Business & Finance News
The dollar inched higher, stock markets struggled for traction and oil dropped on Monday as a U.S.-China spat over the origin of the coronavirus put the brakes on optimism about an economic re-start as countries around the world ease restrictions.
South Korea’s Mirae Asset Global Investments said on Monday that it has terminated a $5.8 billion deal to buy 15 U.S. hotels from China’s Anbang Insurance Group [ANBANG.UL].
Oil prices fell on Monday, paring last week’s gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease.
The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak, according to officials familiar with U.S. planning.
Asia’s factory activity was ravaged in April, business surveys showed on Monday, and the outlook dimmed further as government restrictions on movement to contain the coronavirus outbreak froze global production and slashed demand.
Reliance Industries Ltd said on Monday private equity firm Silver Lake will invest nearly $750 million in its digital arm, days after securing a $5.7 billion investment from Facebook as the Indian conglomerate looks to pare debt.
Citigroup Inc has named veteran banker Kaleem Rizvi as its Asia Pacific head of the corporate banking business, according to an internal memo reviewed by Reuters on Monday.
General Motors Co’s South Korean unit plans to sharply cut output this month at a factory producing its new Trailblazer sport-utility vehicle (SUV), as the coronavirus outbreak weighs on its U.S. exports and also disrupts parts supplies.
Reliance Industries Ltd said on Monday private equity firm Silver Lake will invest 56.56 billion rupees ($746.74 million) in its digital arm, giving it a valuation of 4.90 trillion rupees.
The dollar inched higher, stock markets struggled for traction and oil fell on Monday as a U.S.-China spat over the origin of the coronavirus put the brakes on optimism about an economic re-start as countries around the world ease restrictions.
Oil prices fell in early trade on Monday, paring last week’s gains, on worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease.
The dollar rose, oil fell and stock markets were poised to slip on Monday as rising U.S.-China tensions over the coronavirus – and growing unease at the gulf between asset prices and grim economic reality – turned investors cautious.
U.S. crude futures fell more than 5% in early trade on Monday, paring last week’s gains, on worries about oil oversupply and tempered hopes for an economic recovery as some U.S. states and cities around the world ease coronavirus pandemic restrictions.
White House economic adviser Larry Kudlow said on Sunday he would not rule out anything in a new relief bill to ease the “tremendous hardships” of the coronavirus outbreak, including more money for state and local governments and small businesses.
Iceland may consider taking a stake in Icelandair Group if the government injects funds into the airline, Bloomberg reported, citing comments by Prime Minister Katrin Jakobsdottir to a local radio station.
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