Oil prices up 4% on supply cuts, improving demand
Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.
U.S. economic recovery hinges on virus being under control, Fed’s Powell says
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before…
AB Volvo to cut white-collar workforce by 4,100 jobs as pandemic weighs
Truck- and construction equipment maker AB Volvo plans to cut its white-collar workforce by around 4,100 positions during the second half of 2020, it said in a statement on Tuesday, citing the effects of the COVID-19 pandemic.
Wall Street surges after record rise in May retail sales
U.S. stocks jumped on Tuesday after a record rise in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.
European airlines face longer haul to recovery
A patchwork of national restrictions and a reluctance among travellers to cross borders mean European airlines face a bumpier return to the skies from coronavirus lockdowns than U.S. and Asian rivals.
Stock tear higher on record U.S. retail sales rebound
Global stocks were back firing on all cylinders on Tuesday as a record rebound in U.S. retail sales and fresh support from the Federal Reserve and Bank of Japan reignited risk appetite after a bumpy few days.
U.S. retail sales post record increase; big hole remains
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end.
More senior executives leave Embraer as dust settles over failed Boeing deal
Four senior executives are leaving Embraer SA , in addition to its commercial aviation chief, in the wake of a failed deal with Boeing Co and as a new chief executive reassess the jet maker’s path forward, three sources said.
Main IKEA retailer starts returning government aid received to cover wages
Ingka Group, the owner of most IKEA stores, said on Tuesday it had repaid aid received from the Serbian government to cover wages for furloughed staff during lockdown, and was about to do the same in Romania.
U.S. retail sales post record resurgence in May
U.S. retail sales experienced a record rise in May as 2.5 million Americans went back to work and people began moving about more freely, although the rebound retraces only a fraction of the historic drops in March and April amid the coronavirus lockdow…
