Business & Finance News
VW the world’s largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday even as inventory levels across the industry continue to build up as the coronavirus pandemic saps demand.
Norway has started formal talks with the shipbuilding division of Thyssenkrupp for the construction of new submarines and expects to conclude the negotiations this year, the Norwegian defence ministry said on Monday.
Quarantines and lockdowns at large U.S. power plants are threatening to squeeze a multibillion-dollar slice of revenue that General Electric Co is counting on to help lift profits.
Imperial Brands is withdrawing from the premium cigar business to focus on vaping, with a 1.23 billion euro ($1.33 billion) sale of hand-rolled makes including Cohiba and Montecristo which will help it pay down debt.
Chinese e-commerce giant Alibaba Group Holding Ltd has demoted Jiang Fan, one of its most senior executives, after an internal investigation into allegations of improper behaviour, according to a person familiar with the matter.
Stock markets rallied on Monday as investors cheered news more countries were easing lockdowns and the Bank of Japan expanded stimulus to cushion the impact of the coronavirus, though the oil price took another tumble with storage running out.
U.S. banks were girding on Monday for another chaotic dash to grab $310 billion in fresh small business aid due to be released by the government on Monday, after it changed some of the rules of the first-come-first-served scheme at the 11th hour.
The Small Business Administration (SBA) on Monday will release $310 billion in funds for the second round of its program that aims to help small businesses hurt by the novel coronavirus disruption to cover their payroll costs.
The German government should support Lufthansa as it tackles the coronavirus crisis but the flagship carrier should not be nationalised, Bavarian State Premier Markus Soeder said on Monday.
U.S. stock index futures rose on Monday as more states looked set to lift coronavirus-induced curbs, with investors also turning to quarterly earnings reports from marquee companies including Apple and Microsoft later this week.
Adidas warned of an even deeper hit to second-quarter sales and profits from coronavirus lockdowns after the German sportswear firm reported worse-than-expected first-quarter results and said it had not yet seen a full rebound in China.
U.S. chipmaker Broadcom has offered to settle an EU antitrust investigation into its exclusivity deals with TV and modem makers, EU antitrust regulators said on Monday, a move that would stave off a possible hefty fine.
China’s top market regulator has launched an inspection into Luckin Coffee , joining the country’s securities watchdog in doing so as the coffee chain comes under scrutiny for fabricating millions of dollars worth of sales deals.
U.S. chipmaker Broadcom has offered to settle an EU antitrust investigation into its exclusivity deals with TV and modem makers, EU antitrust regulators said on Monday.
Japan’s Nissan Motor Co Ltd will slash its domestic auto production plans by 70% in May and 43% in June, documents seen by Reuters show, as the impact of the coronavirus shakes the troubled automaker.
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