Business News

U.S. Vice President Mike Pence said the jobs report released on Friday was a sign the U.S. economy was beginning to recover from the deep hit caused by the novel coronavirus outbreak, but said President Donald Trump is still in favor of a payroll tax cut.

The owner of British Airways is considering a legal challenge to Britain's quarantine plan, as relations between airlines and the government are frayed by steps to curb the coronavirus pandemic.

Gautam Chawla is joining Barclays from Citigroup Inc , a statement from the British lender said on Friday, continuing the recent spate of job changes among senior financiers covering the insurance industry.

WeWork will invest $100 million in its Indian business as the office-sharing startup looks to ride out the coronavirus crisis, which has kept people indoors and away from offices.

Canadian plane and train maker Bombardier Inc said on Friday it would cut 2,500 jobs, or about 11% of the workforce at its aviation unit, as the coronavirus pandemic's crushing impact on the air industry adds to its long list of problems.

Canada unexpectedly gained 289,600 jobs in May even as the jobless rate hit a record high at 13.7%, data showed on Friday, buoyed by the loosening of stay-at-home restrictions in certain parts of the country.

President Donald Trump on Friday sent a tweet taking credit for a stunning U.S. jobs report that showed the country's unemployment rate dropped during the thick of the coronavirus pandemic, and then announced he would hold a news conference at 10 a.m. (1400 GMT) on the topic.

Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC's decision to bring forward to Saturday discussions on whether to extend record production cuts.

Canada added a net 289,600 jobs in May, with most of the employment gains coming in full time, Statistics Canada said on Friday. The rebound in May hiring comes after Canada lost a record-breaking 2 million jobs in April.

* Futures up: Dow 2.40%, S&P 500 1.52%, Nasdaq 0.05% (Adds comments, updates prices throughout)

Russia's Central Bank Governor Elvira Nabiullina on Friday said a quick economic recovery is not realistic due to the specialised nature of Russia's economy and the high level of uncertainty surrounding the coronavirus epidemic.

French luxury goods giant is not seeking to renegotiate its $16.2 billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.

U.S. stock index futures sharply extended gains on Friday after a closely watched monthly employment report from the Labor Department showed the jobless rate unexpectedly dropped to 13.3% last month from 14.7% in April.

Brazil's automobile production rose in May from April, but remains 84.4% lower compared with the same month in 2019, the national automakers' association said on Friday.

Canadian business jet maker Bombardier Inc said on Friday it would cut 2,500 jobs, or about 11% of its workforce, at its aviation unit as the COVID-19 pandemic's crushing impact on the air industry adds to its long list of problems.

Twitter Inc has disabled U.S. President Donald Trump's campaign tribute video to George Floyd on its platform, citing a copyright complaint.

World stocks held near three-month highs and the euro also remained close to a three-month peak, thanks to a larger than expected European stimulus boost and on hopes of a global economic rebound.

Have HSBC and Standard Chartered "chosen profits over human rights" in backing China's national security law for Hong Kong, as some suggest? Or does it reflect the tightrope businesses must navigate between Hong Kong's protesters and Beijing?

Who needs expensive lunches at glitzy hotels and fancy restaurants to court investors for bond deals or the sale of new shares on the stock exchange?

The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.