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Reuters Business News
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Updated: 4 years 22 weeks ago
Oil down on stronger dollar, oversupply concerns
Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.
Categories: Business News
Macy's says reopened stores performing better than expected
Macy's Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.
Categories: Business News
Vitol veteran Ian Taylor dies after long cancer illness
Ian Taylor, who built Vitol into the world's biggest oil trader, has died from pneumonia at the age of 64, the company said on Tuesday, after surviving bouts of cancer and a stroke last year.
Categories: Business News
Tiffany amends debt agreements amid LVMH deal, sales slump
U.S. luxury jeweler Tiffany & Co said on Tuesday it had amended certain of its debt agreements in order to have sufficient liquidity to navigate the coronavirus outbreak as it posted a 43% slump in quarterly sales.
Categories: Business News
Futures fall as recovery rally pauses ahead of Fed meeting
U.S. stock index futures dropped on Tuesday, giving back some gains after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve's two-day policy meeting.
Categories: Business News
S&P cuts Japan's debt outlook as spending surges during pandemic
S&P Global Ratings on Tuesday lowered its outlook on Japan's sovereign debt rating to stable from positive, citing increased uncertainty over the country's fiscal health as it boosts spending to overcome the effects of the coronavirus pandemic.
Categories: Business News
HSBC cuts year-end 10-year UK gilt yield forecast to 0%
HSBC said on Tuesday that it had lowered its year-end forecast on 10-year British government bond yields to 0%, given a small probability of negative interest rates and a sense that rates will stay low for a long period.
Categories: Business News
Volkswagen replaces Herbert Diess as CEO of the VW brand
Volkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed chief operating officer Ralf Brandstaetter to lead cost cutting efforts at the company's largest plants in Germany.
Categories: Business News
Hong Kong spearheads $5 billion Cathay Pacific rescue package
Hong Kong will lead a $5 billion rescue of Cathay Pacific Airways , which like other airlines has been hit by a global travel slump triggered by the coronavirus pandemic.
Categories: Business News
Prepping portfolios for next market storm? Not just gold and govvies
G7 government bonds? Check. Gold? Check. But that may not be enough as the coronavirus crisis accelerates a hunt for a wider pool of assets to better balance investment portfolios during stressful times.
Categories: Business News
Household spending plunge pulls down euro zone GDP in first quarter
A plunge in household spending and investment pulled down euro zone gross domestic product in the first quarter as the COVID-19 pandemic struck, but the fall was slightly smaller than first estimated, the European Union's statistics office said.
Categories: Business News
Europe turns red as bulls run out of charge
Stock market bulls were forced to a halt on Tuesday and high-flying currencies like the euro and Australian dollar lost altitude, as a weeks-long risk rally ran into some turbulence.
Categories: Business News
U.S. failed to properly oversee Chinese telecom carriers: Senate panel
A U.S. Senate report released Tuesday says the U.S. government failed to properly oversee Chinese-owned telecommunications companies for nearly two decades.
Categories: Business News
Japanese traders gird for Fed to anchor yields, clip dollar's wings
Japanese investors have clipped the wings of a resurgent U.S. dollar as they position for the likelihood that the U.S. Federal Reserve will take steps to flatten the Treasury yield curve.
Categories: Business News
Exclusive: Banks to Berlin - Loosen coronavirus cash rules for firms
Germany's bank lobby is set to urge the government to drop some of the conditions attached to a trillion euro rescue scheme, arguing that companies are so reluctant to take the help that it threatens any recovery from the coronavirus outbreak.
Categories: Business News
Hong Kong government says does not intend to hold Cathay Pacific stake long-term
Hong Kong's government does not intend to hold a stake in Cathay Pacific Airways Ltd long term after leading a rescue package to help it through the coronavirus pandemic, Finance Secretary Paul Chan said on Tuesday.
Categories: Business News
Hong Kong government to lead $5 billion rescue package for Cathay Pacific
Cathay Pacific Airways Ltd announced on Tuesday a recapitalisation plan worth HK$39 billion ($5.03 billion) led by the Hong Kong government to help it weather the coronavirus pandemic.
Categories: Business News
No ware to sell: Beijing's street vendors back on the run
Clad in black, Beijing's city inspectors descended on street vendors this week and ordered them to clear out, just days after the Chinese premier had sparked a rush to set up curbside stalls by praising them as a creator of jobs in the coronavirus-hit economy.
Categories: Business News
Once bitten, not shy: Investors again seek margin loans as stocks rally
Global banks are seeing renewed appetite from wealth management clients to borrow money to buy stocks as markets rebound, bankers said, which comes just months after the strategy burned some investors.
Categories: Business News
Oil prices rise as easing of lockdowns spurs fuel demand hopes
Oil prices climbed on Tuesday as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market.
Categories: Business News
