Category: Business

GM shuts Australia, NZ operations; sells Thai plant to Great Wall

General Motors Co (GM.N) said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business, costing the U.S. auto maker $1.1 billion. The moves will accelerate GM’s retreat from unprofitable markets, making it more dependent on the United States, China, Latin America […]

New York drops fight against T-Mobile-Sprint merger

New York on Sunday dropped its fight against the $40 billion merger of U.S. wireless carriers T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N), saying the state would not appeal a judge’s approval of the deal. New York Attorney General Letitia James said her office would end the court challenge to the 2018 merger agreement […]

U.S. firms in China report staff shortages, say coronavirus hitting global operations: AmCham

Nearly half of the U.S. companies in China say their global operations are already seeing an impact from business shutdowns due to the coronavirus epidemic, according to a poll by Shanghai’s American Chamber of Commerce (AmCham). Some 78% of the respondents also said they do not have sufficient staff at their Chinese plants to resume […]

Chinese support measures buoy world stocks

Global shares were buoyant on Monday as the promise of further policy stimulus from China to counteract the economic hit from a coronavirus outbreak calmed nervous investors. Trading was light, with U.S. stocks and bond markets shut for a public holiday. Both the pan-European STOXX 600 index and Germany’s DAX reached record highs before paring […]

Japan on brink of recession as economy contracts, virus heightens risk

Japan’s economy shrank at the fastest pace in almost six years in the December quarter as a sales tax hike hit consumer and business spending, raising the risk of a recession as China’s coronavirus outbreak chills global activity. Analysts say the widening fallout from the epidemic, which is damaging output and tourism, could have a […]

Cathay Pacific flags ‘significant’ drop in first-half profit, capacity cuts due to coronavirus

Cathay Pacific Airways (0293.HK) is expecting a significant drop in its first-half results and has also cut capacity due to the coronavirus outbreak, it said on Monday. Severe travel restrictions as a result of a coronavirus outbreak in China, which has caused about 1,770 deaths across mainland China, have led to a steep rise in […]

Audit watchdog sounds alarm over coronavirus delays

Accountancy regulators have begun sounding alarm bells over the impact of the coronavirus crisis on auditors’ ability to scrutinise corporate balance sheets. The Financial Reporting Council (FRC) has opened talks with major audit firms about possible delays to signing off clients’ accounts. The discussions are focused on multinationals which have substantial operations or subsidiaries in […]