Business & Finance News
U.S. President Donald Trump rolled out an eye-catching statistic in his State of the Union address Tuesday: the wealth held by the poorest half of American households increased three times as fast as the wealth held by the “1%” since he became president.
Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through Feb. 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.
The majority of U.S. firms with operations in China expect a virus outbreak to cut revenue this year, and some are accelerating plans to shift their supply chains out of the country, according to a poll by Shanghai’s American Chamber of Commerce.
Hyundai Motor and affiliate Kia Motors plan to restart production at their Chinese factories on Feb. 17, a spokesperson said on Friday.
Amazon.com Inc sellers are bracing for product shortages as Chinese workers – worried about the fast-spreading coronavirus – may be unable or unwilling to return to idled factories.
Japanese telecom SoftBank Corp’s CEO Ken Miyauchi on Friday welcomed hedge fund Elliott Management’s investment in parent SoftBank Group Corp saying the activist investor’s assessment of the stock as undervalued was “positive”.
Automakers and parts suppliers have shut factories in China, in line with government guidelines, or have flagged a hit to profits following the coronavirus outbreak.
BP’s head of downstream Tufan Erginbilgic will step down next month after six years in the job, the energy company said in a statement, becoming the latest top executive to leave as CEO Bernard Looney takes over.
Shares in Ericsson and Nokia rose sharply on Friday, a day after a U.S. official suggested the United States should consider buying stakes in the telecom equipment makers to counter China-based Huawei’s dominance in 5G wireless technology.
Jaguar Land Rover will reduce or stop production on certain days at two of its British factories over the next few weeks as Britain’s biggest carmaker pursues cost-cutting measures in response to falling demand.
BP’s head of downstream Tufan Erginbilgic will step down next month after six years in the job, the energy company said in a statement, becoming the latest top executive to leave as CEO Bernard Looney takes over.
Japanese carmaker Nissan said on Friday its sales in China, the world’s biggest auto market, fell by 11.8% in January year-on-year, as the Lunar New Year holiday began earlier than usual and the outbreak of coronavirus stymied economic activity.
L’Oreal’s shares rose on Friday after fourth-quarter earnings from the French cosmetics company helped to offset concerns over the impact of China’s coronavirus health crisis on its business.
U.S. interest in buying a stake in Ericsson would be positive for the company, but any deal would have to be at a far higher price level than today’s valuation, major Ericsson owner and activist investor Cevian Capital said on Friday.
Hargreaves Lansdown co-founder and biggest shareholder Peter Hargreaves has sold 34.4 million shares in the investment platform, at more than a 6% discount to the stock’s last close, a bookrunner said on Friday.
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