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Reuters Business News
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Updated: 4 years 21 weeks ago
South Korean court denies arrest warrant request for Samsung heir
A South Korean court on Tuesday denied an arrest warrant request for Samsung Group heir Jay Y. Lee after prosecutors accused him of accounting fraud and stock manipulation.
Categories: Business News
Hong Kong govt to lead Cathay Pacific bailout package: SCMP
Hong Kong's government will lead a near HK$30 billion ($3.9 billion) bailout package for Cathay Pacific Airways Ltd giving it two observer seats in the boardroom, the South China Morning Post reported on Tuesday, citing sources.
Categories: Business News
TSMC says could fill order gap if unable to sell chips to Huawei
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) could quickly fill the order gap created by the inability to sell to Huawei's [HWT.UL] HiSilicon chip division due to U.S. restrictions, the company's chairman said on Tuesday.
Categories: Business News
TSMC says still in talks about subsidies for new U.S. plant
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) is still in talks with the U.S. government about subsidies for its new plant in Arizona, chairman Mark Liu said on Tuesday.
Categories: Business News
Chinese telecom firms urge FCC not to revoke ability to operate in U.S.
The U.S. units of China Telecom Corp’s and China Unicom urged the Federal Communications Commission (FCC) not to revoke the company's nearly two-decade old authorization to provide international telecommunications services to and from the United States.
Categories: Business News
Australia shakes up foreign investment laws for national security
Australia announced the biggest shakeup of its foreign investment laws in almost half a century on Friday, including giving the government the power to force the sale of a business if it creates a national security risk.
Categories: Business News
IBM exits facial recognition business, calls for police reform
International Business Machines Corp disclosed Monday it will no longer offer facial recognition or analysis software in a letter to Congress calling for new efforts to pursue justice and racial equity, new Chief Executive Officer Arvind Krishna said.
Categories: Business News
Asia stocks extend rally as economic recovery hopes boost confidence
Asian stocks rallied for their ninth straight day on Tuesday and oil prices jumped as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.
Categories: Business News
Men accused of helping ex-Nissan boss flee Japan challenge U.S. extradition case
Lawyers for the former Green Beret and son wanted by Japan for helping former Nissan Motor Co boss Carlos Ghosn flee the country on Monday argued U.S. authorities wrongly arrested them for aiding a crime that they say does not exist in Japan: bail jumping.
Categories: Business News
China's troubled Baoshang rescue exposes fault lines in bank reform drive
In May 2019, China's central bank announced a shock takeover of a lender, its first such move in 20 years, citing "serious credit risks". Creditors in small Baoshang Bank were to take a hit, assets would be sold and an example set for governance.
Categories: Business News
Nasdaq ends at record, confirms bull market on economic recovery hopes
The Nasdaq posted a record closing high on Monday, becoming the first of the major indexes to confirm a new bull market, while the S&P 500 ended in positive territory for the year as expectations for a swift recovery from a coronavirus-driven downturn increased.
Categories: Business News
Macy's raises $4.5 billion to shore up funds as stores reopen, shares surge
Macy's Inc said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.
Categories: Business News
GE reopens parts of prior debt offerings to raise $3 billion
General Electric Co said on Monday it reopened portions of its prior debt offerings for $3 billion in total proceeds to boost its cash reserves amid the coronavirus crisis.
Categories: Business News
Stocks rally on quick economic revival hopes, oil slides
Global equity markets surged on Monday, with the Nasdaq hitting a record high on hopes of a quick recovery from the coronavirus slump, while oil slid after Saudi Arabia said new output cuts by producer nations would not include extra cuts by three Gulf countries.
Categories: Business News
It's official: U.S. economy entered recession in February
The U.S. economy ended its longest expansion in history in February and entered recession as a result of the coronavirus pandemic, the private economics research group that acts as the arbiter for determining U.S. business cycles said on Monday.
Categories: Business News
Nasdaq hits record high as U.S. recession becomes official
On the same day that the Nasdaq marked a new bull market, the U.S. economy was officially declared to be in a recession. The two milestones on Monday illustrate how an 11-week surge in stocks has occurred despite widespread economic devastation fueled by the coronavirus pandemic.
Categories: Business News
JetBlue to fly about 50% of July schedule, more in August: CNBC interview
JetBlue Airways Corp expects to fly about half of its original schedule in July, up from about 25% to 30% in June, and a bit more in August as leisure demand begins to recover, Chief Executive Robin Hayes told CNBC in an interview on Monday.
Categories: Business News
PG&E plans $5.75 billion equity raise to fund bankruptcy exit
California-based power provider PG&E Corp said on Monday it plans to raise $5.75 billion from public offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month.
Categories: Business News
Ryanair's O'Leary says UK quarantine will be quashed or dropped
Ryanair boss Michael O'Leary said he believed Britain's coronavirus quarantine will be struck down by the courts or dropped within weeks as some of Europe's biggest airlines prepare to file a legal challenge by the end of Tuesday.
Categories: Business News
