Business

U.S. Bankruptcy Court allows J.C. Penney to keep paying staff and vendors

(Reuters) – J.C. Penney Co Inc (JCP.N) said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores. […]

Business

Fiat Chrysler asked Rome for a three-year state-backed loan for its Italian operations: union

MILAN (Reuters) – Fiat Chrysler (FCA) (FCHA.MI) has asked the Italian government for a state-backed three-year loan, to help the automaker pay suppliers and continue its investment plan in the country, UILM union said on Saturday. FCA confirmed to UILM that it had asked Rome for a loan to be paid back in three years, […]

Business

J.C. Penney files for bankruptcy protection

NEW YORK(Reuters) – J.C. Penney Co Inc (JCP.N) filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the COVID-19 pandemic drive a final stake through long-troubled businesses. The U.S. department […]

Business

S&P swings as investors weigh weak data, trade woes with reopening optimism

NEW YORK (Reuters) – The S&P 500 zig-zagged on both sides of unchanged on Friday as investors weighed worries about Sino-U.S. trade relations and weaker-than-expected retail sales data against optimism over the reopening of the U.S. economy after coronavirus lockdowns. Economic data painted a grim picture as U.S. retail sales and manufacturing output showed record […]

Business

Investors prepare for more U.S. stock swings as states reopen

NEW YORK (Reuters) – Investors are bracing for more turbulence in U.S. stocks, as some states prepare to reopen their economies and global trade tensions rise. The Cboe Volatility Index , known as Wall Street’s fear gauge, is set for its biggest weekly gain in about two months, reflecting a sell-off that has taken the […]

Business

Wall Street retreats as trade war fears compound virus woes

(Reuters) – U.S. stocks dropped on Friday as signs of deteriorating trade relations between the United States and China added to economic worries due to the novel coronavirus pandemic. The Trump administration moved to block semiconductor shipments to China’s Huawei Technologies from global chipmakers. China was swift to respond with a report saying it was […]

Business

New private home sales plunge to 5-year low in April amid circuit breaker: URA data

SINGAPORE – New private home sales plunged to a five-year low last month and are expected to remain low in May as showflat galleries stay closed and new launches are pushed back further due to the extended circuit breaker. Developers in Singapore sold 277 private homes last month, down 58 per cent from 660 homes […]

Business

How London home sales have changed amid COVID-19

Two months into the COVID-19 pandemic, people in London, Ont., are still buying and selling homes, one expert says, it’s just happening at a lower rate. Stewart Blair, a realtor for Royal Lepage in London spoke to Global News about what it’s been like for the real estate market during the pandemic. Blair said that […]

Business

Coronavirus crisis a window of opportunity for bankers to the rich

ZURICH/LONDON (Reuters) – When markets slumped in March as the spread of coronavirus gathered pace, wealth managers’ trading volumes soared as ultra rich clients reshuffled their portfolios. It was this market frenzy that helped Swiss banks UBS (UBSG.S) and Credit Suisse (CSGN.S) – the world’s biggest wealth managers – post bumper first-quarter profits while much […]

Business

Millions more Americans file for jobless benefits as coronavirus layoffs widen

WASHINGTON (Reuters) – The global novel coronavirus crisis continues to batter the U.S. labor market, with millions more Americans, including white collar workers, filing for unemployment benefits last week as the hit from the pandemic spills over into a broader swath of the economy. Initial claims for state unemployment benefits totaled a seasonally adjusted 2.981 […]