Business & Finance News
Gary Ginsberg, the global head of communications for SoftBank Group Corp , has taken an indefinite leave of absence to advise Michael Bloomberg’s U.S. presidential campaign, people familiar with the matter said on Friday.
Wall Street plunged in a volatile trading session heading into the weekend, extending a steep selloff from last week as the fast-spreading coronavirus raised fears of a global recession.
When Roger Jenkins was asked to help Barclays avoid a state bailout at the height of the financial crisis in 2008, he was expecting a bonus not a prosecution for his efforts.
Three former Barclays executives were unanimously acquitted on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar in return for rescue financing during the credit crisis.
Oil prices slumped on Friday to their lowest in more than a year, set for their steepest weekly fall since 2008 as the global spread of the coronavirus stokes demand fears.
Bernard Madoff’s former customers will soon see their total recovery approach $14 billion, a court-appointed trustee said on Friday, as the dying swindler awaits a decision on whether the U.S. government will support his request to leave prison early.
Switzerland on Friday banned large events expected to draw more than 1,000 people in a drive to curb the new coronavirus epidemic, prompting cancellation of the Geneva car show and grumbling from businesses watching demand vanish.
We’ll soon get the first proper glimpse at the economic damage the coronavirus is inflicting. China’s official Purchasing Managers’ Index is due on Saturday, and is expected to show the sharpest manufacturing contraction since the 2008 global financial crisis.
The rapid worldwide spread of coronavirus and the economic implications of the outbreak have triggered the biggest weekly stock market rout since the 2008 financial crisis, wiping $6 trillion off global equities.
Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.
Major private equity firms, which have built up big distressed debt funds in recent years, are ready to snap up assets on the cheap if the coronavirus outbreak causes deeper market disruptions, executives told an industry meeting this week.
If an outbreak of coronavirus hits New York, it could cause more sharp selling of stocks, but markets would likely continue to function even if the floor of the New York Stock Exchange had to close.
The Dow Jones Industrials slumped more than 1,000 points in intraday trading for the third time this week on Friday, as the rapidly spreading coronavirus outbreak raised fears of global recession.
Coty Inc on Friday named Jimmy Choo boss Pierre Denis as its next chief executive officer, replacing Pierre Laubies, betting on deep luxury fashion sector experience as the company tries to turnaround sales of its core hair care and cosmetics products.
Federal Reserve rate cuts are ‘a possibility’ if the outbreak of coronavirus intensifies into a global pandemic with death rates approaching yearly flu outbreaks, St. Louis Federal Reserve bank president James Bullard said Friday, in the U.S. central bank’s most explicit assessment yet of how the epidemic is influencing its thinking.
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