Business

British grocer Tesco’s slavery review reports abuses in Malaysia

U.K.-based multinational groceries chain Tesco PLC (TSCO.L) has found abuses against migrant workers at its stores and distribution centres in Malaysia and Thailand, it said in its annual modern slavery statement. The company listed allegations based on interviews with 168 migrant workers in Malaysia and 187 in Thailand that included passport retention, unexplained and illegal […]

Business

Saudi wealth fund boosts U.S. holdings with stakes in Citi, Boeing, Facebook

Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing, Facebook and Citigroup, a regulatory filing showed, giving it a portfolio of nearly $10 billion in U.S.-listed stocks. The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness […]

Business

China asks United States to stop ‘unreasonable suppression’ of Huawei

China’s foreign ministry said on Saturday the United States needed to stop the “unreasonable suppression” of Chinese companies like Huawei, and a Chinese newspaper said the government was ready to retaliate against Washington. The Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment company Huawei Technologies [HWT.UL], spurring fears of […]

Business

J.C. Penney files for bankruptcy protection

J.C. Penney Co Inc filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the COVID-19 pandemic drive a final stake through long-troubled businesses. The U.S. department store chain, known for […]

Business

Fed says around 600 smaller banks tapped PPP facility in its first days

Around 600 banks, most of them small community institutions, tapped the Federal Reserve’s Paycheck Protection Program facility for about $30 billion of loans as of May 6, the U.S. central bank reported on Saturday in its first detailed disclosure under the new program. The lenders used 3,676 PPP loans they had issued to small businesses […]

Business

Canada’s Trudeau to look at possible further aid for airlines, after Air Canada layoffs

Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic. Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries […]

Business

Italian PM Conte says Fiat Chrysler entitled to seek state-backed loan

Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler was entitled to apply for Italy’s state-backed loans because the automaker employs thousands of people in the country, even though its legal base is located abroad. The Italian-American group confirmed on Saturday its Italian unit was working with Rome to obtain state guarantees on […]