Category: Business

NEW YORK (Reuters) – Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the U.S. economy could bounce back sooner than expected, five months into its pandemic-inflicted recession. All three major U.S. stock indexes posted their third consecutive daily gains. The Dow and the S&P…

WASHINGTON (Reuters) – A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday, as he began the first of two days of hearings before U.S. lawmakers. While recent signs of improvement including a…

(Reuters) – Six former eBay Inc employees have been criminally charged with mounting a cyberstalking campaign against a Massachusetts couple whose online newsletter they viewed as critical of the e-commerce company, U.S. prosecutors announced on Monday. U.S. Attorney Andrew Lelling in Boston said the defendants, including two eBay security executives, targeted the couple repeatedly with…

(Reuters) – The U.S. Department of Commerce on Tuesday posted a new rule that allows U.S. companies to work with China’s Huawei to develop standards for 5G and other cutting-edge technologies, despite restrictions on doing business with the telecommunications equipment maker. Reuters reported on Monday that the rule had been approved and sent to the…

FRANKFURT (Reuters) – German investor Heinz Hermann Thiele sharply criticised a 9-billion-euro ($10.14 billion) bailout deal for carrier Lufthansa (LHAG.DE), saying he had raised his stake in the group to more than 15% and hoped alternative options could be explored. In an interview with German newspaper Frankfurter Allgemeine Zeitung (FAZ), Thiele, Lufthansa’s top shareholder, said…

FRANKFURT (Reuters) – German fashion house Hugo Boss (BOSSn.DE) has appointed former Tommy Hilfiger boss Daniel Grieder as its next chief executive, it said on Tuesday. Grieder, the former CEO of Tommy Hilfiger Global & PVH Europe, will start on June 1, 2021 and succeed Mark Langer, who is stepping down on Sept. 30, 2020…

(Reuters) – Amazon.com Inc (AMZN.O) on Tuesday launched an artificial intelligence-based tracking system to enforce social distancing at its offices and warehouses to help reduce any risk of contracting the new coronavirus among its workers. The unveiling comes as the world’s largest online retailer faces intensifying scrutiny from U.S. lawmakers and unions over whether it…

WASHINGTON/NEW YORK (Reuters) – After 15 years working as a hair stylist in other people’s salons, Gary Connell opened his “Healthy Hair” studio in Montgomery County, Maryland in early March, sinking his savings into a two-chair shop in a busy mall. It hadn’t even been up and running for a full month when stay-at-home orders…

NEW YORK/LONDON (Reuters) – A record rebound in U.S. retail sales, fresh support from the Federal Reserve and Bank of Japan, and upbeat trial results for a COVID-19 treatment boosted risk appetite on Tuesday, driving global equity markets higher and strengthening the dollar. U.S. Treasury yields rose, as did demand for lower-rated southern European debt,…

NEW YORK (Reuters) – Oil prices rose 3% in volatile trade on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases. Brent crude futures ended the session up $1.24, or 3.1%, at $40.96…