Reuters

Westpac Banking Corp admitted to millions of breaches of anti-money laundering and counter-terrorism laws in a filing in Australia's Federal Court on Friday, but denied accusations it enabled illegal payments between known child sex offenders.

The U.S. Food and Drug Administration said on Thursday that Abbott Laboratories’ speedy coronavirus test, which can deliver results within minutes and is used at the White House, could potentially be inaccurate but can still be used to test patients.

Asian stocks edged up on Friday but were on course to end the week lower as deteriorating U.S.-China relations add to uncertainties over how fast economies can recover as they start to emerge from lockdowns.

Europe's biggest bank, HSBC has cut already bleak global growth forecasts even further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending.

Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines in the first four months of the year and the financial outlook remained "very bleak" due to the pandemic.

Australia's second largest bank Westpac Banking Corp on Friday said it has filed its defence in a case where it is accused of 23 million alleged breaches of anti-money laundering laws.

The airline industry is not likely to recover to pre-coronavirus levels for at least the next six to 12 months, Southwest Airlines Co Chief Executive Officer Gary Kelly said on Thursday.

Asian stocks struggled to extend gains on Friday and were on course to end the week lower as deteriorating U.S.-China relations undercut optimism over the reopening of major economies.

Taiwan Semiconductor Manufacturing Co Ltd, a major supplier to Apple Inc, announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a "strong partnership" with the U.S. government.

Goldman Sachs Group Inc plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a letter that Folio sent to its customers on Thursday and was viewed by Reuters.

Taiwan Semiconductor Manufacturing Co Ltd, the world's biggest contract manufacturer of computer chips, on Friday announced plans to build an approximately $12 billion advanced chip factory in Arizona.

The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.

Asian stocks were set to rise on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery.

Wall Street surged on Thursday as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding U.S.-China trade and a whistleblower's dire warnings about the U.S. response to the coronavirus pandemic.

The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and free cash flow increased 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.

The We Company, owner of WeWork, said its first-quarter free cash outflow grew 60% sequentially, according to an email the company's chief financial officer sent to employees on Thursday and reviewed by Reuters.

Walt Disney Co and unions representing workers at Florida's Walt Disney World have reached an agreement on safeguards to protect employees from coronavirus, a union statement said on Thursday, removing one of the company's hurdles to reopening its popular theme parks.

U.S. President Donald Trump signaled a further deterioration of his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world's second largest economy.

The Federal Reserve's pledged support for exchange-traded funds may not end up costing the central bank much, but will still have the desired effect of keeping the credit market afloat.

Nike Inc said on Thursday store closures across the globe will hurt its retail and wholesales businesses in the fourth quarter, even as it ramps up its e-commerce capabilities to address increased online orders amid the COVID-19 pandemic.