analyst Kate Fitzsimons bumped up her price target from $225 previously, citing updated productivity assumptions and earnings snapback into 2021/22E.“We expect investors to look past 1Q numbers and focus on commentary on digital momentum, productivity in reopened stores/regions including China, and longer-term growth …read more […]
Business News
Macy’s says reopened stores performing better than expected
Macy’s Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.
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Tailored Brands Is Said To Weigh Bankruptcy Protection; Shares Fall In Pre-Market
Tailored Brands Inc., (TLRD) is reportedly mulling to file for bankruptcy proceedings as demand for new suits stalled during the coronavirus lockdown period which ordered most office workers to stay at home.The stock declined 1.2% to $1.66 in pre-market trading after dropping 9% on Monday.According to a Bloomberg report, the retailer and its advisers are approaching interested parties about restructuring its debts of more than $1 billion. One scenario is a Chapter 11 filing, which would allow Tailored Brands to keep some of its stores operating while other weaker locations would close down to satisfy its creditors.At the same time, …read more […]
Business News
Vitol veteran Ian Taylor dies after long cancer illness
Ian Taylor, who built Vitol into the world’s biggest oil trader, has died from pneumonia at the age of 64, the company said on Tuesday, after surviving bouts of cancer and a stroke last year.
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Refineries around Asia join Chinese peers in ramping up oil output
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said. The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, respectively, from 72.4% in the second quarter out of total capacity of about 35 million barrels per day, according to energy consultancy FGE. Refineries in countries such as India, South Korea, Japan, and Thailand are also expected to pick up the pace of processing the …read more […]
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Stock market news live updates: Stock futures dip, Dow futures shed 250+ points
Stocks futures fell Tuesday morning, following global equities lower and pausing after a solid rally over the past several sessions. …read more […]
Business News
Tiffany amends debt agreements amid LVMH deal, sales slump
U.S. luxury jeweler Tiffany & Co said on Tuesday it had amended certain of its debt agreements in order to have sufficient liquidity to navigate the coronavirus outbreak as it posted a 43% slump in quarterly sales.