Reuters: Business News

Airlines cut fares to help boost May traffic: IATA

Wed, 03 Jun 2020 09:18:31 -0400

Airlines cut domestic fares by an average 23% last month as traffic picked up from April lows, global airline body IATA said on Wednesday - warning that post-coronavirus discounting posed a further threat to profitability.

3M names General Electric exec Monish Patolawala as CFO

Wed, 03 Jun 2020 09:10:25 -0400

U.S. industrial conglomerate 3M Co on Wednesday appointed General Electric Co executive Monish Patolawala as the company's chief financial officer, effective July 1.

Wall St. set for higher open on optimism over economic revival

Wed, 03 Jun 2020 09:02:08 -0400

Wall Street's major indexes were set to open higher on Wednesday, with Nasdaq inching closer to a record high, as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest.

U.S. private payrolls fall less than expected in May

Wed, 03 Jun 2020 08:27:16 -0400

U.S. private payrolls fell less than expected in May, with employers laying off another 2.76 million workers.

Saudi, Russia reach deal on oil cuts, raising pressure for compliance

Wed, 03 Jun 2020 08:26:53 -0400

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.

Lufthansa expects significantly larger loss in second quarter

Wed, 03 Jun 2020 08:08:28 -0400

Lufthansa expects a significantly larger loss in the second quarter of this year, the airline group's finance chief said on Wednesday.

TUI strikes compensation deal with Boeing, delays 737 MAX deliveries

Wed, 03 Jun 2020 08:04:54 -0400

Europe's biggest travel company, TUI Group , said it has struck a deal with Boeing for compensation and deferred deliveries of the grounded 737 MAX jet, boosting its finances as it seeks to survive the coronavirus pandemic.

Oil falls from $40 on doubts over early OPEC meeting

Wed, 03 Jun 2020 08:00:22 -0400

Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.

China drives global oil demand recovery out of coronavirus collapse

Wed, 03 Jun 2020 07:56:10 -0400

China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.

Global shares hit three-month highs on economic recovery hopes

Wed, 03 Jun 2020 07:55:29 -0400

World shares hit three-month highs on Wednesday and the dollar fell for the sixth day running as easing lockdowns and hopes for more monetary stimulus gave investors confidence, despite civil unrest in the United States and rising COVID-19 tolls.

SoftBank launches $100 million fund investing in 'people of color'

Wed, 03 Jun 2020 07:50:37 -0400

SoftBank Group Corp is launching a $100 million fund to invest in "companies led by founders and entrepreneurs of color", in the latest corporate action as protests roil the United States.

Coty in talks to collaborate with Kim Kardashian for cosmetics line

Wed, 03 Jun 2020 07:33:45 -0400

Coty Inc is in talks with reality TV star Kim Kardashian West over a potential collaboration for a beauty line, the cosmetics maker disclosed in a regulatory filing on Wednesday.

Renault finalises 5 billion euro state-backed loan

Wed, 03 Jun 2020 06:52:00 -0400

Renault finalised on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker's finances in the wake of the coronavirus pandemic which has ravaged the auto industry.

Iberdrola to invest up to 4 billion euros in French renewable energy

Wed, 03 Jun 2020 06:08:36 -0400

Spanish utility Iberdrola said on Wednesday it will invest up to 4 billion euros ($4.5 billion) over the next four years in France to develop renewable energy.

Nissan warns UK plant 'unsustainable' without EU trade deal -BBC

Wed, 03 Jun 2020 05:41:26 -0400

Nissan's car manufacturing plant in Sunderland, northern England, which employs 7,000, is "unsustainable" if Britain leaves the European Union without a trade deal, it said on Wednesday.

Exclusive: Huawei hid business operation in Iran after Reuters reported links to CFO

Wed, 03 Jun 2020 05:12:50 -0400

China's Huawei Technologies acted to cover up its relationship with a firm that had tried to sell prohibited U.S. computer gear to Iran, after Reuters in 2013 reported deep links between the firm and the telecom-equipment giant's chief financial officer, newly obtained internal Huawei documents show.

Shell weighs sale of $2 billion-plus stake in Queensland LNG facilities

Wed, 03 Jun 2020 04:28:44 -0400

Royal Dutch Shell is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters.

Geely's Volvo Cars sales soar 40% in May vs month-ago as virus curbs ease

Wed, 03 Jun 2020 04:17:49 -0400

Volvo Cars, owned by China's Geely Holding, said on Wednesday it sold 40% more cars in May than in April, as restrictions to contain the spread of the COVID-19 pandemic started to ease in several markets.

Nomura considers having fewer staff at headquarters permanently

Wed, 03 Jun 2020 04:12:48 -0400

Nomura Holdings Inc is considering having fewer staff work at its Tokyo headquarters permanently now that the coronavirus pandemic has spurred a huge shift to remote working, its chief executive said.

U.S. senator Cotton cautions Britain over Huawei cooperation

Wed, 03 Jun 2020 04:05:26 -0400

U.S. Republican Senator Tom Cotton cautioned Britain on Wednesday that a decision to allow China's Huawei a role in 5G networks could hurt military cooperation and be an issue in trade talks.