Business & Finance News
The U.S. economy has likely bottomed, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, but a healthy rebound depends on a massive increase in testing so that people feel comfortable resuming traveling, dining out and other pre-crisis activities.
German car parts supplier ZF Friedrichshafen plans to reduce the workforce by up to 15,000 jobs, or around 10%, by 2025 as a result of a slump in demand, according to a memo on Thursday.
More than 3,000 U.S. meatpacking workers have tested positive for COVID-19 and at least 44 workers have died, the country’s largest meatpacking union said on Thursday, reflecting an increasing toll on plant employees.
General Electric expects to burn more cash than expected in the second quarter, as the industrial conglomerate struggles with weakness in its aviation business due to the coronavirus crisis, Chief Executive Officer Larry Culp said on Thursday.
U.S. Senate Finance Committee Chairman Chuck Grassley on Thursday said he did not expect President Donald Trump to walk away from a Phase 1 trade deal with China despite concerns over Beijing’s handling of the coronavirus pandemic.
More than 3,000 U.S. meatpacking workers have tested positive for COVID-19 and at least 44 workers have died, the country’s largest meatpacking union said on Thursday, reflecting an increasing toll on plant employees.
Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus.
Volkswagen said on Thursday its supervisory board had approved several projects in a multibillion-dollar alliance with Ford Motor that was first announced last July.
Wall Street’s major indexes rose on Thursday, boosted by gains in healthcare and technology stocks, as investors bet on a swift recovery from a coronavirus-driven economic slump.
Germany’s biggest labor union criticized Volkswagen on Thursday for a recent advert deemed racist and other “errors”, saying management had damaged the carmaker’s reputation and put jobs at risk.
Amazon.com Inc plans to offer permanent jobs to about 70% of the U.S. workforce it has hired temporarily to meet consumer demand during the coronavirus pandemic, the company told Reuters on Thursday.
The number of Americans seeking jobless benefits fell for an eighth straight week last week, likely as some people returned to work, but claims remained at astonishingly high levels, suggesting it could take the economy a while to rebound as businesses reopen.
U.S. President Donald Trump is expected to order a review of a law that has long protected internet companies, including Twitter and Facebook, an extraordinary attempt to intervene in the media that experts said was unlikely to survive legal scrutiny.
Volkswagen said on Thursday its supervisory board had approved further projects in its alliance with Ford .
A Canadian court ruling that could permit the extradition of a senior Huawei Technologies Co Ltd executive to the United States leaves Canada vulnerable to further retaliation from Beijing, analysts said.
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