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Updated: 4 years 27 weeks ago
Ford to return to pre-COVID production rates in U.S. plants by July 6: COO
Ford Motor Co expects to have its U.S. vehicle assembly plants return by early July to building at the rates they did before the coronavirus pandemic shut down the U.S. auto industry for two months, a top executive said on Wednesday.
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Starbucks sees up to $2.2 billion hit to third-quarter operating income from COVID-19
Starbucks Corp said on Wednesday it expected current-quarter operating income to plunge by up to $2.2 billion, with sales declines for the rest of the year even as stores reopen following easing of coronavirus lockdowns.
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Cerberus demands changes at 'disastrous' Commerzbank
U.S. activist investor Cerberus is calling on Commerzbank to appoint two of its nominees to the supervisory board, cut costs and adopt a new strategy, as it battles to make a success of a big bet on German banks.
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U.S. consumer prices post third straight monthly drop
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand remained subdued amid a recession caused by the COVID-19 pandemic.
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Oil falls towards $40 as U.S. inventory rise revives glut worries
Oil fell more than 2% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand because of the coronavirus crisis.
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Delta Air expects to have $10 billion in cash, cash equivalents by end-2020
U.S. carrier Delta Air Lines said on Wednesday it expects to have $10 billion in cash, cash equivalents, short-term investments and borrowing capacity by year-end.
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With crisis response in place, Fed looks to long term
The Federal Reserve completes its latest policy meeting on Wednesday with attention turning from its massive response to the coronavirus pandemic and toward its still-developing plans to strengthen and lengthen a nascent economic recovery.
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Exclusive: ECB prepares 'bad bank' plan for wave of coronavirus toxic debt
European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters.
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U.S. consumer prices fall for third straight month
U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the COVID-19 pandemic.
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Ford, Volkswagen to make about 8 million commercial vehicles
Ford Motor Co and Volkswagen AG said on Wednesday they would make up to 8 million units of medium pickup trucks and commercial vans during the lifecycle of the vehicles as part of an alliance announced last year.
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Fiat Chrysler plans to resume Panda production on June 16: union
Fiat Chrysler (FCA) plans to resume production of its Panda small car at its plant in Pomigliano, near Naples in southern Italy, on June 16, a union representative said on Wednesday.
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Dollar hits three-month lows amid Fed easing speculation
The dollar dropped to a three-month low amid speculation the U.S. Federal Reserve will announce later on Wednesday it intends to keep a recent rise in bond yields in check.
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Ford to expand alliance with Volkswagen to make about 8 million commercial vehicles
Ford Motor Co said on Wednesday it would expand its alliance with Volkswagen AG to produce up to 8 million commercial vehicles.
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Reddit names Michael Seibel to board after Ohanian's call for black candidate
Social network company Reddit on Wednesday named venture capital investor Michael Seibel to its board, days after co-founder and former director Alexis Ohanian resigned and called for the company to replace him with a black candidate.
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Exclusive: RWE, Thyssenkrupp plan hydrogen production venture
Germany's RWE plans to produce hydrogen from renewable energy to supply steelmaker Thyssenkrupp, the two companies told Reuters.
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Tesla to start volume production of Semi trucks: memo
Tesla Inc's chief executive Elon Musk said that it is time to bring its Semi commercial truck to "volume production", as the U.S. electric vehicle maker ramps up vehicle production after a brief virus-related shutdown.
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U.S. banks prepare branches for gradual post-coronavirus re-opening
U.S. banks have been stocking up on masks and other supplies and setting up acrylic barriers to prevent spreading the novel coronavirus as they ready their branches for the country's gradual reopening, executives and suppliers told Reuters.
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Adidas pledges to hire more black and Latino staff
German sportswear brand Adidas has pledged to invest $20 million in the black community in the United States and make sure that at least 30% of all new U.S. jobs are filled with black and Latino people at its Adidas and Reebok brands.
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Carmakers must overhaul production plans to hit climate goals: report
The world's 14 biggest carmakers are on course to miss globally agreed climate targets, a leading sustainable finance think tank said on Wednesday, urging investors to do more to pressure boards to change their production plans.
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Futures steady as investors await Fed's economic outlook
The S&P 500 and Dow futures ticked lower on Wednesday as investors stayed on the sidelines ahead of the Federal Reserve meeting that could shed further light on the central bank's view of the economy as it emerges from lockdowns.
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