Business News
French carmaker PSA to make surgical masks at Mulhouse site
French carmaker PSA said on Thursday that it would start manufacturing surgical masks at its site in Mulhouse in eastern France from August.
Month: May 2020
Business News
Nissan sets out survival plan after first loss in 11 years
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.
Business News
Nissan slashes capacity by a fifth after first 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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Hong Kong Stocks Swing Wildly as China Approves Security Law
(Bloomberg) — It was anything but an ordinary afternoon for Hong Kong stocks as Chinese lawmakers approved a controversial plan to impose national security legislation for the city.The Hang Seng Index plunged as much as 2.2% before erasing all its losses. A rally for Chinese companies spurred speculation that mainland-based funds were behind the gains. The gauge then headed lower again to trade down 1% at 3:22 p.m. local time.There was also speculation of intervention in the currency market, with the offshore yuan strengthening just as traders said they saw some state-run banks selling dollars. Premier Li Keqiang was due …read more […]
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Boeing Cuts 6,770 Jobs In U.S.; CFRA Upgrades Stock To Buy
Boeing Co (BA) announced that it is laying off another 6,770 employees in the U.S. as the U.S. planemaker is cutting costs to cope with the impact that the coronavirus pandemic is having on the aviation industry.Boeing said it is taking these streamlining measures as travel restrictions tied to the coronavirus pandemic have resulted in a deep cut in the number of commercial jets and services its customers need over the next few years. Earlier this month, the planemaker reported that it did not receive a single order in April, while it was also grappling with 108 order cancelations for …read more […]
Business News
EasyJet will not fly to Italy with distancing on planes: report
EasyJet will not fly to Italy if Rome prolongs social distancing rules on planes beyond June 15, the budget airline’s chief executive said in a newspaper interview.
Business News
Oil falls as surprise U.S. stock build douses demand recovery hopes
Oil prices plunged on Thursday after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries begin to ease their way out of coronavirus lockdowns.
Business News
Airbus and Safran shares rise on Boeing cost cuts and 737 MAX restart
Shares in French aerospace companies Airbus and Safran rose on Thursday, buoyed by Boeing’s announcements of more cost-cutting measures and a restart to the production of the Boeing 737 MAX jet.
Business News
Spain says Nissan has decided to close its Barcelona plant
Japan’s Nissan Motor Co has decided to close its factory in Barcelona, resulting in the loss of about 3,000 jobs as part of a new worldwide restructuring plan, the Spanish government said on Thursday.
Business News
Alibaba extends its reach in China as coronavirus outbreak opens doors
Alibaba Group Holding Ltd is emerging as one of China’s biggest corporate winners of the coronavirus crisis, gaining the opportunity to expand its businesses and solidify its status as a critical part of the country’s socio-economic engine.
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Alibaba extends its reach in China as coronavirus outbreak opens doors
Alibaba Group Holding Ltd is emerging as one of China’s biggest corporate winners of the coronavirus crisis, gaining the opportunity to expand its businesses and solidify its status as a critical part of the country’s socio-economic engine. While many companies are hurting from disruption caused by the virus, Alibaba has seen traffic at its online marketplaces shoot higher and demand grow for services like food delivery. The company, which emerged as China’s leading e-commerce company after the 2003 SARS outbreak, is now positioning itself as a hirer and a lender too, advertising for over 100,000 jobs and offering …read more […]
Business News
Britain’s easyJet to axe up to 30% of its workforce
British low cost airline easyJet said it planned to cut up to 30% of its staff and shrink its fleet, to fit the smaller market it expects to emerge from the collapse in air travel due to the coronavirus.
Business News
Asian stocks turn red as Hong Kong tensions sour mood
Asian shares erased gains and the yuan languished on Thursday on growing worries China’s planned security law for Hong Kong would spark a broader diplomatic confrontation with the United States.
Business News
Renault loan still not signed, site closures must be last resort: Le Maire
French Finance Minister Bruno Le Maire on Thursday said that the government had yet to sign off on a planned 5 billion euro ($5.5 billion) loan for Renault , and that the carmaker’s site closures and job cuts could only ever be a last resort.
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Hertz Sinks 11% After-Hours As Carl Icahn Sells Stake At $1.8B Loss
Shares in troubled car rental company Hertz Global Holdings (HTZ) sunk a further 11% to $1.16 in Wednesday’s after-hours trading on the news that Carl Icahn has sold his Hertz stake at an apparent loss of about $1.8 billion.Icahn divested 55.34M common shares for $39.8M, at a price of $0.72/ share on May 26, an SEC filing revealed. He previously owned a 39% stake in Hertz and had three representatives on the board.The 84-year old hedge fund manager stated “I have been an investor and supporter of Hertz since 2014. Unfortunately because of Covid-19 which has caused an extremely …read more […]