Gucci sales hit hard by start of virus outbreak in China
Gucci sales were hit hard at the beginning of the coronavirus crisis due to its strong reliance on Chinese customers, owner Kering said on Tuesday, though it added that the Italian brand should be well positioned for a recovery.
Qatar Airways defers half of some employees’ wages for three months
Qatar Airways on Tuesday said mid-level employees and above will have their salaries halved for at least three months but that staff would be back paid when the airline could afford it.
Top House Republican McCarthy confirms deal reached on small business loan bill
The top Republican in the U.S. House of Representatives said on Tuesday that a deal had been reached to replenish funding for an emergency program that extends loans to small businesses hit by a drop in demand due to the coronavirus pandemic.
IHS slashes 2020 global light vehicle sales outlook on coronavirus hit
Data firm IHS Markit sharply lowered its 2020 forecast for global light vehicle sales on Tuesday and warned that the United States will take the biggest hit from the coronavirus pandemic.
Oil dip unsurprising, second-quarter GDP drop could be biggest ever: White House’s Hassett
White House economic adviser Kevin Hassett said on Tuesday the current dip in oil prices is due to a “very short-run thing” and markets will find a new normal.
Why Brent oil won’t follow U.S. WTI futures below zero
Brent oil futures are set for extreme volatility when the front-month June contract expires next week, but they will avoid the historic plunge below zero that U.S. peer WTI has suffered, traders and analysts said.
Dash for emergency cash provokes fund industry backlash
As companies pull the emergency cash cord to help them through the coronavirus crisis, shareholders have been split by an easing of the rules to make it easier for them to turn to investors with the deepest pockets.
Chinese electric vehicle maker BYD’s profit slumps after subsidy cuts
Chinese electric vehicle maker BYD Co Ltd , reported on Tuesday a 42% drop in 2019 profit, saying cuts in government subsidies and emissions rules changes had hit demand in the sector.
U.S. existing home sales dive; prices still strong
U.S. home sales dropped by the most in nearly 4-1/2 years in March as extraordinary measures to control the spread of the novel coronavirus brought buyer traffic to a virtual standstill, supporting analysts’ views that the economy contracted sharply in…
Germany’s BaFin fines BlackRock for late filing of voting rights
The German financial markets watchdog BaFin said on Tuesday it had fined BlackRock Investment Management (UK) Ltd 744,000 euros ($809,000) for failure to file voting rights notifications in a timely way.
