Business & Finance News
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
Taiwan Semiconductor Manufacturing Co Ltd, a major supplier to Apple Inc, announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a “strong partnership” with the U.S. government.
Taiwan Semiconductor Manufacturing Co Ltd, the world’s biggest contract manufacturer of computer chips, on Friday announced plans to build an approximately $12 billion advanced chip factory in Arizona.
The U.S. Food and Drug Administration said on Thursday that Abbott Laboratories’ speedy coronavirus test, which can deliver results within minutes and is used at the White House, could potentially be inaccurate but can still be used to test patients.
The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.
Late last month, Sukrampal had to beg and borrow farmhands from nearby villages to gather his part of the country’s largest-ever wheat harvest in Haryana state near New Delhi.
Asian stocks were set to rise on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery.
The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and free cash flow increased 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.
The We Company, owner of WeWork, said its first-quarter free cash outflow grew 60% sequentially, according to an email the company’s chief financial officer sent to employees on Thursday and reviewed by Reuters.
Nike Inc said on Thursday store closures across the globe will hurt its retail and wholesales businesses in the fourth quarter, even as it ramps up its e-commerce capabilities to address increased online orders amid the COVID-19 pandemic.
U.S. President Donald Trump signaled a further deterioration of his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world’s second largest economy.
The novel coronavirus crisis continues to pummel the U.S. labor market, with the number of Americans filing for unemployment benefits falling less than expected last week, suggesting a second wave of layoffs in industries and jobs not initially impacted by business closures caused by the pandemic.
General Motors Co’s self-driving car unit Cruise told staff on Thursday it has decided to lay off workers, the latest start-up in the nascent industry to cut jobs during the coronavirus pandemic.
Nike Inc said on Thursday store closures in North America will hurt its retail and wholesales businesses in the fourth quarter.
Global equity benchmarks gained late on Thursday, with safe-haven bonds also rising as investors shrugged off disappointing U.S. jobs data and took comfort in the possibility of states re-opening after lockdowns and fueling an economic recovery.
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