HSBC revives 35,000 job cut plan after pandemic pause
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
German airline Lufthansa warned on Tuesday that it might need to apply for creditor protection if its state-backed bailout failed to win sufficient shareholder support in a vote later this month.
Employee union Unite said it will oppose any compulsory job losses within HSBC and "work vigorously to ensure staff are heard and their jobs protected", after the bank dusted off plans to axe as many as 35,000 roles worldwide.
Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
Europe's shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.
Oil rose on Wednesday on hopes for economic recovery and for a clinical trial showing a cheap steroid could help save some critically ill coronavirus patients but fears of a second wave of the virus curbed gains.
German airline Lufthansa warned on Wednesday that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25.
When Bryan Quevedo received his U.S. government stimulus check last month, he invested $1,000 in the stock of bankrupt car rental company Hertz Global Holdings Inc .
No denying May's $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot "V" vs "U" debate about what kind of recovery to expect from the COVID-19 recession.
Oil fell on Wednesday on fears that COVID-19 cases could rise, but prices drew some support from stimulus measures and hopes for positive tests of a drug that could save some critically ill patients.
The U.S. dollar rose from early lows on Wednesday as investors wary of wider geopolitical risks sought its relative safe haven.
Environmental campaigners delivered a 12-foot (3.6-metre) tall mock-up of an Amazon parcel to the French finance ministry on Wednesday to demand that the government rein in the e-commerce giant's expansion in France.
The pandemic has acted like an accelerant to an existing trend: The steady migration of most everyday banking activities to mobile apps and online portals.
German airline Lufthansa warned on Wednesday that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25.
A new U.S. rule regarding China's Huawei Technologies Co Ltd is a needed "clarification" to help develop standards, U.S. Commerce Secretary Wilbur Ross said on Wednesday, adding that security concerns remain over the telecoms equipment maker.