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 […]

Business

Airbus examining restructuring including redundancies: sources

PARIS/TOULOUSE (Reuters) – Airbus (AIR.PA) is drawing up plans for restructuring involving “deep” job cuts, but has not taken a final decision, industry sources said. If the move is confirmed, the European planemaker is expected to brief unions on the proposals around the end of the month and is meanwhile drawing up contingency plans for […]

Business

Fed's Powell warns of prolonged economic weakness, calls for more fiscal support

WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to use more of the central bank’s power as needed, and issued a call for additional fiscal […]

Business

Mexico's president revs up car industry, and wider economy

MEXICO CITY (Reuters) – President Andres Manuel Lopez Obrador will lay out a roadmap on Wednesday for Mexico to re-open its economy, with a focus on the automotive sector whose supply chains are closely interwoven with U.S. carmakers. The U.S. government and automotive companies have called on Mexico to reopen factories serving the U.S. market, […]

Business

Exclusive: Neiman Marcus creditor calls for deal with Saks Fifth Avenue – letter

(Reuters) – Hedge fund Mudrick Capital Management LP asked Neiman Marcus Group’s independent directors on Tuesday to explore a combination with rival department store chain Saks Fifth Avenue, challenging the company’s plan to reorganize under bankruptcy protection. A lawyer for Mudrick, which holds portions of Neiman Marcus’s roughly $5 billion of debt, wrote in a […]

Business

Resurgent Wall Street disconnected from reality on the ground

(Reuters) – With the U.S. economy facing its potentially deepest economic decline in nearly a century, Wall Street is pulling further and further ahead from Main Street. Trillions of dollars of fiscal and monetary stimulus to dampen the impact of the coronavirus pandemic on the U.S. economy and financial markets have sent stocks soaring off […]