IMF says deeper-than-expected contraction in U.S. economy likely in second quarter
A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday.
World stock markets slip on second wave virus fears, safe-havens rise
Global stock markets drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift economic comeback from the pandemic, underpinning demand for safe-haven currencies such as the dollar and Japa…
U.S. retail foot traffic rebounds, more staff at work, as lockdowns ease
Retail foot traffic recovered to approach pre-lockdown levels last week and businesses appeared to bring more employees back to the job, according to data from firms that collect cellphone location information and manage employee time for companies.
Saudi Aramco cuts hundreds of jobs amid oil market downturn, sources say
State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis.
Coronavirus raises stakes as auto unions ready for a fight
The coronavirus crisis has forced carmakers to speed up layoffs that must be matched with hefty payouts and deft negotiation to retain the support of powerful trade unions vital if Europe’s auto industry is to manage a shift to low-emission vehicles.
Audi boss to head carmaker’s R+D division: sources
Markus Duesmann, the head of Audi , will also head the research and development division at German carmaker Volkswagen’s premium brand, two sources told Reuters on Thursday.
Prudential sells Jackson equity stake to Apollo-backed Athene for $500 million
Prudential sold a minority stake in its U.S. business, Jackson, to Apollo Global-backed Athene Holding for $500 million, the insurer said on Thursday, in the first phase of its plan to create an independent U.S. business.
S&P 500, Dow dip on rising virus cases, elevated jobless claims
The S&P 500 and Dow retreated on Thursday as an uptick in coronavirus infections in parts of the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated.
Oil prices broadly stable after mixed U.S. data
Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases.
Vans, not glamorous, but key as EU weighs autos mega-merger
Their silhouettes don’t stir dreams of adventure like a sports car or trendy SUV, but vans are a rare source of profit for European carmakers, which is why EU regulators are focused on them as they decide whether to back an industry mega-merger.
