Dollar chains report surge in sales on coronavirus-driven demand
The top two U.S. dollar store chains reported better-than-expected quarterly sales and profit on Thursday, benefiting from a surge in demand for affordable groceries and household essentials amid the COVID-19 pandemic.
Exclusive: TikTok owner ByteDance moves to shift power out of China – sources
TikTok’s poaching of Disney’s Kevin Mayer to be its CEO was just the most visible part of a broader strategy by its Chinese owner to shift its centre of power away from China at a time of rising global tensions, several people familiar with the plans s…
Nissan must watch cash given possible risk of second virus outbreak: CEO
Nissan Motor Co’s cash situation is “tough” as the coronavirus has sapped car sales, and the automaker must be vigilant in the coming months as a second wave of infections may add to liquidity issues, CEO Makoto Uchida told Reuters on Thursday.
Home trading triggers bank ‘black hole’ surveillance alerts
Potential breaches of market rules have spiked since traders began working from home in March, drawing scrutiny from regulators and piling pressure on banks to plug “black holes” in surveillance systems, industry officials say.
Latin America grabs world spotlight for airline bankruptcies
LATAM Airlines and Avianca Holdings survived the Great Depression, but just a few weeks of quarantines forced both companies into bankruptcy, marking Latin America as the world’s top spot for airline financial ruin.
U.S. firms shield CEO pay as pandemic hits workers, investors
Sonic Automotive Inc , which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives’ pay packages – handing them a multimillion-d…
Dollar Tree quarterly same-store sales rise 7%
Dollar Tree Inc reported a surge in quarterly same-store sales on Thursday, joining rival Dollar General , as the discount retailer benefited from consumers stockpiling on groceries and other essentials due to the coronavirus crisis.
Exclusive: UK retailer Debenhams cuts ‘hundreds’ of head office staff – sources
British department store group Debenhams has cut “hundreds” of head office jobs as it slims down its administrative functions to support a smaller business in the future, two people with knowledge of the situation told Reuters.
S&P futures tread water as Sino-U.S. tensions weigh
Futures contracts for the S&P 500 were largely flat on Thursday as investors weighed hopes of an economic recovery against underlying tensions between the United States and China.
U.S. states, cities may snub Fed lending program over high rates
High borrowing costs will limit participation in a $500 billion U.S. Federal Reserve short-term borrowing program set up to address state and city revenue shortfalls due to the economic fallout from the coronavirus outbreak, analysts said.
