Business & Finance News
Lowe’s Cos Inc warned on Wednesday that high spending on do-it-yourself projects by people hunkered down at home due to coronavirus lockdowns would taper off in the coming months, as a deep economic recession looms on the horizon.
Wall Street’s main indexes surged and the Nasdaq hit a three-month high on Wednesday, as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.
OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market.
Britain’s government stands ready to help those affected by a plan at engine maker Rolls-Royce to cut at least 9,000 jobs, a spokesman for Prime Minister Boris Johnson said on Wednesday.
There appears to be agreement in Washington to give companies more time to utilize their coronavirus aid under the Paycheck Protection Program, the head of the U.S. Senate’s small business committee said on Wednesday.
Several Ryanair trade unions say they will resist an attempt to cut pay and conditions for a five-year period, citing management promises of a swift recovery from the coronavirus crisis and the fact its CEO has committed to a pay cut for just one year.
U.S. authorities on Wednesday arrested a former special forces soldier and another man wanted by Japan on charges that they enabled the escape of former Nissan Motor Co boss Carlos Ghosn out of the country.
Food giant Nestle said on Wednesday it would spend 100 million swiss francs ($103.58 million) on expanding its manufacturing footprint in China to include a new plant-based food facility and widen its production lines.
Shares in Luckin Coffee Inc slumped almost 40% to a record low in premarket trade on Wednesday, as they resumed trading after more than a month’s halt and a day after the Chinese coffee chain said it received a delisting notice from Nasdaq .
JetBlue Airways Corp and United Airlines Holdings Inc announced fresh safety measures on Wednesday aimed at restoring confidence in travel that has been crushed by the coronavirus pandemic.
A German court said on Wednesday it was ending proceedings against the chairman and chief executive of Volkswagen AG after the carmaker agreed to pay a fine of 9 million euros ($9.9 million) over the diesel emissions scandal.
There appears to be agreement in Washington to give companies more time to utilize their coronavirus aid under the Paycheck Protection Program, the head of the U.S. Senate’s small business committee said on Wednesday.
Lessors including AerCap and BOC Aviation are now the biggest shareholders in Norwegian Air after the budget carrier completed a debt restructuring and secured a long-sought credit guarantee from Norway’s government.
Harley-Davidson Inc is reopening its factories this week at lower production rates and sending dealers a narrower range of motorcycles, the Wall Street Journal reported on Wednesday.
Global stocks rose on Wednesday as investors regained hopes of recovery from a coronavirus-fuelled recession, while oil prices also strengthened.
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