Business News

Warner Music Group Corp's stock popped 8% on its Nasdaq debut on Wednesday, after the world's third-largest recording label sold shares in its $1.9-billion initial public offering towards the higher end of its target.

Mexican glass producer Vitro said on Wednesday that it will shut two plants in the United States before the end of the year after the effects of the novel coronavirus pandemic hit demand from the automotive sector.

Nearly three dozen former employees from Facebook's early days on Wednesday blasted Chief Executive Mark Zuckerberg's decision not to act against incendiary posts by U.S. President Donald Trump as "cowardly" and a "betrayal" of company ideals.

Amazon.com Inc has been sued for allegedly fostering the spread of the coronavirus by mandating unsafe working conditions, causing at least one employee to contract COVID-19, bring it home, and see her cousin die.

Brazilian labor prosecutors on Wednesday filed a petition with a local court demanding closure of a JBS SA pork plant in the southern state of Rio Grande do Sul due to an outbreak of the novel coronavirus, according to a copy of the legal request seen by Reuters.

U.S. senators will announce a bill this week expanding sanctions on Russia's Nord Stream 2, a natural gas pipeline to Germany opposed by many in Washington who say it would tighten Moscow's political and economic grip on Europe, Senate aides said on Wednesday.

BP Plc began turning off production at three platforms in the northern Gulf of Mexico and evacuating workers because of the threat from Tropical Storm Cristobal, forecast to make landfall in Louisiana over the weekend, the company said.

Occidental Petroleum Corp , whose share price was battered last year after a controversial merger with Anadarko Petroleum Corp, said on Wednesday its directors were elected last week by a comfortable margin in a shareholder vote of confidence.

Boutique investment bank Perella Weinberg Partners is cutting about 7% of its workforce amid the coronavirus outbreak, a person familiar with the matter told Reuters on Wednesday.

British officials have discussed supplies of 5G networking equipment with companies in South Korea and Japan as part of a bid to develop alternatives to China's Huawei Technologies Co Ltd, a person with knowledge of the matter told Reuters.

LVMH CEO Bernard Arnault is exploring ways to reopen negotiations on the French luxury goods giant's $16.2 billion acquisition of U.S. jewelry chain Tiffany & Co, as U.S. social unrest and the coronavirus pandemic weigh on the retail sector, people familiar with the matter said on Wednesday.

B3 SA, the operator of Brazil's Sao Paulo stock exchange, will reclassify goodwill resulting from the company's 2008 acquisition of rival Bovespa Holding SA as a potential loss, the firm said in a filing on Wednesday.

BP Plc began evacuating workers from offshore operations in the U.S.-regulated Gulf of Mexico on Wednesday because of the threat from Tropical Storm Cristobal, which is expected to strike the Louisiana coast by Sunday, the company said.

Amazon.com Inc said on Wednesday it leased 12 Boeing 767-300 converted cargo aircraft from Air Transport Services Group Inc , bringing its total fleet to more than 80, as it pushes for faster delivery to meet a surge in online orders.

Uber Technologies Inc said on Wednesday trip requests were gradually picking up, but still remained significantly below prior year levels, as several countries start to lift coronavirus-led restrictions.

Global equity markets rallied and the euro rose against the dollar on Wednesday, both for a seventh straight session, indicating strong risk appetite as easing lockdowns and hopes for more monetary stimulus boosted investor confidence.

The U.S. House Ways and Means Committee said on Wednesday it opposed the Trump administration's plan to expand economic ties to Brazil under the leadership of President Jair Bolsonaro, given its record on human rights and the environment.

Monika Bacardi, a member of the family owning the maker of the eponymous rum, said her Liechtenstein-based trust was blocking her attempt to reshuffle the management team at the spirits group, uncovering a fight inside the family.

U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy's recovery from the COVID-19 pandemic will be slow.

Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries.