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Updated: 4 years 21 weeks ago
PRESS DIGEST-Financial Times - May 29
The following are the top stories in the
Financial Times. Reuters has not verified these stories and does
not vouch for their accuracy.
Categories: Business News
GLOBAL MARKETS-U.S.-China tension to push Asian shares lower in choppy trade
Asian shares were set to dip in
choppy trade on Friday as worries about worsening U.S.-China
ties offset the fillip from hopes massive government stimulus
can jump-start the world economy.
Categories: Business News
UPDATE 1-Zuckerberg distances Facebook from Twitter in Trump fight
Facebook Chief
Executive Mark Zuckerberg took pains to distance his company
from Twitter and its fight with U.S. President Donald
Trump on Thursday, as the White House moved to scrap a law
protecting social media companies.
Categories: Business News
California regulator approves PG&E's Chapter 11 reorganization plan
Power regulator California Public
Utilities Commission (CPUC) has approved PG&E Corp's
Chapter 11 reorganization plan, the San Francisco-based utility
company said on Thursday.
(Reporting by Kanishka Singh in Bengaluru; Editing by Sriraj
Kalluvila)
Categories: Business News
UPDATE 2-Costco profit falls on coronavirus-related costs
Costco Wholesale Corp reported a
7.5% fall in quarterly profit on Thursday, as it spent more on
wages and sanitizing its warehouse clubs and halted sales of
some high-margin products due to the COVID-19 pandemic.
Categories: Business News
GM to increase North America vehicle production
General Motors said on Thursday it
would start increasing vehicle production in North America from
next week to meet rising demand.
Categories: Business News
UPDATE 1-Canada's CIBC lost $64 million in a day on paper in gold market turmoil
Canadian Imperial Bank of
Commerce (CIBC) took a mark-to-market trading loss of
C$88.2 million ($64 million) in one day in March due mainly to
volatility in the gold market, the bank said in its
second-quarter earnings report on Thursday.
Categories: Business News
UPDATE 3-Nordstrom sales plunge nearly 40% on pandemic-led store closures
Upscale department store chain Nordstrom
Inc on Thursday reported a nearly 40% slump in quarterly
sales, as lockdowns to contain the COVID-19 pandemic shut
stores.
Categories: Business News
U.S. FDA approves Eli Lilly's diagnostic agent for Alzheimer's disease
The U.S. Food and Drug Administration on
Thursday approved drugmaker Eli Lilly and Co's
radioactive compound to detect tau, an important characteristic
of Alzheimer's disease.
Categories: Business News
More M&A expected in Brazil power sector after pandemic- CTG executive
The strong impact of the COVID
pandemic on Brazilian power firms may lead to new mergers and
acquisitions in the industry, according to the vice-president of
China Three Gorges Corp. Brazilian unit, Evandro
Vasconcelos.
Categories: Business News
UPDATE 1-Carrefour Brasil targeted in Sao Paulo bribery probe, may face heavy fine
The city of Sao Paulo is
investigating the wholesale unit of Carrefour Brasil SA
in connection with an alleged bribery scheme, the
local official gazette said on Thursday, citing a probe that
could result in a fine of up to 20% of the company's 2019 gross
revenue.
Categories: Business News
GLOBAL MARKETS-Stocks, euro rise on recovery hopes; U.S.-China rift lifts gold
A gauge of global equity
markets climbed on Thursday on optimism for a speedy economic
recovery and a massive stimulus plan in Europe helped lift
regional stocks and the euro, while gold rebounded on a safety
bid on deteriorating U.S.-China relations.
Categories: Business News
UPDATE 7-Trump move could scrap or weaken law that protects social media companies
President Donald Trump said
he will introduce legislation that may scrap or weaken a law
that has protected internet companies, including Twitter
and Facebook, in an extraordinary attempt to
intervene in the media.
Categories: Business News
UPS adds 'peak' surcharge amid coronavirus fueled delivery spike
United Parcel Service Inc
on May 31 will slap surcharges on U.S. e-commerce
companies that have flooded its delivery network with shipments
of everything from packaged food to patio furniture since the
coronavirus took hold in March.
Categories: Business News
UPDATE 1-Flurry of U.S. crude export fixtures offers glimmer of hope
A flurry of tentative bookings
to export U.S. crude oil from the Gulf Coast suggests demand is
edging up after the coronavirus slammed energy consumption
worldwide.
Categories: Business News
Williams-Sonoma posts surprise rise in same-store sales on online boost
Williams-Sonoma Inc posted a
surprise rise in quarterly same-store sales on Thursday, as the
retailer's online business boomed amid coronavirus-led
lockdowns, sending its shares up 8% in extended trading.
Categories: Business News
Canada's CIBC lost $64 million in a day in gold market turmoil
Canadian Imperial Bank of
Commerce (CIBC) took a trading loss of C$88.2 million
($64 million) in one day in March due mainly to volatility in
the gold market, the bank said in its second-quarter earnings
report on Thursday.
Categories: Business News
UK seeks alliance to avoid reliance on Chinese tech - The Times
The UK is pursuing forming an alliance of
10 democracies to create an alternative pool of suppliers of 5G
equipment and other technologies to avoid relying on China, The
Times reported.
Categories: Business News
UPDATE 2-U.S. major airlines roll out more options to avoid staff layoffs
The top three U.S. airlines, hit hard by
the coronavirus pandemic, are rolling out fresh programs to
induce tens of thousands of employees to accept voluntary leave
or early retirement in the hope of avoiding widespread furloughs
in the fall, company memos show.
Categories: Business News
ViacomCBS slashes up to 400 jobs as part of merger restructuring -source
ViacomCBS Inc is
cutting up to 400 employees across CBS as part of its plan to
save $750 million from its merger with CBS, a source familiar
with the matter said on Thursday.
Categories: Business News
