Business

U.S. still poised for ‘V-shaped recovery’ despite reopening setbacks

The U.S. economy still appears headed for a “V-shaped recovery” despite some setbacks in efforts to reopen state economies that had been shuttered for the coronavirus, a top White House adviser said on Monday. “At the moment, the story looks very good. We’re set for a V-shaped recovery,” National Economic Council Director Larry Kudlow told […]

Business

Tesla’s Musk calls on workers to help company break even in second quarter

Tesla Inc (TSLA.O) chief Elon Musk in an internal email called on employees to work hard to allow the electric car maker to break even in the second quarter despite the coronavirus pandemic. The rallying cry has become a familiar theme in recent quarters at Tesla, with Musk calling on employees to quickly build and […]

Business

Credit Suisse taps Santangelo as global co-head of healthcare

Credit Suisse Group AG (CSGN.S) has named Rob Santangelo as a global co-head of its healthcare investment banking group. Santangelo, who is based in New York, will report to Robin Rankin, the Swiss bank’s coverage and advisory head of global healthcare, retail and consumer products, and Latin America, the memo said. Santangelo will work alongside […]

Business

Goldman Sachs says it’s climbing toward Fed’s capital demands

Goldman Sachs Group Inc (GS.N) has already boosted capital measures and is working to meet the Federal Reserve’s benchmark for October, the Wall Street bank said in a statement on Monday. Investors and analysts were eager to hear Goldman’s announcement because the bank fared worse than rivals on the Fed’s stress test last week, sending […]

Business

Canada federal court dismisses drugmakers’ plea challenging drug price rules

The federal court of Canada on Monday dismissed a plea by drugmakers challenging the Canadian government’s new regulations aimed at lowering prices of patented drugs that could potentially lead them to lose billions over a decade. The court struck down one part of the new regulation, finding that using certain payments to third parties to […]

Business

Norwegian Air cancels 97 Boeing MAX and Dreamliners, claims compensation

Norwegian Air (NWC.OL) has cancelled orders for 97 Boeing (BA.N) aircraft and will claim compensation from the U.S. plane maker for the grounding of the 737 MAX and for 787 engine troubles that hit its bottom line, the Oslo-based carrier said on Monday. The airline cancelled 92 of the 737 MAX jets, five 787 Dreamliners […]

Business

Unions sue three Nevada casino properties, claiming dangerous working conditions

Unions representing 60,000 hospitality workers in Las Vegas and Reno, Nevada, are suing three casino properties over allegations of dangerous working conditions. The lawsuit filed Monday by the Culinary Workers Local 226 and Bartenders Union Local 165 against Harrah’s Las Vegas and the Bellagio and Signature Condominiums claims the companies have not sufficiently protected workers […]