UBS and Bank of America units clear ECB stress test
An asset quality review and a stress test on subsidiaries of UBS and Bank of America revealed no capital shortfall, the European Central Bank said on Friday, clearing a hurdle for the banks to relocate activities to Europe from Britain.
Trump says jobs data shows ‘greatest comeback in American history’
President Donald Trump on Friday celebrated a stunning U.S. employment report that showed more than 2.5 million jobs were added last month during the thick of the coronavirus pandemic, and predicted the battered economy will recover all of its lost job…
U.S. labor market unexpectedly improves; recovery years away
The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.
Ford re-evaluates office space in coronavirus world
Ford Motor Co is re-evaluating how much office space it needs for white-collar workers as restrictions put in place during the coronavirus pandemic are eased and employees return to workplaces.
Brazil, Mexico currencies both rebound but real has more legs than peso
The Brazilian real and Mexican peso have both rebounded strongly in recent weeks, but their rallies are starting to diverge with the peso running out of steam and the real gaining momentum.
U.S. will allow Chinese passenger carriers two flights per week
The United States will permit Chinese passenger air carriers to operate two flights per week after Beijing said it would ease coronavirus-related restrictions to allow in more foreign carriers, the U.S. Transportation Department said on Friday.
LVMH refrains from renegotiating Tiffany deal, sources say
French luxury goods giant is not asking to renegotiate its $16.2-billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.
Exclusive: Marriott says ordered by Trump administration to cease Cuba hotel business
Marriott International, the only U.S. company to run a hotel in Communist-run Cuba, the Four Points Sheraton in Havana, told Reuters it had been ordered by the Trump administration to wind down its operations by August 31.
Wall Street jumps on surprise improvement in labor market
U.S. stock indexes jumped on Friday, with the Nasdaq Composite less than 1% away from a record high, on hopes of a faster economic rebound from a coronavirus-led slump after data showed surprise job additions in May.
WeWork co-founder McKelvey to leave company by June end
WeWork co-founder Miguel McKelvey will leave the company at the end of June, a spokesman for the troubled office-sharing start-up said on Friday.
