Reuters Business News

Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.

Top Trump adminstration officials on Tuesday predicted a strong economic rebound in the fourth quarter as the coronavirus fades, but a senior White House adviser warned that near-term unemployment and GDP data will be a "very grave" negative shock.

Asian shares rose for a third session on the trot on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up.

Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.

Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve's policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.

Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.

Asian equities made cautious gains in early trade on Wednesday following mixed U.S. corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.

Samsung Electronics Co Ltd said its operating profit rose 3% in the January to March period, in line with its earlier estimate, as the stay-at-home trend due to the COVID-19 pandemic cushioned the virus blow.

Ford Motor Co said on Tuesday its second-quarter loss would more than double to over $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but added it had enough money despite the crisis to last the rest of 2020.

Starbucks Corp said on Tuesday it sees sales in China, the company's biggest growth market, recovering by the end of September, following a massive drop in same-store sales in the current quarter on fallout from the coronavirus pandemic, which forced Starbucks to close stores around the globe.

Wall Street's major indexes lost ground on Tuesday as investors moved out of market-leading growth stocks, though a rotation into cyclical value stocks indicated hopes of economic revival as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic.

Wells Fargo & Co's relationship with the National Rifle Association (NRA) is "declining," Chief Executive Charles Scharf told investors on Tuesday.

Ford Motor Co said on Tuesday its second-quarter loss will more than double to $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but said despite the ongoing crisis it has enough money to last for the remainder of 2020.

Starbucks Corp said on Tuesday it expects comparable sales in China to decline between 25% and 35% in the current third quarter, hurt by the coronavirus pandemic that has forced it to close stores and limit operations.

Alphabet Inc on Tuesday beat analysts' estimate for quarterly revenue as its Google unit posted double-digit advertising growth despite the economic slowdown from the novel coronavirus.

U.S. crude prices settled about 3% lower on Tuesday after data showing domestic stockpiles didn't rise as high as had been expected given tightening storage, despite pledges to cut production from May 1.

As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days.

Alphabet Inc on Tuesday beat analysts' estimate for quarterly revenue as its Google unit posted double-digit advertising growth despite the economic slowdown from the novel coronavirus.

Stock markets across the globe eked out gains on Tuesday, riding out sharp swings on Wall Street as mixed corporate earnings results and dramatic moves in oil prices delivered yet another dose of investor jitters.

Uber Technologies Inc's Chief Technology Officer Thuan Pham has resigned, effective May 16, the ride-hailing company said in a regulatory filing https://bit.ly/2SiLDZB on Tuesday.