Business & Finance News
U.S. stocks opened sharply lower on Friday as investors dumped equities amid a rapidly spreading coronavirus outbreak, which has raised fears of a possible global recession.
Rolls-Royce has got to grips with a long-running engine problem and enjoyed a strong end to 2019, leaving it well placed to cope with any disruption caused by the coronavirus outbreak, it said on Friday.
U.S. consumer spending rose less than expected in January, a loss of momentum that could be exacerbated by the rapidly spreading coronavirus, which has triggered a sharp stock market sell-off and revived fears of a recession.
U.S. stock indexes were set for another sharp fall at the open on Friday as the rapidly spreading coronavirus outbreak raised the alarm for a possible global recession.
Coronavirus panic sent world share markets skidding again on Friday, putting them on course for their worst weekly fall since the 2008 global financial crisis, with almost $6 trillion wiped from their market value so far this week.
United Airlines said Friday it was cutting flights to Japan, South Korea and Singapore and extending flight cancellations to China in response to the coronavirus outbreak.
U.S. stock index futures dropped on Friday as a surge in coronavirus cases, which have already wiped nearly $3 trillion off stocks listed on the benchmark S&P 500 this week, triggered recession fears.
Three former Barclays executives were acquitted in London on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar during the credit crisis, in return for rescue funding.
Volkswagen and a major German consumer group said on Friday that they had reached an 830 million euro ($902.04 million) agreement in a class action lawsuit over the carmaker’s rigging of diesel emissions tests.
Carmakers were scrambling to reorganise press conferences and vehicle presentations after Swiss authorities forced the cancellation of the Geneva car show on Friday in an effort to contain the coronavirus.
UBS Chief Executive Sergio Ermotti, one of Europe’s best paid bankers, earned 12.5 million francs in 2019, down from 14.1 million in 2018 after the bank was hit with a multi-billion-euro court case and it missed earnings goals.
Orolay, the maker of the ‘Amazon coat’ that became a darling of U.S. fashion and social media a year ago, knows it is luckier than most Chinese small businesses trying to get back on their feet amid huge disruptions caused by the coronavirus epidemic.
There is no need to take immediate monetary policy action due to the coronavirus outbreak, the European Central Bank’s Jens Weidmann said on Friday, adding that remaining alert was however warranted.
Investment-advisers are increasingly worried that U.S. authorities are not be doing enough to prevent a widespread outbreak of coronavirus in the country, potentially adding further downside to already-battered markets.
Vermont Senator Bernie Sanders may be surging in the polls ahead of Super Tuesday, but some on Wall Street have made their own conclusions on what November will bring: four more years of President Donald Trump.
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