The Real News Network
(Reuters) – Credit card issuer American Express Co <AXP.N> posted a 76% drop in quarterly profit on Friday, as it set aside $1.7 billion to brace itself against potential non-payments due to a wave of coronavirus-led layoffs. The pandemic has hammered the global economy, hurting consumers’ ability to make payments on their credit cards. The […]
(Reuters) – Verizon Communications Inc <VZ.N> withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns that closed 70% of its stores. It led to a significant drop in customer activity and device volumes in the quarter, the telecom operator said. […]
By Lawrence White LONDON (Reuters) – HSBC will press ahead with plans to shift capital from underperforming businesses, cut costs and strip out layers of management, despite problems caused by the coronavirus pandemic. Chief Executive Noel Quinn said HSBC <HSBA.L> would proceed “wherever possible” with a transformation plan outlined in February, but had paused most […]
By Siddharth Cavale (Reuters) – Swiss food giant Nestle <NESN.S> reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled everything from Purina pet food to Nescafe coffee to frozen meals to prepare for coronavirus lockdowns. Sales in North America and Europe were particularly strong in March, helping to drive […]
By Saikat Chatterjee LONDON (Reuters) – Four days of U.S. dollar gains ended on Friday, although broader concerns about the euro’s outlook kept dollar bears at bay. The dollar is still set for its biggest weekly rise since early April, after a European Union meeting on Thursday to build a trillion-euro emergency fund disappointed investors. […]
By Tom Arnold LONDON (Reuters) – Global shares fell on Friday, hit by delays to an agreement on divisive details of the European Union’s stimulus package and doubts about progress in the development of drugs to treat COVID-19. MSCI’s All Country World Index, which tracks stocks across 49 countries, was down 0.3% and heading for […]
By Richard Cowan WASHINGTON (Reuters) – After passing $3 trillion of coronavirus relief in a rare seven-week run of bipartisanship, the U.S. Congress is headed back to its normal state of conflict, with leading Republicans lining up against aid for cities and states that Democrats say is essential. Spurred on by governors and local officials, […]
By Howard Schneider and Timothy Aeppel (Reuters) – As the coronavirus crisis gripped the U.S. economy and Congress approved hundreds of billions of dollars in emergency small business loans, Utah builder Clark Ivory knew what to tell his local colleagues. Take the money. Keep your employees. Be ready to invest when the pandemic passes. To […]
By Ahmad Ghaddar LONDON (Reuters) – Oil prices were broadly steady on Friday but headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis. Brent crude <LCOc1> was up 18 cents, or 0.84%, to $21.51 at 1043 GMT, having risen 5% on Thursday, while […]
By James Davey LONDON (Reuters) – Luxury brand Burberry <BRBY.L> will pay all its staff globally even if they are unable to work due to coronavirus crisis store or site closures, adding on Friday it will not tap a government support scheme in Britain. With Britain in a pandemic lockdown many retailers, including Marks & […]