Category: Business

HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits. It will also maintain a freeze on almost all external hiring, Chief Executive Noel Quinn said in a memo sent to HSBC’s 235,000 staff […]

No denying May’s $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot “V” vs “U” debate about what kind of recovery to expect from the COVID-19 recession. Even Federal Reserve Chair Jerome Powell, who has taken pains lately to caution everyone that this is likely […]

When Bryan Quevedo received his U.S. government stimulus check last month, he invested $1,000 in the stock of bankrupt car rental company Hertz Global Holdings Inc. The 22-year-old Los Angeles delivery driver made the trade on Robinhood, an app that allows mom-and-pop investors to buy and sell shares. A marketing graduate who has struggled to […]

German Finance Minister Olaf Scholz said on Wednesday a bailout deal for airline Lufthansa (LHAG.DE) was a good, balanced solution which he hoped shareholders would approve, adding he did not think the agreement was in danger of collapse. “I am counting on that,” he told reporters after investor Heinz Hermann Thiele criticised the 9 billion […]

A new U.S. rule regarding China’s Huawei Technologies Co Ltd is a needed “clarification” to help develop standards, U.S. Commerce Secretary Wilbur Ross said on Wednesday, adding that security concerns remain over the telecoms equipment maker. Ross, in an interview on Fox Business Network, said the rule released by the department on Tuesday would help […]

Environmental campaigners delivered a 12-foot (3.6-metre) tall mock-up of an Amazon parcel to the French finance ministry on Wednesday to demand that the government rein in the e-commerce giant’s expansion in France. The campaigners – who did not have official permission for their protest – parked a rental van outside the ministry, and unloaded panels […]

Record upside surprises in U.S. economic data are bolstering the case for a “V” shaped recovery from the COVID-19 recession and boosting investor confidence in a stock rally that has already delivered hefty gains in recent months. Citigroup’s Economic Surprise Index .CESIUSD, which tracks economic data relative to economists’ expectations, hit a record high this […]