Business & Finance News
Germany is still in talks with the European Commission over its rescue package for flagship carrier Lufthansa , Economy Minister Peter Altmaier said on Monday, adding that Berlin expected Brussels to give the green light for the bailout.
Japanese automakers Toyota, Nissan and Honda said they are gradually restarting in Mexico as the nation’s automotive industry reboots in line with a broader economic reopening, despite still-high numbers of new coronavirus cases.
German automaker Volkswagen said on Monday it had satisfied federal requirements to resume production in Mexico but would not make announcements about renewing operations as long as a decree in the state of Puebla remains in effect.
UBS said on Monday it has created a new global financing team, a group that will span across divisions under one group in order to serve clients in a faster and simpler fashion.
Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.
France’s business elite closed ranks around publishing group Lagardere on Monday with LVMH’s Bernard Arnault and Vivendi’s Vincent Bollore swooping in to bolster its defences against London-based hedge fund Amber Capital.
Toyota Motor Corp’s Mexico unit is in a preparation phase for the gradual re-start of its operations in the states of Baja California and Guanajuato, a spokesman told Reuters on Monday.
Canadian banks, whose dividends yields climbed during the financial crisis, are again gaining favor with investors, as their pledges to maintain payouts gives them an edge over global counterparts who have shunned them.
Stocks gained modestly on Monday with many countries on holiday as German business morale rebounded strongly in May, offering a glimpse of optimism to battered investors of what lay beyond weeks of economic lockdowns.
The German government and Lufthansa , which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro ($9.8 billion) bailout.
Germany’s new Economic Stabilization Fund (WSF) has approved a 9 billion euro ($9.80 billion) stabilization package for Lufthansa , Germany’s flagship carrier said on Monday.
Germany’s rescue package for flagship carrier Lufthansa is a “very, very good solution” that is taking into account the needs of both the company and taxpayers, Finance Minister Olaf Scholz said on Monday.
The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, as well as profitable and with good future prospects, but had got into trouble due to the pandemic.
The Mexican unit of Nissan Motor Co Ltd unit said on Monday that it is preparing to gradually reopen under strict safety measures, beginning with activities that are directly related to vehicle and autoparts manufacturing.
French carmaker Renault could unveil job cuts and plants closures on Thursday as the company looks to save 2 billion euros ($2.2 billion) in costs, a representative for far-left union CGT said on Monday.
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