Australia’s Treasury Wine, to cope with virus, weighs Penfolds demerger, U.S. cutback

SYDNEY (Reuters) – Australia’s Treasury Wine Estates Ltd (TWE.AX) said it may spin off the prestigious Penfolds label and shrink its low-end “commercial” division in the United States as it seeks ways to grow profit amid upheaval brought by the…

Tesla to furlough workers, cut employee salaries due to coronavirus

(Reuters) – Tesla Inc (TSLA.O) told employees on Tuesday it would furlough all non-essential workers and implement salary cuts during a shut down of its U.S. production facilities because of the coronavirus outbreak. Tesla said it planned to resume normal…

Nissan’s China sales drop 44.9% in March due to virus

BEIJING (Reuters) – Japanese automaker Nissan (7201.T) said on Wednesday its sales in China fell 44.9% from a year earlier to 73,297 units in March, as the coronavirus epidemic continues to hit the world’s biggest car market. Nissan, which has…

Hong Kong extends social distancing restrictions to contain coronavirus

HONG KONG (Reuters) – Hong Kong said on Wednesday social-distancing restrictions including the closure of some bars and pubs and a ban on public gatherings of more than four people would be extended until April 23 as it battles to…

Volkswagen Mexico says employee died in potential case of COVID-19

MEXICO CITY (Reuters) – Volkswagen Mexico issued a statement saying one of its employees in the country had died in a potential case of coronavirus. “Up until now, the company can neither confirm nor rule out if the cause of…

Dollar creeps higher as virus worries return

SINGAPORE (Reuters) – The dollar found a footing on Wednesday as investors returned to safe-havens, unwinding some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing. The greenback rose on most majors besides…

Oil prices jump on hopes for OPEC, Russia meeting on output cuts

SEOUL (Reuters) – Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid…

Oil prices jump as focus swivels to OPEC, Russia meeting on output cuts

SEOUL (Reuters) – Oil climbed on Wednesday, reversing most of the prior session’s losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid…

UK finance minister Sunak, 39, next in line to lead country after Raab

LONDON (Reuters) – British finance minister Rishi Sunak would take responsibility for leading the country if Dominic Raab, currently standing in for hospitalised Prime Minister Boris Johnson, were also incapacitated. Johnson spent a night in intensive care receiving oxygen treatment…

Japan’s SoftBank to invest $48 million in Brazil pet products site Petlove

SAO PAULO (Reuters) – Japan’s SoftBank Group Corp (9984.T) reached an agreement to invest 250 million reais ($48 million) in pet products online retailer Petlove, the companies said in a statement on Tuesday. The investment will come from SoftBank’s Latin…