Business

China’s January-March property investment down 7.7% from a year earlier

Real estate investment in China fell 7.7% in the first three months of 2020 from a year earlier, official data showed on Friday. The property market, a key growth driver, was among many segments of the Chinese economy impacted by the coronavirus epidemic that emerged in the country in late 2019 and brought the country […]

Business

French telecoms group Orange to cut dividend by 30%

Orange (ORAN.PA), France’s biggest telecoms operator, said on Friday it would cut its dividend for the 2019 financial year by 30% and that it would review dividend policy for the 2020-2023 period in the wake of the coronavirus outbreak. State-controlled Orange’s move aims to protect the company’s balance sheet when investors are looking closely at […]

Business

China March industrial output falls 1.1% year-on-year, better than forecast; first-quarter investment slides 16.1%

China’s industrial output fell a less steeper-than-expected 1.1% in March from a year earlier, data from the National Bureau of Statistics showed on Friday, as the coronavirus crisis and strict containment measures severely disrupted the world’s second-largest economy. Analysts polled had expected industrial output to fall by 7.3% in March, moderating somewhat after plunging 13.5% […]

Business

U.S. bailout watchdog vows to scrutinize share buybacks, dividends

An official charged with overseeing how the U.S. government handles $500 billion in bailout funds said on Friday he will also monitor how companies use the cash, including for share buybacks, dividends and staff compensation. Bharat Ramamurti, who was named this month as a member of the Congressional Oversight Commission to regulate relief programs administered […]

Business

Fed’s Kashkari says Trump’s ‘staged approach’ to reopen economy makes sense

President Donald Trump’s plan for reopening the U.S. economy following the novel coronavirus pandemic “makes sense” and is consistent with the advice of health experts, Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview with Fox News Channel on Thursday. Trump laid out new guidelines on Thursday for U.S. states to emerge from […]

Business

China crude oil runs hit 15-month low as virus cripples demand

China’s daily crude oil throughput in March sank to a 15-month low with state refiners maintaining deep output cuts as the coronavirus pandemic erodes demand, but there are some signs of recovery as the country begins to ease virus-related curbs. The steep drop in runs at the world’s top energy consumer highlights not only the […]

Business

Cathay Pacific to lay off overseas cabin crew, furlough pilots

Hong Kong’s Cathay Pacific Airways Ltd (0293.HK) will lay off 286 cabin crew based in the United States and furlough 201 pilots based in Australia and Britain, it said on Friday, as the coronavirus pandemic has virtually halted global travel. The carrier has grounded most of its planes because of falling demand, flying only a […]