Business & Finance News
Samsung Electronics stands to be a major beneficiary of the China production problems announced by rival Apple Inc on Monday, reaping the rewards of a decade-long bet on low-cost smartphone manufacturing in Vietnam.
The widening economic fallout from the coronavirus outbreak and soft consumption are forcing the Bank of Japan to message more strongly that it is no longer inclined to chase its elusive 2% inflation target, sources familiar with its thinking say.
China said on Tuesday it would accept applications for new tariff exemptions for 696 products imported from the United States including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil.
HSBC Holdings PLC on Tuesday unveiled plans to cut $100 billion in assets, slash its investment bank and restructure in the United States and Europe, as it launched its biggest overhaul in years in a bid to improve returns.
Nissan’s new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan’s second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn.
HSBC Holdings PLC on Tuesday unveiled plans to cut costs and simplify its structure to boost earnings, after its 2019 profit dropped 33% hit by one-time write-offs linked to its investment banking and commercial banking businesses in Europe.
Oil prices fell on Tuesday, tracking losses in financial markets on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand.
Apple Inc warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world’s most valuable technology firm became one of the biggest corporate casualties of China’s coronavirus epidemic.
Asian shares fell and Wall Street retreated from record highs on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.
Nissan Motor Co Chief Executive Makoto Uchida on Tuesday said he expects weak global car sales to keep the Japanese automaker’s earnings and cashflow under pressure through the end of the financial year in March.
Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets.
Nissan Motor Co Chief Executive Makoto Uchida on Tuesday said he expects the Japanese automaker’s earnings and cashflow to remain pressured through the end of the financial year in March as it grapples with weak global car sales.
U.S. stock futures slipped from record levels on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.
Apple Inc said on Monday it would not meet its revenue guidance for the March quarter because of the coronavirus outbreak slowing iPhone production and weakening demand in China.
Alstom SA on Monday agreed to buy Bombardier Inc’s train business for up to 6.2 billion euros ($6.7 billion), days after Airbus SE agreed to buy out Bombardier’s remaining stake in the A220 passenger jet program, helping the company improve its financial position.
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