Business

VW sees multi-speed coronavirus rebound led by China

Volkswagen (VOWG_p.DE) sees demand rebounding in China, helped by new buyers switching from public transport and sales of premium vehicles, but warned business would not recover from the coronavirus crisis as quickly in other parts of the world. Sales of passenger cars in China were above year-earlier levels in the last week of April, Volkswagen […]

Business

Samsung heir Lee apologises over succession, won’t hand control to children

Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday made a rare apology over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate. His first public statement in five years came after the Supreme Court in August overturned an appeals court […]

Business

UK watchdog clears Shell’s ‘drive carbon neutral’ ad on petrol pumps

Britain’s advertising watchdog has ruled Royal Dutch Shell’s (RDSa.L) ad campaign on petrol pumps promising customers they can “drive carbon neutral” is acceptable, following complaints. The Anglo-Dutch oil major said in October it would become the first petrol retailer in Britain to offset the carbon dioxide emissions from customers’ fuel purchases at its service stations […]

Business

U.S. airlines burn through $10 billion a month as traffic plummets

U.S. airlines are collectively burning more than $10 billion in cash a month and averaging fewer than two dozen passengers per domestic flight because of the coronavirus pandemic, industry trade group Airlines for America said in prepared testimony. Even after grounding more than 3,000 aircraft, or nearly 50% of the active U.S. fleet, the group […]

Business

World shares mixed amid hopes for business pickup; oil slips

Oil prices slid and world equity markets seesawed on Wednesday as investor hopes for a pickup in business activity were dashed by downbeat economic data and a rise in U.S. crude stockpiles to three-year highs that highlighted low fuel demand. Remarks by U.S. President Donald Trump that cast doubt on a trade deal signed in […]

Business

Pandemic slams global factories, activity sinks to new lows

Factory activity was ravaged across the world in April, business surveys showed, and the outlook looked bleak as government lockdowns to contain the new coronavirus pandemic froze global production and slashed demand. The coronavirus has infected more than 3.5 million people globally and killed around 247,000. With the public told to stay home in numerous […]

Business

Fasten seatbelts: Norwegian Air’s battle for survival

After growing rapidly to become Europe’s third-largest low-cost airline and one of the few to apply the budget model to transatlantic flights, Norwegian Air (NWC.OL) is fighting for its survival after racking up debts and liabilities of close to $8 billion by the end of 2019. Following are key dates in the company’s 27-year history. […]