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Buffett's Berkshire posts record net loss on coronavirus, operating profit rises

Reuters Business News - Sat, 05/02/2020 - 07:12
Warren Buffett's Berkshire Hathaway Inc posted a higher operating profit on Saturday, but the coronavirus pandemic pummeled its common stock investments and led to a record net loss.
Categories: Reuters

France's SocGen to provision between 3.5 and 5 billion euros this year: CEO

Reuters Business News - Sat, 05/02/2020 - 06:20
French bank Societe Generale expects to have to provision 3.5 billion euros to 5 billion euros ($3.84 bln-5.49 bln) this year because of losses due to the coronavirus crisis, its chief executive said in an interview on Saturday.
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Special Report: How a corporate PR machine is trying to kill a Wall Street tax

Reuters Business News - Sat, 05/02/2020 - 05:40
As Democratic presidential hopefuls descended on New Hampshire prior to the state’s Feb. 11 primary, John Tackeff was busy.
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Wall Street Week Ahead: Stocks face test as reopenings could fuel demand - or more coronavirus

Reuters Business News - Sat, 05/02/2020 - 05:39
A bounce in stocks is likely to face a test in the coming weeks as investors try to gauge whether countries and U.S. states emerging from lockdowns can arrest a sharp fall in economic growth without provoking a resurgence of coronavirus cases.
Categories: Reuters

Tesla to extend furlough for some employees by another week: internal email

Reuters Business News - Sat, 05/02/2020 - 01:07
Tesla Inc told furloughed employees on Friday that they will remain out of work for at least another week, postponing a plan to resume normal operations on May 4 at its San Francisco vehicle-assembly plant, according to an internal email.
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NBCUniversal weighs layoffs at media, entertainment units: WSJ

Reuters Business News - Fri, 05/01/2020 - 21:51
Comcast Corp owned NBCUniversal is evaluating a significant reduction of staff across its portfolio of media and entertainment properties as part of a cost-cutting effort, the Wall Street Journal reported on Friday, citing people familiar with the matter.
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Uber must face lawsuit claiming it stifled competition, drove out rival Sidecar

Reuters Business News - Fri, 05/01/2020 - 21:11
Uber Technologies Inc was ordered by a U.S. judge on Friday to face a lawsuit claiming its illegal predatory pricing and other anticompetitive practices stifled competition, and drove rival Sidecar Technologies Inc out of business.
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JPMorgan Chase approved to process $15 billion in new PPP loans

Reuters Business News - Fri, 05/01/2020 - 21:10
JPMorgan Chase & Co said on Friday that the U.S. Small Business Administration gave it the green light to make $15 billion in new loans to some 211,000 business customers hurt by the outbreak of the novel coronavirus.
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How Boeing went from appealing for government aid to snubbing it

Reuters Business News - Fri, 05/01/2020 - 20:53
In just six weeks, Boeing Co went from seeking government aid to announcing it no longer needed it.
Categories: Reuters

Rolls-Royce considering cutting up to 15% of its workforce - source

Reuters Business News - Fri, 05/01/2020 - 19:01
British aero-engine maker Rolls-Royce Holdings is considering cutting up to 15% of its workforce, a source close to the company told Reuters, as customers cut production and airlines park planes due to the coronavirus pandemic.
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Tesla tumbles after Musk tweets stock too high

Reuters Business News - Fri, 05/01/2020 - 17:13
Shares of Tesla Inc tumbled 9% on Friday after Chief Executive Officer Elon Musk tweeted that the electric carmaker's high-flying stock was overly expensive.
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U.S. Republicans push for coronavirus lawsuit immunity for business

Reuters Business News - Fri, 05/01/2020 - 16:58
The top Republicans in the U.S. Congress displayed a united front on Friday in their drive for coronavirus-related liability protections for businesses, saying such measures will be crucial to talks about future relief legislation.
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Long lines, lots of kids, and plenty to touch: How does Disney reopen its parks?

Reuters Business News - Fri, 05/01/2020 - 16:53
For a glimpse at how Disney recovers from the coronavirus pandemic, look no further than Shanghai, where the entertainment giant has staged a limited reopening of Shanghai Disney Resort. Adults, kids and senior citizens wear masks while wandering among staff and security guards who carry contact-less thermometers and hand sanitizer.
Categories: Reuters

Exxon, Chevron slam brakes on shale as oil demand tumbles

Reuters Business News - Fri, 05/01/2020 - 16:50
Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand.
Categories: Reuters

Wall Street tumbles as renewed tariff threat adds to uncertainties

Reuters Business News - Fri, 05/01/2020 - 16:49
Wall Street sold off sharply on Friday after President Donald Trump revived a threat of new tariffs against China in response to the COVID-19 pandemic, which has brought global economies to a grinding halt.
Categories: Reuters

Stocks fall as Trump's China tariff threat adds to fears over virus-hit economies

Reuters Business News - Fri, 05/01/2020 - 16:30
Wall Street took a nosedive on Friday on fears that the world's two largest economies could resume a trade war, dragging down a global stocks index on a day that many financial markets were closed for a holiday.
Categories: Reuters

Rolls-Royce to cut up to 8,000 jobs as aviation crisis bites: FT

Reuters Business News - Fri, 05/01/2020 - 16:28
British aero-engine maker Rolls-Royce Holdings Plc is planning to slash up to 8,000 jobs, the Financial Times reported https://www.ft.com/content/027ce53d-8770-48a6-ba7b-000d979033b0 on Friday.
Categories: Reuters

For Fed Chair Powell, March was pure madness as coronavirus response intensified

Reuters Business News - Fri, 05/01/2020 - 15:52
A half-hour staff meeting in a secure location.
Categories: Reuters

Telefonica seeks to merge Britain's O2 and Virgin Media: sources

Reuters Business News - Fri, 05/01/2020 - 15:28
Spain's Telefonica SA is in talks with billionaire John Malone's Liberty Global Plc to explore a merger of its British mobile operator O2 with Liberty's Virgin Media cable network company, two sources familiar with the matter said.
Categories: Reuters

Will U.S. exchange trading floors still be relevant post-coronavirus?

Reuters Business News - Fri, 05/01/2020 - 15:26
The coronavirus pandemic has upended U.S. equities trading with unprecedented market volatility and forced bourses like the New York Stock Exchange to close their trading floors, raising questions about the need for such spaces.
Categories: Reuters
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