April 1, 2020

China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.

China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LP...

April 1, 2020

The European Commision proposed a short-time work scheme on Wednesday modelled on Germany’s Kurzarbeit programme to help people keep their jobs as the coronavirus pandemic hits economies across the 27-nation bloc.

Announcing the scheme by video message, Commission head Ursula von der Leyen did not give details on how it would be funded, saying only it would be guaranteed by all EU countries -a clue that it could be linked to the EU b...

March 27, 2020


BERLIN (Reuters) - Lufthansa (LHAG.DE) has applied for short-time work for around 31,000 crew and ground staff at its core brand until the end of August, a spokesman said on Friday, as Germany’s flagship carrier has slashed flights due to the coronavirus outbreak.

Short-time work is a form of state aid that allows employers to switch employees to shorter working hours during an economic downturn to keep them on the payroll. It has...

March 25, 2020

British retailers fear sales will slump next month at a rate not seen since the depths of the last financial crisis, as the coronavirus hits demand for almost everything other than food.

The Confederation of British Industry said its monthly survey of retailers - conducted before the government ordered the shutdown on Monday of almost all non-essential stores - showed the weakest outlook since April 2009.

The figures add to signs that...

March 20, 2020

YouTube will sacrifice streaming quality in the EU to help avert internet gridlock as tens of millions of Europeans, confined by the coronavirus outbreak, switch to working from home.

Alphabet Inc’s (GOOGL.O) YouTube is the second online video company after Netflix (NFLX.O) to respond to a call by the European Union industry chief Thierry Breton to cut picture quality to prevent overload.

While mobile networks are coping so far they c...

March 11, 2020

German sportswear makers Adidas (ADSGn.DE) and Puma (PUMG.DE) warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.

Shares in Adidas and Puma, already pummeled in the last few weeks, were down 6.3% and 3.8% respectively by 0830 GMT. Adidas stock was at one-year lows.

Adidas said it expected first-quarter sales t...

March 9, 2020

Oil prices saw its lowest drop since 1991 on Monday, March 9, 2020, after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

Prior to this huge slash, crude prices had been relatively stable. By this, prices are generally expected to go down significantly at the pumps, to ease pressure on...

March 2, 2020

Amazon (AMZN.O) will on Thursday seek to overturn an EU order to repay about 250 million euros ($277 million) in back taxes to Luxembourg at Europe’s second-highest court, one of a series of high-profile cases marking the bloc’s crackdown on unfair tax deals.

The European Commission said in its 2017 ruling that the tax deal, which covered the period from May 2006 to June 2014, meant almost three-quarters of Amazon’s business went unt...

March 2, 2020

Britain’s financial services industry could fare less well than energy, autos and other sectors under a free trade deal with the United States, the government said on Monday.

Britain said in its negotiating mandate for a free trade agreement (FTA) with the United States, home to the world’s biggest capital market, that it wanted “ambitious commitments” on U.S. market access for the UK’s most important economic sector.

There could be a...

February 24, 2020

The Philippine unit of Honda Motor Co Ltd (7267.T) said on Saturday its production facility will shut down next month, as the Japanese automaker struggles to shore up global automobile operations.

Japan’s third-largest automaker has seen its profitability decline by more than half in the past two years, led by a series of quality-related issues.

In a statement, Honda Cars Philippines Inc said its production plant south of the capital...

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