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Reuters Business News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals.
Updated: 4 years 22 weeks ago
Exclusive: Russia's Rosneft finds extended oil cuts painful - sources
Rosneft does not have enough crude to ship to buyers with which it has long-term supply deals, making it hard for the Russian company to continue with record oil cuts beyond June, four sources familiar with the matter told Reuters on Thursday.
Categories: Business News
Virgin Australia administrator to shortlist two bidders early next week
The administrator of Virgin Australia Holdings expects to shortlist two preferred bidders early next week after parties on Friday confirmed non-binding indicative proposals to acquire the airline.
Categories: Business News
Oil prices fall as U.S. fuel demand remains weak
Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets.
Categories: Business News
Volkswagen raises China electric vehicle bet by 2 billion euros, buys stakes in two separate firms
Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world's biggest auto market as international rivals seek to muscle in.
Categories: Business News
Trump move could scrap or weaken law that protects social media companies
President Donald Trump said he will introduce legislation that may scrap or weaken a law that has protected internet companies, including Twitter and Facebook, in an extraordinary attempt to regulate social media platforms where he has been criticized.
Categories: Business News
Asian stocks slip as markets await Trump's Hong Kong response
Asia's stock markets pulled back and major currencies were held in check on Friday, as investors await the U.S. response to China tightening control over the city of Hong Kong.
Categories: Business News
Travel disruptions, cost cutting key issues for U.S. business in China: report
Global travel disruptions are the top concern for American businesses in China, of which many are cutting compensation and bonuses amid the fallout of the COVID-19 epidemic, according to a report from a business group.
Categories: Business News
Exclusive: Argentina says new debt revamp proposal in right direction, still falls short
Argentina's economy minister said on Friday that a newly received debt restructuring proposal from two creditor groups was a step in the right direction, but still fell short of what the country needed to strike a deal.
Categories: Business News
Tyson Foods will shut U.S. pork plant as more workers catch COVID-19
Tyson Foods Inc said on Thursday it will temporarily close an Iowa pork plant due to the coronavirus pandemic, a month after U.S. President Donald Trump ordered slaughterhouses to stay open to protect the country's food supply.
Categories: Business News
U.S. judge orders 15 banks to face big investors' currency rigging lawsuit
A U.S. judge on Thursday said institutional investors, including BlackRock Inc and Allianz SE's Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market.
Categories: Business News
California regulator approves PG&E's Chapter 11 reorganization plan
PG&E Corp said on Thursday its Chapter 11 reorganization plan has been confirmed by a California power regulator, bringing the power provider one step closer to emerge from bankruptcy and participate in a state-backed wildfire fund.
Categories: Business News
Sainsbury's new boss Roberts faces unexpected in-tray
When Sainsbury's new boss Simon Roberts hosts a virtual focus group with supermarket shoppers on his first day in charge on Monday, the conversation will be radically different from the one he might have imagined when he got the job.
Categories: Business News
Costco profit falls on coronavirus-related costs
Costco Wholesale Corp reported a 7.5% fall in quarterly profit on Thursday, as it spent more on wages and sanitizing its warehouse clubs and halted sales of some high-margin products due to the COVID-19 pandemic.
Categories: Business News
Wall Street ends down in late selloff; Facebook and China weigh
Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.
Categories: Business News
Salesforce cuts annual estimates on COVID-19 hit
Salesforce.com Inc cut its annual revenue and profit forecasts on Thursday, as the cloud-based business software maker allowed clients to defer payments and provided its sales team one-time commissions amid the COVID-19 pandemic.
Categories: Business News
GM to increase North America vehicle production
General Motors said on Thursday it would start increasing vehicle production in North America from next week to meet rising demand.
Categories: Business News
Nordstrom sales plunge nearly 40% on pandemic-led store closures
Upscale department store chain Nordstrom Inc on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the COVID-19 pandemic shut stores.
Categories: Business News
UPS adds 'peak' surcharge amid coronavirus fueled delivery spike
United Parcel Service Inc on May 31 will slap surcharges on U.S. e-commerce companies that have flooded its delivery network with shipments of everything from packaged food to patio furniture since the coronavirus took hold in March.
Categories: Business News
Renault poised to announce 15,000 layoffs worldwide: union
French carmaker Renault is poised to announce 15,000 layoffs worldwide on Friday as it unveils a plan to boost its profitability and cope with faltering sales, a representative for the CFDT union said after meeting with the company.
Categories: Business News
Stocks, euro rise on recovery hopes; U.S.-China rift lifts gold
A gauge of global equity markets climbed on Thursday on optimism for a speedy economic recovery and a massive stimulus plan in Europe helped lift regional stocks and the euro, while gold rebounded on a safety bid on deteriorating U.S.-China relations.
Categories: Business News
