Business & Finance News
German airline Lufthansa warned on Tuesday that it might need to apply for creditor protection if its state-backed bailout failed to win sufficient shareholder support in a vote later this month.
Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.
Oil rose on Wednesday on hopes for economic recovery and for a clinical trial showing a cheap steroid could help save some critically ill coronavirus patients but fears of a second wave of the virus curbed gains.
German flagship carrier Lufthansa said on Tuesday that the implementation of its bailout deal had not been secured and it might need to apply for creditor protection proceedings around the time of its extraordinary general meeting.
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.
The dollar was little changed on Wednesday after U.S. retail sales rose more than expected in May, although caution kept investors from aggressively buying riskier currencies like the Australian dollar.
HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.
HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
United Airlines sweetened on Tuesday a voluntary exit package for flight attendants and extended the application deadline, saying it needed “a lot more people to sign up” to avoid involuntary layoffs in October, according to a document seen by Reuters.
Asian share markets took a cautious turn on Wednesday as a resurgence of global coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in U.S. retail sales in May broke all records.
United Airlines sweetened a voluntary exit package for flight attendants and extended the application deadline, saying that while “thousands of employees” signed up, “we’re finding that’s not enough,” according to a document seen by Reuters.
The dollar held firm against many of its rivals on Wednesday after U.S. retail sales jumped far more than expected in May,
Oil prices fell on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery of demand.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
