- Wed, 11 Mar 2020 14:52:48 GMT
UK trims growth outlook for 2020, raises for 2021
Rishi Sunak, the UK Finance Minister, announced the updated growth outlook for the British economy that was on its way to expand by 1.1% in 2020 and 1.8% the next year, based on the first annual budget presented on Wednesday.
- Wed, 11 Mar 2020 14:09:21 GMT
VW likely to temporary layoff staff at Spanish plant
German automaker Volkswagen is considering temporary layoffs at its Spain's Navarra plant in case of the supply chain disruption triggered by the coronavirus outbreak, a VW spokesman stated.
- Wed, 11 Mar 2020 12:21:50 GMT
Adidas, Puma see losses in China sales amid coronavirus
Adidas and Puma, the German sportswear makers, stated on Wednesday that they expect a major slide in China sales amid the coronavirus outbreak.
- Wed, 11 Mar 2020 10:56:28 GMT
ECB asks EU governments to increase spending
On Wednesday, the European Central Bank's President Christine Lagarde stated that the government of the European Union should increase spending to counter the effects of the coronavirus.
- Wed, 11 Mar 2020 10:13:26 GMT
FCA likely to close Italy plants due to virus
On Wednesday, Fiat Chrysler stated it is likely to temporarily close some Italian factories, in response to the coronavirus outbreak that hit the country, becoming the biggest in Europe.
- Wed, 11 Mar 2020 09:36:57 GMT
Business travel sector seen to lose $820B in revenue
Business travel sector will likely to lose nearly $820B in its global revenue, with China forecasts about half of losses, as the coronavirus outbreak hit the world.
- Wed, 11 Mar 2020 07:41:59 GMT
Citigroup picks Loretta Ko to head FIG
On Wednesday, Citigroup announced it had appointed Loretta Ko as a new head of the bank's financial institutions group in Hong Kong, making her return to the firm after 15-year work with Citigroup between 1989 and 2004.
- Wed, 11 Mar 2020 07:34:29 GMT
Goldman Sachs marks openness to acquisitions
Stephen Scherr, Goldman Sachs Group's Chief Financial Officer, stated the lender is open to new acquisitions, pointing to those that could accelerate its existing businesses growth.
- Wed, 11 Mar 2020 06:22:58 GMT
Tesla to increase production capacity for car parts in Shanghai
According to construction papers, seen by Reuters on Tuesday, Tesla Inc plans to expand production capacity to make electric motors, battery packs and motor controllers at its plant in Shanghai.
- Wed, 11 Mar 2020 04:50:34 GMT
Scandinavian airline asks staffs to take 20% pay cut
According to Norway's business daily DN report on Tuesday, the Scandinavian airline is urging its staffs to take a 20% pay reduction due to the impact of the coronavirus outbreak.
- Wed, 11 Mar 2020 04:00:11 GMT
Merkel plans to meet unions and employers
According to two government sources on Tuesday, the German Chancellor Angela Merkel plans to meet with employers and officials of unions on Friday to discuss the coronavirus outbreak.
- Wed, 11 Mar 2020 02:52:23 GMT
Major airlines plunge into crisis
On Tuesday, major airlines around the globe fell into crisis, as the coronavirus outbreak and Italy's lockdown hit the tourism industry.
- Tue, 10 Mar 2020 20:44:39 GMT
OPEC countries lose money
On Tuesday, Reuters reported that due to the recent drop of crude oil prices OPEC countries are losing $500 million per day.
- Tue, 10 Mar 2020 19:47:39 GMT
Tesla reveals expansion plans
Tesla announced on Tuesday that the company would expand its car parts production in Shanghai.
- Tue, 10 Mar 2020 18:41:08 GMT
Safe haven assets decline
During early Tuesday's US trading hours, the Japanese Yen and Swiss Franc decline in value against the US Dollar, as risk on sentiment returned in the market.
- Tue, 10 Mar 2020 17:41:38 GMT
Airlines drop profit forecasts
Various US airlines announced on Tuesday that they are reducing capacity, cutting costs and would drop 2020 profit forecasts.
- Tue, 10 Mar 2020 16:41:03 GMT
Argentina reorganizes debt
On Tuesday, Argentinian officials announced that the country would restructure bonds that are valued almost $68.8 billion.
- Tue, 10 Mar 2020 15:43:07 GMT
Wall Street recovers
At the start of US trading, stock indices surged. Some attributed it to hopes of market stimulus. Meanwhile, it was spotted that indices bounced off a Fibonacci retracement level.
- Tue, 10 Mar 2020 14:44:54 GMT
Alibaba builds 5G technology research lab
Alibaba Group Holding, the Chinese e-commerce giant, is planning to build a research lab in China for the 5G technologies development, under its research division DAMO Academy.
- Tue, 10 Mar 2020 14:35:42 GMT
Nissan to leave venture fund with alliance amid cost cuts
Nissan Motor will likely to withdraw from its venture fund with Renault and Mitsubishi Motors, in the Japanese carmaker's cost-cutting drive, Reuters reported.
- Tue, 10 Mar 2020 13:37:59 GMT
Alibaba's Alipay to launch about 40M service providers
Alibaba's affiliate Ant Financial is set to launch its mobile app platform Alipay to 40M service providers in China in the following three years and will also help them digitise their offerings, the company said on Tuesday.
- Tue, 10 Mar 2020 12:03:08 GMT
IKEA launches selling via third party in China
On Tuesday, IKEA began to sell its products through on Alibaba's China e-commerce platform Tmall, marking the first time when the world's largest furniture retailer sold via a third party during 77 years of its existence.
- Tue, 10 Mar 2020 10:36:18 GMT
US sanctions Iranian oil rigs
On Tuesday, Reuters revealed that a quarter of oil rigs in Iran are not producing crude oil. The production has been stopped due to US sanctions.
- Tue, 10 Mar 2020 09:59:56 GMT
Tesla seeks car parts production capacity expansion in China
Tesla Inc is planning to boost its output capacity for car parts at the electric carmaker's $2.0B plant in Shanghai, according, as it is eager to localise the supply chain in the largest auto market in the world.