Business

S&P 500 closes nominally higher amid COVID-19 spikes, muted data

The S&P 500 closed nominally higher on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns as well as data that suggested the U.S. economy might not bounce back with quick, V-shaped recovery.

Business

Softbank set to invest in more than a dozen U.S. minority-led startups

SoftBank Group Corp will invest $2 million or more in 14 U.S. startups led by black founders and other underrepresented groups, the company said on Thursday, as part of its effort to fund more a more diverse array of entrepreneurs.

Business

U.S. insurers eye Legionnaires’ disease safeguards as buildings re-open from pandemic shutdowns

Commercial insurers are scrutinizing building managers’ efforts to avoid outbreaks of Legionnaires’┬ádisease as they re-open movie theaters, gyms, schools and offices that had been closed for months due to the coronavirus pandemic, industry sources told Reuters.

Business

U.S. House Democrats unveil $1.5 trillion infrastructure plan

U.S. House of Representatives Democrats on Thursday unveiled a $1.5 trillion infrastructure bill that they will seek to pass in coming weeks, arguing it has been made more urgent by the coronavirus pandemic.

Business

Wall Street oscillates amid COVID-19 spikes, muted data

Wall Street struggled for direction on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns against data that suggested the U.S. economy might not bounce back with quick, V-shaped recovery.

Business

Lufthansa investor Thiele seeks talks with German government: Handelsblatt

Lufthansa’s biggest shareholder, German billionaire Heinz Hermann Thiele, has reached out to Berlin politicians for talks, Handelsblatt said, the latest step in a standoff over the airline’s 9 billion euro ($10.1 billion) bailout.

Business

Tesla wants to start building a new U.S. vehicle plant this summer

Electric vehicle maker Tesla Inc wants to start building a new and large vehicle assembly plant in the southwestern United States as early as the third quarter of this year, the company told Texas officials in documents made public this week.

Business

S&P 500 muted as virus cases rise, jobless claims weigh

The S&P 500 was little changed on Thursday as coronavirus infections picked up again in parts of the United States and data showed an elevated level of weekly jobless claims, lending weight to predictions of a prolonged economic recovery.

Business

Ford’s redesigned F-150 pickup will offer greater connectivity, sleeper seat

Ford Motor Co next week will show the next generation of its brawny F-150 pickup truck that offers a new sleeper-seat feature and over-the-air software updates in a machine Ford is counting on to help pay off coronavirus-related debts.

Business

LATAM Airlines says operations to plunge 50% by year’s end

LATAM Airlines Chief Executive Roberto Alvo said on Thursday he expects the region┬┤s largest carrier to be operating at half of pre-pandemic levels by the end of 2020, and that a full recovery was unlikely for at least 3-4 years.

Business

U.S. labor market improvement stalling; second wave of layoffs seen

The number of Americans filing for unemployment benefits fell last week, but the pace of decline has 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.

Business

Trump to nominate lawyer Crenshaw to fill SEC Democratic commissioner slot

The White House announced on Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the U.S. Securities and Exchange Commission (SEC).

Business

Trump to nominate lawyer Crenshaw to serve as Democratic SEC commissioner

The White House announced Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the Securities and Exchange Commission.

Business

Kroger says demand easing after coronavirus stockpiling

U.S. supermarket chain Kroger Co stopped short of raising its annual forecasts on Thursday, saying a coronavirus-driven surge in demand for essential goods was fading as American households reconsider what they have on their shelves.

Business

Wirecard investor DWS says has sold down position, considering legal action

Asset manager DWS, the fund management arm of Deutsche Bank, said it has further sold down its position in embattled German technology company Wirecard and was considering legal action.

Business

U.S. gasoline demand recovery falters as refiners ramp up output

A recovery in demand for gasoline in the United States, the world’s largest market for the motor fuel, hit a plateau last week as coronavirus cases surged in some states, undercutting refiners’ efforts to ramp up low fuel production.

Business

Oil edges up on OPEC output cut compliance; pandemic still weighs

Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.

Business

S&P 500, Dow muted as virus cases rise, jobless claims weigh

The S&P 500 and the Dow were largely unchanged on Thursday as investors stayed on the sidelines amid an uptick in coronavirus infections in parts of the United States and an elevated level of weekly jobless claims.

Business

Saudi Aramco cuts hundreds of jobs amid oil market downturn, sources say

State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis.

Business

U.S. retail foot traffic rebounds, more staff at work, as lockdowns ease

Retail foot traffic recovered to approach pre-lockdown levels last week and businesses appeared to bring more employees back to the job, according to data from firms that collect cellphone location information and manage employee time for companies.

Business

World stock markets slip on second wave virus fears, safe-havens rise

Global stock markets drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift economic comeback from the pandemic, underpinning demand for safe-haven currencies such as the dollar and Japanese yen.

Business

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.

Business

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.

Business

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.

Business

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.