Business & Finance News
Oil prices rose slightly on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.
Mitsubishi Motors Corp posted on Tuesday an 89% drop in annual operating profit for its weakest performance in three years and skipped the year-end dividend, as the coronavirus outbreak added to the Japanese automaker’s profitability woes.
The euro and Italian government bonds continued on Tuesday to cheer German- and French-led plans for a 500 billion euro EU coronavirus recovery fund, though stock markets were suffering from fatigue after their best day in months.
Abu Dhabi’s Etihad Airways has laid off hundreds of employees this month, including cabin crew, after the coronavirus pandemic forced it to ground flights, according to industry and company sources.
The auto industry represents a significant share of Italy’s economy and it is right to support those who create jobs, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler’s request for state-backed loans.
The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.
Thyssenkrupp’s CEO on Tuesday said there were no taboos in plans to consolidate its steel unit, with options ranging from selling a majority to buying peers.
Worldwide electric car registrations are set to fall 18% this year, but those of combustion engine cars are set to drop even faster, analysts BloombergNEF (BNEF) said on Tuesday, as the automotive sector is hammered by the coronavirus crisis.
Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.
The auto industry represents a significant share of Italy’s economy and it’s right to support those who create jobs in the country, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler’s request for state-backed loans.
Asian shares extended gains on Tuesday as more countries emerged from their economic lockdowns and a successful early-stage trial of a coronavirus vaccine cheered sentiment, although oil shed some of its early moves higher.
Swiss regulators have requested electronic messaging data from the mobile phones of several Credit Suisse managers and supervisory board directors as part of a probe into spying at the bank, three people familiar with the matter said.
The United States will announce on Tuesday that it has signed a $354 million contract with a company to make generic medicines and pharmaceutical ingredients in the country needed to treat COVID-19, the New York Times reported late on Monday.
Businesses in the San Francisco Bay Area may open for curbside retail and manufacturing, while fan-free professional sports events might be allowed as soon as June, as California continued to loosen coronavirus health restrictions on Monday.
The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
