Category: Bussiness

Wall Street oscillates amid COVID-19 spikes, muted data

NEW YORK (Reuters) – Wall Street struggled for direction on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns against data that suggested the U.S. economy might not bounce back with quick, V-shaped recovery. A range-bound S&P 500 see-sawed through much of the session and was […]

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Lufthansa investor Thiele seeks talks with German government: Handelsblatt

FRANKFURT (Reuters) – Lufthansa’s (LHAG.DE) biggest shareholder, German billionaire Heinz Hermann Thiele, has reached out to Berlin politicians for talks, Handelsblatt said, the latest step in a standoff over the airline’s 9 billion euro ($10.1 billion) bailout. Lufthansa shareholders need to approve the rescue package but Thiele, who has ammassed a 15% Lufthansa stake, has […]

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Tesla wants to start building a new U.S. vehicle plant this summer

DETROIT (Reuters) – Electric vehicle maker Tesla Inc (TSLA.O) wants to start building a new and large vehicle assembly plant in the southwestern United States as early as the third quarter of this year, the company told Texas officials in documents made public this week. But the company is still pitting Texas and Oklahoma against […]

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Trump to nominate lawyer Crenshaw to fill SEC Democratic commissioner slot

WASHINGTON (Reuters) – The White House announced on Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the U.S. Securities and Exchange Commission (SEC). Crenshaw, a senior SEC attorney, would fill a commissioner slot that has been vacant since February, when Rob Jackson, whom Crenshaw advised, left to […]

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U.S. labor market improvement stalling; second wave of layoffs seen

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits fell last week, but the pace of decline has stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. The Labor Department’s weekly […]

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LATAM Airlines says operations to plunge 50% by year's end

SANTIAGO (Reuters) – LATAM Airlines Chief Executive Roberto Alvo said on Thursday he expects the region´s largest carrier to be operating at half of pre-pandemic levels by the end of 2020, and that a full recovery was unlikely for at least 3-4 years. LATAM filed for U.S. bankruptcy protection last month, aiming to restructure $18 […]

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Ford's redesigned F-150 pickup will offer greater connectivity, sleeper seat

DETROIT (Reuters) – Ford Motor Co (F.N) next week will show the next generation of its brawny F-150 pickup truck that offers a new sleeper-seat feature and over-the-air software updates in a machine Ford is counting on to help pay off coronavirus-related debts. The new F-150, part of the best-selling vehicle line in the United […]

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Kroger says demand easing after coronavirus stockpiling

(Reuters) – U.S. supermarket chain Kroger Co (KR.N) stopped short of raising its annual forecasts on Thursday, saying a coronavirus-driven surge in demand for essential goods was fading as American households reconsider what they have on their shelves. Demand for fresh produce, meat and soups surged in March and April, and wide-ranging stockpiling in the […]

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Wirecard investor DWS says has sold down position, considering legal action

LONDON (Reuters) – Asset manager DWS, the fund management arm of Deutsche Bank, said it has further sold down its position in embattled German technology company Wirecard and was considering legal action. On Thursday Wirecard’s auditor refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down 60% and wiping […]

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U.S. gasoline demand recovery falters as refiners ramp up output

NEW YORK (Reuters) – A recovery in demand for gasoline in the United States, the world’s largest market for the motor fuel, hit a plateau last week as coronavirus cases surged in some states, undercutting refiners’ efforts to ramp up low fuel production. Gasoline consumption inched lower last week after three straight weeks of rises, […]

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