If Apple is hurting due to the coronavirus, its suppliers and rivals likely are too
Apple Inc’s surprise warning that it will likely fall short of this quarter’s sales target due to the coronavirus epidemic points to much pain for its chip and other suppliers as well as for rivals who also rely on China to build their products.
Oil falls below $57 on coronavirus hit to demand, OPEC+ delay
Oil fell to below $57 a barrel on Tuesday, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.
Apple hits stocks, euro near three-year low
World stocks markets were knocked off record highs on Tuesday as two of the world’s mega companies reported damage from the coronavirus outbreak.
Alstom shares fall after its $6.7 billion Bombardier rail deal
Alstom shares fell on Tuesday after the French firm agreed to buy the rail division of Canada’s Bombardier for up to 6.2 billion euros ($6.7 billion), in a deal likely to be scrutinized by regulators and unions.
French finance minister warns Renault against job cuts, factory closures
French Finance Minister Bruno Le Maire warned Renault on Tuesday against shutting factories in France and cutting jobs there after the carmaker announced “no taboos” cost cuts last week.
Hong Kong protests hurt Holiday Inn-owner IHG, sees pain from virus outbreak
Holiday Inn-owner InterContinental Hotels Group reported on Tuesday a slight dip in annual room revenue, hurt by a fall in bookings in Hong Kong due to protests, and flagged short-term hit from the virus outbreak in China.
BTG Pactual founder Esteves returns to center stage amid speculation on role
Banco BTG Pactual SA founder Andre Esteves will be the marquee speaker at a wide-ranging event on Tuesday sponsored by the Brazilian investment bank, marking a return to the limelight for one of the country’s best-known bankers.
China to grant tariff exemptions on 696 U.S. goods to support purchases
China will grant exemptions on retaliatory duties imposed against 696 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United States.
Exclusive: Tesla in talks to use CATL’s cobalt-free batteries in China-made cars – sources
Tesla is in advanced stages of talks to use batteries from CATL that contain no cobalt – one of the most expensive metals in electric vehicle (EV) batteries – in cars made at its China plant, people familiar with the matter said.
HSBC to slash investment bank, 35,000 jobs in strategy overhaul
HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.
