Business & Finance News
The U.S. government on Thursday added fresh charges to its case against Chinese smartphone maker Huawei Technologies Co that has angered China and hurt U.S.-Chinese diplomatic relations.
Gains in defensives helped U.S. stocks bounce off session lows on Thursday, even as sentiment remained fragile after a spike in new coronavirus cases in China renewed worries over the scale of the epidemic and its likely impact.
The U.S. government on Thursday filed a superseding indictment against the Chinese smartphone maker Huawei Technologies Co and its Chief Financial Officer Wanzhou Meng.
Federal Reserve board nominee Judy Shelton faced deep skepticism from Republicans and Democrats on the Senate Banking Committee on Thursday, as lawmakers challenged her independence from President Donald Trump and characterized her thinking as too far outside the mainstream to trust with the nation’s economy.
Federal Reserve board nominee Judy Shelton on Thursday apologised for having likened a convicted currency counterfeiter to U.S. civil rights icon Rosa Parks in an unusual exchange with a lawmaker weighing her appointment to the central bank.
Defensive stocks helped the S&P 500 and the Nasdaq erase losses to trade flat on Thursday, even though a sharp rise in new coronavirus cases in China kept investors worried.
Oil prices edged higher on Thursday, as investors hoped the world’s biggest producers would cut output more, while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China.
The dollar rose and global equity markets slumped on Thursday after a new methodology that sharply increased the death toll in China from the coronavirus unnerved investors and halted a rally that had lifted U.S. and European stocks to record peaks.
Exxon Mobil Corp does not have a timeline for restarting fuel-producing units at its second-largest U.S. refinery following a fire Wednesday that cut production, sources said, as the shutdown boosted gasoline prices on Thursday.
JPMorgan Chase & Co has told financial technology companies that they will be barred from accessing its customer information by July 30 if they do not sign data access agreements with the bank and agree to a plan to stop using customer passwords to gather the data.
Climate activists clad in Titanic-era costumes gathered in a rubber dinghy outside Credit Suisse’s headquarters on Thursday, to urge incoming chief executive Thomas Gottstein to steer the bank off a climate “collision course”.
Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world’s biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.
U.S. underlying consumer prices picked up in January, while the number of Americans filing claims for unemployment benefits rose slightly last week, suggesting the economy was stable enough for the Federal Reserve to keep interest rates on hold this year.
Alibaba Group Holding Ltd warned of a drop in revenues at its key e-commerce businesses this quarter as the coronavirus sweeping China hits supply chains and deliveries.
Wall Street’s main indexes eased from record highs on Thursday, pressured by shares of Cisco after its disappointing quarterly forecast, while a spike in new coronavirus cases in China weighed on the sentiment.
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