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May 28, 2020
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May 28, 2020
Financial News

 

 

Global markets mostly higher…Trump threatens social media companies…easyJet to cut a-third of employees

 

BANGKOK (AP) – Global markets were mostly higher today as investors pinned their hopes on an economic rebound from the coronavirus pandemic. In early trading, Germany’s DAX gained 0.7%, and the CAC 40 in Paris climbed 0.8%. Britain’s FTSE 100 picked up 0.6%. In Asia, Hong Kong’s Hang Seng index lost 0.7% while the Shanghai Composite index gained 0.3%. Tokyo’s Nikkei jumped 2.3%. Wall Street is expected to open higher, with S&P futures up 0.1% and Dow futures up 0.4%.

 

WASHINGTON (AP) – President Donald Trump is fighting back on efforts to fact check his tweets. He is threatening social media companies with new regulations or even closure after Twitter added fact checks to two of his tweets. Trump claims that tech giants “silence conservative voices.” As he often does, he turned to his Twitter account to make his threats. The president can’t unilaterally regulate or close social media companies, as that would require action by Congress or the Federal Communications Commission.

 

LONDON(AP) – European budget airline eastJet says it plans to cut up to a third of its workforce as it restructures amid the COVID-19 pandemic. The airline did not specify how many jobs would go, but it employed some 15,000 people t the start of 2020. CEO Johan Lundgren, says the carrier remains focused on doing what is right for the company and its long-term “health and success.” EasyJet plans to resume limited service on June 15, but estimates that it may take three years to get back to 2019 demand levels.

 

HONG KONG (AP) – A security law proposed by China could imperil Hong Kong’s status as one of the world’s best places to do business. The law, approved today in Beijing, led U.S. Secretary of State Mike Pompeo to say Washington will no longer treat Hong Kong as autonomous from Beijing. The Chinese government has not given details of its proposed law, which is aimed at suppressing secessionist and subversive activity in the former British colony.

 

TOKYO (AP) – Nissan says it is closing two auto plants in Spain and Indonesia, as it sank into the red for the first time in 11 years after the coronavirus pandemic sent global demand plunging and halted production. Nissan’s Chief Executive Makoto Uchida says the production in Europe will be centered at the British plant in Sunderland, and the production in Indonesia will move to Thailand, as the Japanese automaker reduces global production by 20%. Nissan Motor Co. reported a 671.2 billion yen, or $6.2 billion, loss for the fiscal year ended in March.

 

 

AP-WF-05-28-20 1036GMT