Category: Business
Volvo cars to temporarily close plants in U.S. and Sweden
Swedish carmaker Volvo is suspending production at its factories in Sweden, the United States and Belgium, to curb the spread of the coronavirus, it said on Friday, even as it resumes manufacturing in China where the infection rate has slowed. Volvo’s Swedish factories in Torslanda, Skovde, Olofstrom, and its U.S. plant in South Carolina will […]
New York order spooks Wall Street, offsets calm from policy efforts
Wall Street retreated on Friday after New York ordered residents to stay home, rattling investors who had welcomed this week’s fiscal and monetary measures to counter the coronavirus shock and help revive the safe-haven appeal of bonds and gold. Gold rose more than 3% at one point as it regained a bit of its flight-to-safety […]
Apple limits online iPhone purchases to two per person amid coronavirus
Apple Inc (AAPL.O) is limiting customer purchases of iPhones over its online stores in many countries including the United States and China to a maximum of two handsets per person, checks on its website on Friday revealed. The purchase caps come just after the hardware maker closed all of its brick-and-mortar stores outside China, as […]
Deutsche Bank warns virus may ‘materially’ impact targets
Deutsche Bank (DBKGn.DE) said on Friday that the impact of the coronavirus outbreak may affect the lender’s ability to meet its financial targets as the fragile bank undergoes a major revamp after years of losses. The warning is the first time that Germany’s largest lender has sounded the alarm on the outbreak, which has upended […]
Boeing eyes production pause as virus spreads
Boeing Co (BA.N) is leaning toward a temporary work stoppage at its twin-aisle jetliner factories due to the spread of coronavirus, people familiar with the matter said on Thursday, echoing a similar move by European rival Airbus SE (AIR.PA). The U.S. planemaker has not made a final decision on the timing and duration of a […]
Germany will block foreign takeovers to avoid economy sell-out
Germany will protect domestic firms from foreign takeovers, two leading politicians said on Friday, after company valuations in Europe’s largest economy have been hammered by the coronavirus pandemic. Ministers have already promised liquidity support to businesses and introduced measures making it easier to reduce working hours rather than lay off workers. The cabinet is due […]
Tesla suspends production at U.S. vehicle factory due to coronavirus
Tesla Inc said on Thursday it will suspend production at its San Francisco Bay Area vehicle factory on March 24, ending a standoff with California authorities concerned about the spread of the coronavirus. The company said its New York solar roof tile factory also will temporarily suspend production, while operations at its Nevada battery plant […]