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Updated: 9 hours 39 min ago

HSBC to slash investment bank, 35,000 jobs in strategy overhaul

Tue, 02/18/2020 - 16:33
HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.

Apple warns sales to fall short of target due to coronavirus impact

Tue, 02/18/2020 - 16:31
Apple Inc warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world's most valuable technology firm became one of the biggest corporate casualties of China's coronavirus epidemic.

Global Markets: Apple hits stocks, euro near three-year low

Tue, 02/18/2020 - 16:31
World stocks markets were knocked off record highs on Tuesday as two of the world’s mega companies reported damage from the coronavirus outbreak.

If Apple is hurting due to the coronavirus, its suppliers and rivals likely are too

Tue, 02/18/2020 - 16:31
Apple Inc's surprise warning that it will likely fall short of this quarter's sales target due to the coronavirus epidemic points to much pain for its chip and other suppliers as well as for rivals who also rely on China to build their products.

Nissan's new CEO says willing to be fired if no turnaround

Tue, 02/18/2020 - 16:31
Nissan's new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan's second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn.

India's sugar exports could jump above 5 million tonnes on firm global prices

Tue, 02/18/2020 - 16:28
India's sugar exports are likely to jump by nearly a third from a year ago to more than 5 million tonnes in 2019/20 as a rally in global sugar prices makes exports attractive, a leading trade body said on Tuesday.

Sensex, Nifty lower as virus fallout dents risk appetite

Tue, 02/18/2020 - 16:26
Indian shares fell on Tuesday, tracking losses in global peers after technology giant Apple and lender HSBC flagged business impact from the coronavirus outbreak in China.

Petrofac secures contracts worth $1.65 billion from state-owned ADNOC

Tue, 02/18/2020 - 16:08
Oilfield services provider Petrofac said on Tuesday it has secured two contracts worth about $1.65 billion from state-owned Abu Dhabi National Oil Company for one of the biggest gas projects in the United Arab Emirates (UAE).

Britain's finance minister says budget will be delivered on March 11

Tue, 02/18/2020 - 16:08
Britain's budget will be delivered on March 11, as planned, newly-appointed finance minister Rishi Sunak said on Tuesday, dispelling speculation that the date might be changed.

Vietnam rice exports seen up 6% this year to 6.75 million tonnes - food association

Tue, 02/18/2020 - 16:07
Vietnam expects to export 6.75 million tonnes of rice this year, up 6% from last year, Vietnam Food Association Vice Chairman Do Ha Nam said on Tuesday.

Hong Kong's Nov-Jan unemployment rate rises to 3.4%, highest in three years

Tue, 02/18/2020 - 16:06
Hong Kong's seasonally adjusted unemployment rate rose to 3.4% in the November to January period, the highest in more than three years, government figures showed on Tuesday, as worries grew over the economic impact of the coronavirus.

EU adds Seychelles, Cayman Islands, Panama to tax haven blacklist, spares Turkey

Tue, 02/18/2020 - 16:05
European Union finance ministers added Panama, the Seychelles, the Cayman Islands and Palau to the EU's blacklist of tax havens, while giving Turkey more time to avoid being listed, an EU document said on Tuesday.

Oil falls below $57 on coronavirus hit to demand, OPEC+ delay

Tue, 02/18/2020 - 16:03
Oil fell to below $57 a barrel on Tuesday, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.

Singapore aims to phase out petrol and diesel vehicles by 2040

Tue, 02/18/2020 - 16:02
Singapore aims to phase out petrol and diesel vehicles by 2040, making a bigger bet on electric cars as part of its efforts to cut greenhouse gases and fight climate change, the finance minister said on Tuesday.

Singapore plans biggest budget deficit in years to meet virus threat

Tue, 02/18/2020 - 15:53
Singapore on Tuesday announced around $4.5 billion in financial packages to help contain the coronavirus outbreak in the city-state and weather its economic impact, paving the way for its biggest budget deficit in at least 15 years.

Reliance to merge media and distribution businesses into TV unit

Tue, 02/18/2020 - 15:38
Reliance Industries Ltd said on Monday it would merge its media and distribution businesses into its TV business, Network18 Media & Investments Ltd.

Indian industry seeks cut in import duties to tackle disruptions due to coronavirus

Tue, 02/18/2020 - 15:16
Indian business leaders are demanding cuts in import duties on antibiotic drugs, mobile parts and other items as the outbreak of the coronavirus has disrupted supplies from China, government and industry officials said.

Going to India: Trump set to open world's biggest cricket stadium

Tue, 02/18/2020 - 14:52
U.S. President Donald Trump will inaugurate the world's largest cricket stadium when he arrives in Ahmedabad, the home base of Prime Minister Narendra Modi, on Monday at the start of a two-day visit aimed at smoothing ties strained by trade disputes.

French finance minister warns Renault against job cuts, factory closures

Tue, 02/18/2020 - 14:37
French Finance Minister Bruno Le Maire warned Renault on Tuesday against shutting factories in France and cutting jobs there after the carmaker announced "no taboos" cost cuts last week.

Glencore posts first annual loss in four years as impairments bite

Tue, 02/18/2020 - 14:18
Glencore reported its first annual net loss since 2015 on Tuesday after writing down $2.8 billion in coal, oil and copper assets.