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Updated: 4 years 29 weeks ago
Exclusive: Chevron to cut up to 15% of staff amid restructuring
Chevron Corp will cut 10% to 15% of its worldwide workforce as part of an ongoing restructuring at the second-largest U.S. oil producer.
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Dollar treads water against euro; yuan sinks on U.S.-China tensions
The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic.
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Moderna rally loses steam over COVID-19 vaccine worries
Shares of biotechs racing to make coronavirus vaccines, including Moderna Inc , fell about 10% on Wednesday, as investor concerns grew about the prospects of the experimental products that are still in early stages of development.
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BlackRock says voted to split CEO, chairman roles at Exxon Mobil
Top fund manager BlackRock Inc on Wednesday said it cast an advisory vote in favor of an independent chairman and against the reelection of two directors at Exxon Mobil Corp over the company's approach to climate risks.
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Oil slides on U.S.-China tensions
Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong and as some traders doubted Russia's commitment to deep production cuts.
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U.S. businesses slammed by pandemic but see some green shoots, Fed says
U.S. businesses continued to be hammered by the effects of the novel coronavirus epidemic in the United States into the middle of May, a Federal Reserve report showed on Wednesday, and few expected a swift recovery despite some signs of hope.
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Wall Street gains amid economic hopes; tech shares decline
The Dow and S&P 500 rose on Wednesday, powered by banks stocks, as optimism for an economic recovery as lockdowns continued to ease overshadowed worries of simmering U.S.-China tensions.
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23 U.S. states sue Trump administration over fuel efficiency rollback
A group of 23 U.S. states led by California, the District of Columbia and four major cities are filing suit Wednesday to challenge a Trump administration decision to weaken Obama administration fuel efficiency standards.
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Occidental is sued by shareholders, bondholders over Anadarko merger
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp.
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American Airlines not considering Chapter 11, demand improving: CEO
American Airlines Group Inc's is not considering a Chapter 11 bankruptcy filing, CEO Doug Parker said in response to a question at a conference on Wednesday, but said he does expect the overall U.S. airline industry to be 10% to 20% smaller in the summer of 2021.
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U.S. economic activity fell sharply due to coronavirus disruptions, Fed says
Economic activity declined sharply across the United States over the past several weeks, according to a Federal Reserve report released on Wednesday, reflecting the disruptions caused by the coronavirus pandemic.
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Huawei CFO Meng loses key court argument in fight against extradition to United States
Huawei's Chief Financial Officer Meng Wanzhou has lost a key aspect of the trial on her extradition to the United States, a Canadian court announced on Wednesday.
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Ferragamo calls back Norsa to help weather COVID storm
Italian luxury group Salvatore Ferragamo has called back former CEO Michele Norsa as executive director to help management revamp the brand and weather the COVID-19 storm.
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Exclusive: Google faces antitrust case in India over payments app - sources
India's antitrust body is looking into allegations that Alphabet Inc's Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters.
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Wall Street frets as 'unloved' stock rally powers on
The love-hate relationship many investors had with U.S. stocks during the more-than-decade-long bull market is reemerging, as equities steadily climb in the face of economic devastation and uncertainty over the coronavirus pandemic.
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Huawei CFO loses key aspect of U.S. extradition case in Canada court
Huawei Technologies Co Ltd's Chief Financial Officer Meng Wanzhou has lost a key aspect of the trial on her extradition to the United States, a Canadian court announced on Wednesday.
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Lufthansa board rejects EU conditions on $10 billion bailout
Lufthansa's $10 billion government bailout was thrown into doubt on Wednesday after the German airline's supervisory board refused to accept the conditions attached by Brussels.
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S&P 500 rises on boost from bank shares
The S&P 500 edged higher in choppy trading on Wednesday as optimism over a pick up in business activity helped offset worries over simmering U.S.-China tensions, although gains were capped by losses in technology stocks.
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South African Airways can still be saved with funding: administrators
South African Airways (SAA) can still be saved if it gets the necessary funding, the state-owned airline's administrators said on Wednesday, adding they were talking to the government about a potential restructuring.
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Ford to gradually resume operations, production at Mexican plants
Ford Motor Co will gradually resume operations and production at several of its Mexican plants, the automaker said on Wednesday, as the sector begins to come back online as coronavirus contingencies are relaxed.
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