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BUSINESS HEADLINES
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› Coronavirus raises stakes as auto unions ready for a fight
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. |
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› Audi boss to head carmaker's R+D division: sources
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. |
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› Chanel warns virus impact will linger on luxury sector
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. |
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› IMF says deeper-than-expected contraction in U.S. economy likely in second quarter
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. |
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› Prudential sells Jackson equity stake to Apollo-backed Athene for $500 million
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. |
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› S&P 500, Dow dip on rising virus cases, elevated jobless claims
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. |
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› Oil prices broadly stable after mixed U.S. data
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. |
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› U.S. labor market recovery stalling; second wave of layoffs underway
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. |
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› Vans, not glamorous, but key as EU weighs autos mega-merger
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. |
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› Colgate reviewing Chinese toothpaste brand Darlie amid debate on racial inequality
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. |
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› Wirecard scrambles to find missing $2.1 billion as loan crunch looms
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. |
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› Factbox: German payments firm Wirecard and its missing billions
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. |
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