Category: Business

Next BoE boss Bailey wants clearer view on coronavirus hit before rate decision

Andrew Bailey, the next governor of the Bank of England, said on Wednesday that he wanted to see more evidence about the economic impact of the coronavirus outbreak before deciding whether to cut interest rates. “I think what we need frankly is more evidence than we have at the moment, as to exactly how this […]

Keep calm and work from home during coronavirus, European banks tell workers

Global banks and small investment firms in Europe are urging staff to work from home and curb travel as the financial industry braces for disruption from the rapidly spreading coronavirus outbreak. For many companies it will be a first-time experiment with home working on a wide scale, but as many Asian offices begin to normalize […]

Campbell Soup boosts guidance as profit beats forecasts; shares jump

Campbell Soup Co (CPB.N) on Wednesday raised its fiscal full-year earnings forecast and posted better-than-expected quarterly profit and sales due to strong demand for soups and snacks, and its shares rose 5% in early trade. The 150-year-old company has sought to revitalize its canned soup business, rolling out new recipes, eliminating preservatives and amping up […]

Family clan members back Volkswagen CEO’s electric strategy: Bild

Wolfgang Porsche and Hans-Michel Piech, members of the family which controls German carmaker Volkswagen (VOWG_p.DE), fully support the shift towards electric cars being driven by Chief Executive Herbert Diess, they told the Bild newspaper. Porsche and Piech both sit on the supervisory board of Volkswagen. “There is no alternative today to the path that he […]

New BoE boss Bailey does not back immediate virus rate cut

The Bank of England should wait until it has more clarity about the economic hit from the coronavirus outbreak before making any decision to cut interest rates, its next governor Andrew Bailey said on Wednesday. But Bailey said quick help was needed for companies whose operations have been disrupted by the disease’s spread around the […]

From shadow banking to coronavirus, U.S. regulators eye lurking risks

U.S. regulators will gather Wednesday at a scheduled meeting of the Financial Stability Oversight Council (FSOC) to discuss risks to the United States and beyond. With fears around coronavirus driving market turmoil not seen since the 2007-2009 financial crisis, here are some of the top risks in their sights. SHADOW BANKING The rise of non-banks […]

U.S. businesses show growing concern over impact of coronavirus, Fed survey shows

There are signs the escalating coronavirus outbreak has begun to weigh on business sentiment in the United States, a report by the Federal Reserve released on Wednesday showed, even as the U.S. economy expanded at a modest to moderate pace over the past several weeks. The Fed cut interest rates by a half percentage point […]