Business & Finance News
Oil fell over 5% on Friday towards $34 a barrel as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.
Renault could disappear if it does not get help very soon to cope with the fallout from the coronavirus crisis, France’s Finance Minister Bruno Le Maire said on Friday, while adding the carmaker also needed to adapt to the situation.
The banks that lent $518 million to Luckin Coffee Chairman Charles Zhengyao Lu have started court proceedings to liquidate his private company, a government gazette for the British Virgin Islands showed.
Oil prices fell on Friday as tensions rose between the U.S. and China and as Beijing failed to set target for economic growth this year, stoking concern that the coronavirus pandemic will overshadow fuel demand in the world’s second-largest oil user.
France’s Finance Minister Bruno Le Maire said on Friday that Renault could disappear if it does not get help very soon to cope with the fallout from the coronavirus crisis, while adding that Renault also needed to adapt to the situation.
China’s biggest automaker SAIC Motor expects the nation’s auto sales to post year-on-year growth in the second quarter due to recovering demand and supportive policies, its chairman said on Friday.
Nissan Motor Co is considering cutting 20,000 jobs from its global workforce, focusing on Europe and developing countries, Kyodo news reported on Friday, as the Japanese automaker struggles to recover from plunging car sales.
Global shares tumbled on Friday as Hong Kong’s political unrest returned as a flashpoint in fast-deteriorating U.S.-China relations, following Beijing’s moves to impose a new security law on the city.
Vodafone , the world’s second-biggest mobile operator, has recruited Jean-Francois Van Boxmeer, the current CEO of brewer Heineken , to succeed Gerard Kleisterlee as chairman from November this year.
Pharmaceutical group Roche has acquired U.S.-based Stratos Genomics to further develop DNA-based sequencing for diagnostic use, it said on Friday.
Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around.
Global equity markets have shuffled up about 1% this month despite the world starting to re-open after the coronavirus-driven lockdowns and U.S. and European economic data showing glimmers of a recovery.
Oil prices fell on Friday after China failed to set an economic growth target for 2020, sparking concerns that the fallout from the coronavirus pandemic will cap fuel demand in the world’s second-largest oil user.
Australian retail giant Wesfarmers Ltd said it will close or rebrand nearly two-thirds of its Target department stores and take one-off charges totalling up to A$650 million ($426 million) as it reels from the coronavirus fallout.
Oil prices slumped on Friday after China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world’s second-largest oil user.
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