Business & Finance News
China’s smartphone sales may plunge by as much as 50% in the first quarter, as many retail shops have closed for an extended period and production has yet to fully resume due to the fast spread of a new coronavirus, according to research reports.
A Chinese media company said it will lay off 500 employees due to the coronavirus outbreak, the latest among a string of firms to do so in the past two weeks as the epidemic takes a toll on small-to-medium sized businesses.
Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China.
Asian share markets followed Wall Street higher on Tuesday as China’s factories struggled to re-open after an extended break, though analysts warned investors might be underestimating how economically damaging the challenge was likely to be.
An Australian investigator who helped bring criminal cartel charges against Citigroup Inc and Deutsche Bank AG said he first heard concerns about a stock issue they worked on from a rival regulator, but the agencies acted independently.
Airbus on Tuesday unveiled a curvaceous aircraft design that blends wing and body, designed to slash carbon emissions by some 20%.
Geely Automobile and its sister company Volvo Cars are planning to merge and list in Hong Kong and possibly Stockholm, giving Volvo access to public markets after it dropped a move to list its stock two years ago.
Japanese wireless carrier NTT Docomo , Sony Corp and California-based chip giant Intel Corp pulled out of the Mobile World Congress (MWC) in Barcelona on Monday because of the coronavirus outbreak.
Asian share markets followed Wall Street higher on Tuesday even as doubts grew about how quickly China’s factories could get back to work given that the coronavirus continues to spread and deaths mount.
Chinese firm Xinchao Media has laid off 500 people, or just over 10% of its workforce, saying it needed to resort to such measures to survive the impact of the coronavirus outbreak.
Oil prices rose more than 1% on Tuesday as recent sharp falls have encouraged investors holding short positions to book profits, but the market remains jittery over the Wuhan virus, which has now killed more than 1,000 in China.
Boeing Co said on Tuesday that lessor BBAM had ordered three 737-800 converted freighters to serve the growing e-commerce market and express sectors of the air cargo market.
A U.S. district judge is expected to rule in favor of allowing Sprint and T-Mobile to merge over the objections of a group of state attorneys general, according to two sources familiar with the matter.
Korean Air Lines Co Ltd has ordered Pratt & Whitney engines to power up to 50 Airbus SE A321neo jets for delivery from 2021, the enginemaker said on Tuesday.
More than 300 Chinese companies are seeking bank loans totaling at least 57.4 billion yuan ($8.2 billion) to help to soften the impact of the coronavirus outbreak, two banking sources said.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
