Tuesday, 11 Aug 2020

Business

Wall Street edges up as Trump signs virus relief orders; more stimulus in focus

(Reuters) – Wall Street indexes opened a touch higher on Monday after President Donald Trump signed executive orders over the weekend to support the country’s economy through the coronavirus crisis until more concrete stimulus could be passed. The S&P 500 .SPX traded about a percent below a record high, while the Nasdaq .IXIC hovered below […]

Federal Reserve announces post-stress test capital ratios for large banks

WASHINGTON (Reuters) – The U.S. Federal Reserve announced on Monday how much each large bank that underwent its 2020 stress tests will have to hold in additional capital. The results mark the first time the Fed has given out custom capital requirements for each bank under its new “stress capital buffer,” and takes effect on […]

Federal Reserve announces post-stress test capital ratios for large banks

WASHINGTON (Reuters) – The U.S. Federal Reserve announced on Monday how much each large bank that underwent its 2020 stress tests will have to hold in additional capital. The results mark the first time the Fed has given out custom capital requirements for each bank under its new “stress capital buffer,” and takes effect on […]

Wall Street bonuses likely to tumble, job cuts to start in late 2020: report

NEW YORK (Reuters) – Most Wall Street workers can expect to see their bonuses slashed this year and some jobs may be cut, according to a report published Monday by compensation consulting firm Johnson Associates Inc. Banks are struggling to curb rising costs as shutdowns caused by the pandemic have put millions out of work, […]

Equinor appoints insider Opedal as new CEO

OSLO (Reuters) – Equinor (EQNR.OL) said on Monday it has appointed Anders Opedal as its new chief executive effective from Nov. 2, replacing Eldar Saetre who will retire after more than 40 years at the Norwegian oil and gas company. The new CEO, who had been executive vice president for technology, projects and drilling, faces […]

Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut

MELBOURNE (Reuters) – Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 49 cents, or […]

Hyundai expects new family of Ioniq vehicles to drive global EV sales

(Reuters) – Korean automaker Hyundai Motor Co (005380.KS) is creating a family of electric vehicles it will sell under the Ioniq brand as part of its drive to become the world’s third-largest seller of EVs by 2025, the company said on Sunday. Hyundai said the elevation of Ioniq from an individual vehicle nameplate to a […]

Fuelled by Volvo, China's Geely seeks launchpad to enter auto giant orbit

TAIZHOU, China/SHANGHAI (Reuters) – Chinese carmaker Geely plans to use a platform developed with input from Volvo to build new models in Malaysia for its partly owned Proton brand, a strategy that shows how it aims to accelerate its push to become China’s first global auto giant. The yet-to-be-finalised plans for Proton are just one […]

'Like gold': Canadian canola prices spike as shippers find back door to China

WINNIPEG, Manitoba/BEIJING (Reuters) – Canadian canola prices have soared to the highest in nearly two years, despite a diplomatic dispute between Ottawa and Beijing, as exporters find roundabout ways to reach top oilseed buyer China. Chinese authorities have since March 2019 blocked canola shipments by two Canadian exporters, an action they took after Canadian police […]

Saudi Aramco's profit plunges, sees signs of oil market recovery

DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $75 billion in dividends this year and CEO […]