Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler Automobiles NV (FCA) was entitled to apply for Italy's state guarantees on loans as the automaker employed thousands of people in the country, even though its legal base is located abroad.
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.
J.C. Penney Co Inc said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores.
J.C. Penney Co Inc needs to exit bankruptcy proceedings in just a matter of months to survive the unprecedented financial strain of prolonged store closures due to the COVID-19 pandemic, a lawyer for the iconic U.S. department store chain said during a court hearing on Saturday.
Taiwan Semiconductor Manufacturing Co Ltd, the biggest contract chipmaker, said it plans to build a $12 billion factory in Arizona in an apparent win for the Trump administration's efforts to wrestle global tech supply chains back from China.
Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines in the first four months of the year and the financial outlook remained "very bleak" due to the pandemic.
Australia's second largest bank Westpac Banking Corp on Friday said it has filed its defence in a case where it is accused of 23 million alleged breaches of anti-money laundering laws.
The airline industry is not likely to recover to pre-coronavirus levels for at least the next six to 12 months, Southwest Airlines Co Chief Executive Officer Gary Kelly said on Thursday.
Asian stocks struggled to extend gains on Friday and were on course to end the week lower as deteriorating U.S.-China relations undercut optimism over the reopening of major economies.
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
Australia's Westpac Banking Corp said in a defence filing in Federal Court on Friday it was admitting to a number of failures in a case where it has been accused of 23 million breaches of anti-money laundering and counter-terrorism laws.
Europe's biggest bank, HSBC has cut already bleak global growth forecasts even further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending.
Chipmaker Taiwan Semiconductor Manufacturing Co's $12 billion investment in the United States will increase U.S. economic independence from China, Secretary of State Mike Pompeo said in a statement early on Friday.
Asian stocks edged up on Friday but were on course to end the week lower as deteriorating U.S.-China relations add to uncertainties over how fast economies can recover as they start to emerge from lockdowns.