Business & Finance News
Sonic Automotive Inc , which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives’ pay packages – handing them a multimillion-dollar windfall.
Dollar Tree Inc reported a surge in quarterly same-store sales on Thursday, joining rival Dollar General , as the discount retailer benefited from consumers stockpiling on groceries and other essentials due to the coronavirus crisis.
British department store group Debenhams has cut “hundreds” of head office jobs as it slims down its administrative functions to support a smaller business in the future, two people with knowledge of the situation told Reuters.
Futures contracts for the S&P 500 were largely flat on Thursday as investors weighed hopes of an economic recovery against underlying tensions between the United States and China.
High borrowing costs will limit participation in a $500 billion U.S. Federal Reserve short-term borrowing program set up to address state and city revenue shortfalls due to the economic fallout from the coronavirus outbreak, analysts said.
Nissan Motor Co outlined a new plan on Thursday to become a smaller, more cost-efficient carmaker after the coronavirus pandemic exacerbated a slide in profitability that culminated in its first annual loss in 11 years.
Nissan Motor Co intends to close its Barcelona main plant and two nearby facilities starting from December 2020, but it will keep open two facilities in northern Spain, the chairman of Nissan in Europe, Gianluca De Ficchy, said on Thursday.
U.S. President Donald Trump is once again beating predecessor Barack Obama in stock market performance following a stunning recovery on Wall Street.
French carmaker Renault said on Thursday that losses at its Japanese partner Nissan , in which it has a 43% stake, would drag on its on net earnings by 3.6 billion euro ($3.96 billion) in the first quarter.
Britain’s easyJet plans to cut up to 4,500 jobs and shrink its fleet to adjust to the smaller travel market which is forecast to emerge from the coronavirus crisis.
European shares rose for the fourth straight session on Thursday and the euro perched at a two-month high, as businesses returning to work and a 750 billion euro EU stimulus plan outweighed rising U.S.-China tensions.
The coronavirus lockdown has accelerated a digitalisation drive in a global shipping and logistics sector that still routinely delivers many documents by bike messenger in some countries, according to industry leaders.
French carmaker PSA said on Thursday that it would start manufacturing surgical masks at its site in Mulhouse in eastern France from August.
Nissan Motor Co unveiled a plan to become a smaller, more cost-efficient automaker on Thursday as it looks to recover from four years of tumbling profits that culminated in its first annual loss in 11 years.
Nissan Motor Co said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen ($2.8 billion) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.
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