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Updated: 17 min 36 sec ago

Coronavirus raises stakes as auto unions ready for a fight

Thu, 06/18/2020 - 11:07am
The coronavirus crisis has forced carmakers to speed up layoffs that must be matched with hefty payouts and deft negotiation to retain the support of powerful trade unions vital if Europe's auto industry is to manage a shift to low-emission vehicles.

Audi boss to head carmaker's R+D division: sources

Thu, 06/18/2020 - 10:56am
Markus Duesmann, the head of Audi , will also head the research and development division at German carmaker Volkswagen's premium brand, two sources told Reuters on Thursday.

IMF says deeper-than-expected contraction in U.S. economy likely in second quarter

Thu, 06/18/2020 - 10:40am
A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday.

Prudential sells Jackson equity stake to Apollo-backed Athene for $500 million

Thu, 06/18/2020 - 10:39am
Prudential sold a minority stake in its U.S. business, Jackson, to Apollo Global-backed Athene Holding for $500 million, the insurer said on Thursday, in the first phase of its plan to create an independent U.S. business.

S&P 500, Dow dip on rising virus cases, elevated jobless claims

Thu, 06/18/2020 - 10:34am
The S&P 500 and Dow retreated on Thursday as an uptick in coronavirus infections in parts of the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated.

Oil prices broadly stable after mixed U.S. data

Thu, 06/18/2020 - 10:29am
Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases.

U.S. labor market recovery stalling; second wave of layoffs underway

Thu, 06/18/2020 - 10:27am
The number of Americans filing for unemployment benefits fell last week, but the pace of decline appears to have stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.

Vans, not glamorous, but key as EU weighs autos mega-merger

Thu, 06/18/2020 - 10:12am
Their silhouettes don't stir dreams of adventure like a sports car or trendy SUV, but vans are a rare source of profit for European carmakers, which is why EU regulators are focused on them as they decide whether to back an industry mega-merger.

Colgate reviewing Chinese toothpaste brand Darlie amid debate on racial inequality

Thu, 06/18/2020 - 9:48am
Colgate-Palmolive on Thursday said it was working to review and evolve its Chinese toothpaste brand, Darlie, the latest in a string of brand reassessments amid a U.S. debate on racial inequality.

Wirecard scrambles to find missing $2.1 billion as loan crunch looms

Thu, 06/18/2020 - 9:39am
Wirecard's auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm warned the delay could cause billions in loans to be called in as early as Friday.

Wall Street opens lower on rising virus cases, elevated jobless claims

Thu, 06/18/2020 - 9:38am
U.S. stocks fell at the open on Thursday as an uptick in COVID-19 infections in the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated amid a second wave of layoffs.

Factbox: German payments firm Wirecard and its missing billions

Thu, 06/18/2020 - 9:24am
Billions of euros of loans to Wirecard could be called in as early as Friday after the German payments company said its auditor had refused to sign off on its 2019 accounts, knocking more than half the value off its shares on Thursday.

Cash flows into U.S. growth funds surge, value funds see outflows

Thu, 06/18/2020 - 9:08am
U.S. investors have ramped up investments in growth funds over the past few months on expectations of higher returns and safety, while they dumped value funds despite cheaper prices after this year's pandemic-linked selloff.

Oil prices tick up as drop in U.S. product stocks encourages bulls

Thu, 06/18/2020 - 8:48am
Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy.

KKR buys vacation parks firm Roompot in $1.1 billion deal

Thu, 06/18/2020 - 8:47am
U.S. private equity firm KKR said on Thursday it had reached an agreement to buy Dutch vacation parks firm Roompot from French private equity firm PAI Partners.

Chanel warns virus impact will linger on luxury sector

Thu, 06/18/2020 - 8:42am
The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel's chief financial officer said on Thursday, warning the French fashion label's 2020 revenues and profit would be significantly hit.

U.S. weekly jobless claims remain high as second wave of layoffs hits industries

Thu, 06/18/2020 - 8:38am
A second wave of layoffs amid weak demand and fractured supply chains is keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.

Kroger expects to top 2020 outlook, beats estimates for profit, sales

Thu, 06/18/2020 - 8:27am
Kroger Co said it expects to exceed its 2020 outlook for same-store sales and profit after beating Wall Street expectations for quarterly results on Thursday, as the U.S. supermarket chain benefited from consumers stocking up on essentials during the coronavirus lockdowns.

Exclusive: EU in advanced talks with Johnson & Johnson on COVID-19 vaccine deal - sources

Thu, 06/18/2020 - 8:25am
The European Commission is in advanced talks with pharmaceutical giant Johnson & Johnson to reserve or buy up-front doses of its COVID-19 vaccine under development, two officials familiar with the talks told Reuters.

World stocks drift lower as second wave virus fears mount

Thu, 06/18/2020 - 8:23am
Global stocks drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift world economic comeback from the pandemic.