Business & Finance News
LVMH said on Thursday it did not plan to buy shares in Tiffany on the market, which would be one way for the French luxury goods group to buy the U.S. jeweller for less than the $16.2 billion agreed in last year’s acquisition deal.
The energy industry’s bet that a petrochemicals boom would support decades of oil and gas sales growth is on shaky ground as an already saturated plastic market is hit by a coronavirus demand shock.
Carnival Corp’s Princess Cruises on Thursday extended the suspension of some of its voyages in Australia, Canada and Taiwan as ports around the world remain shut due to the coronavirus crisis.
Hong Kong shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s national security law for the city, allaying worries about their businesses getting hurt by any potential political crossfire in their largest market.
LVMH is not considering buying shares in Tiffany on the market, the French luxury goods group said on Thursday.
German sportswear firm Adidas said on Thursday that sales had returned to growth in greater China faster than it had expected after the coronavirus lockdown, while the reopening of business in Europe and the Americas was going more gradually.
China said it will ease coronavirus restrictions to allow more foreign carriers to fly to the mainland, shortly after Washington vowed to bar Chinese airlines from flying to the United States due to Beijing’s curbs on American airlines.
Russia’s Rosneft , which closed its oil trading arm after sanctions were imposed by U.S. authorities in February, has set up a new Geneva-based trading business, four trading sources familiar with the matter said.
Asian shares rose to a two-month high on Thursday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic.
As oil and gas companies began shutting offshore production before the first tropical storm of the season in the U.S. Gulf of Mexico, experts said restarting wells and refineries will take longer and prove more costly this year because of COVID-19.
German agrochemicals group Bayer AG has been blocked from selling its dicamba herbicide in the United States after an appeals court rejected a federal regulator’s permit for the product.
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.
Fifteen U.S. airlines were granted final government approval on Wednesday to temporarily halt service to 75 domestic airports as travel demand has been crushed due to the coronavirus pandemic.
South Korean prosecutors have requested an arrest warrant against Samsung Group heir Jay Y. Lee, they said on Thursday, in the investigation of a controversial 2015 merger and alleged accounting fraud in a suspected bid to aid his succession plans.
Hong Kong-listed shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s imposition of a national security law on the city, even as a pro-democracy and newly formed financial workers’ union criticized the move.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
