Business

With new monetary policy approach, Fed lays Phillips curve to rest

One of the fundamental theories of modern economics may have finally been put to rest. In the several years before the coronavirus pandemic took hold of the global economy, Federal Reserve policymakers watched as the U.S. unemployment rate fell lower and lower and waited for the jump in inflation typically associated with such a tight […]

Business

U.S. economic recovery hampered by wobbly performance in powerhouse states

Of the many tragedies in the U.S. coronavirus epidemic, among the largest was that the nation’s four economic powerhouses – California, Florida, New York and Texas – bolted to opposite corners early in an often politicized response to the crisis. Democratic-governed California and New York tackled the spread of the virus aggressively with lockdowns and […]

Business

UK lawmakers, union call for extra state help for aviation sector

More than 100 British lawmakers have joined forces with trade union Unite to urge the government to provide extra state support to airlines and airports as travel slumps due to the coronavirus pandemic and job losses increase. With travel still subdued, the lawmakers signed a letter asking for the government’s job retention scheme, which pays […]

Business

UBS hires technology executive from Credit Suisse

UBS (UBSG.S) has hired Pascal Emile as head of Europe, Middle East and Africa Technology for its Wealth Management and Personal & Corporate Banking (WMPC) business from rival Swiss bank Credit Suisse (UBSG.S), according to an internal memo seen by Reuters. Emile, who takes up his position on Sept. 1, will initially work on the […]

Business

Taiwan’s MediaTek pushes for permission to supply Huawei after U.S. curbs

Taiwanese chip designer MediaTek Inc (2454.TW) said on Friday it had applied to the U.S. government for permission to continue supplying China’s Huawei after new U.S. curbs take effect in mid-September amid rising China-U.S. tensions. The Trump administration in August expanded its curbs on Huawei and banned suppliers from selling chips made using U.S. technology […]

Business

SoftBank to slash wireless carrier stake to 40%; could raise $14 billion

SoftBank Group Corp (9984.T) said on Friday it planned to slash its exposure to wireless carrier SoftBank Corp (9434.T) in a share sale worth 1.47 trillion yen ($13.8 billion) at Friday’s close, marking an expansion of the conglomerate’s asset sales. The sale will see SoftBank’s stake fall to 40.4% from 62.1%. The offer price for […]

Business

Amazon orders 1,800 Mercedes-Benz electric vans for European deliveries

Amazon.com Inc (AMZN.O) said on Friday it had ordered 1,800 electric vans from Mercedes-Benz for its European delivery fleet, as part of the online retailer’s plans to run a carbon neutral business by 2040. A majority of the electric vehicles from Daimler AG’s (DAIGn.DE) car and vans division will go into service this year, the […]