Business & Finance News
Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.
U.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year.
Mexico’s auto industry reopening picked up pace on Tuesday, with Fiat Chrysler and BMW AG joining peers in gradually dusting off operations even as the wait for approvals slowed the return of Ford Motor Co and other companies.
A New Jersey used car dealer was criminally charged on Tuesday with exploiting the coronavirus pandemic by trying to defraud and price gouge New York City into buying N95 respirator masks in a roughly $45 million scheme.
When Renault SA , Nissan Motor Co and Mitsubishi Motors Corp announced the last strategy plan for their Alliance in September 2017, the goal was to become the world’s biggest automaker by 2022.
The Franco-Japanese automaking alliance of Renault SA , Nissan Motor Co and Mitsubishi Motors is banking on a new recovery plan, set to be announced later on Wednesday, to salvage profitability.
Milan’s Arbitral Tribunal has judged that the contracts over the sale of Italy’s RCS headquarters to Blackstone Group Inc in 2013 were valid but found that the purchaser’s behaviour may entitle the Italian publisher to compensatory damages, RCS said on Tuesday.
U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims.
Alphabet Inc’s Google said on Tuesday it would reopen buildings in more cities at roughly 10% of their capacity beginning July 6 and scale it up to 30% in September, if conditions permit.
New York Governor Andrew Cuomo donned a face mask and rang the opening bell at the New York Stock Exchange on Tuesday, marking the partial reopening of the trading floor at 11 Wall Street, which had been shuttered since March 23 due to the coronavirus outbreak.
U.S. stocks closed higher on Tuesday on optimism about developing coronavirus vaccines and the revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points.
U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims.
U.S. companies’ borrowings for capital investments fell about 7% in April from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday.
Global equity and crude oil markets rose on Tuesday as investors focused on China’s promise of more stimulus and prospects of a world economic recovery, allowing them to push aside concerns that U.S.-China rhetoric could threaten a trade deal between the world’s two largest economies.
French carmaker Renault is about to announce plans to cut 5,000 jobs by 2024 in its drive to save 2 billion euros ($2.20 billion) in costs, according to a report published Tuesday by Le Figaro.
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