Financial News

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June 8, 2020
AP-NC Newswatch
June 8, 2020
Financial News

 

 

Wall Street rally spills into new week … BP to cut workforce … Sept trial set for ex-Audi chief

 

NEW YORK (AP) – Wall Street’s big rally is spilling into a new week as markets continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market. The S&P 500 was up 0.5% in the first few minutes of today’s trading, bringing it back within 5.2% of its record set in February. At 10:47 a.m. Eastern Time, the S&P was up 10 points, to 3,204. The Dow was up 214 points, to 27,327. And the Nasdaq was up 12 points, to 9,826.

 

LONDON (AP) – Energy company BP says that its global workforce will be trimmed by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic. Chief Executive Bernard Looney says the job cuts will be office-based and come mostly this year. The company’s current global workforce is 70,000. The trimming comes at a time when BP says it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050. And the pandemic has caused huge turmoil for the industry.

 

BERLIN (AP) – The former head of Volkswagen’s luxury division, Audi, is set to go on trial at the end of September on fraud charges related to the company’s diesel emissions scandal. News agency dpa reports that Rupert Stadler and three others will go on trial Sept. 30. Prosecutors last year charged Stadler and the other suspects with fraud, false certification and criminal advertising.

 

LONDON (AP) – Huawei (WAH’-way) has launched an advertising campaign in Britain as officials reconsider the Chinese technology company’s role in supplying equipment for the country’s next-generation high speed mobile networks. Huawei has taken out full-page ads in British national newspapers outlining its commitment to providing mobile and broadband companies with equipment for fifth-generation networks. Huawei was granted a limited role in building the U.K.’s high-speed 5G networks. However, cybersecurity officials began a review last week to examine the impact new U.S. sanctions against Huawei could have on the country’s networks.

 

BANGKOKE (AP) – A court in Thailand has dismissed criminal defamation charges against two defendants who were among more than 20 targeted in various cases by a poultry company. Thammakaset Co. Ltd. brought the complaints against a former employee and a staff member of the human rights group Fortify Rights in 2018. The company began filing lawsuits after workers complained to Thailand’s National Human Rights Commission that the company had violated labor laws. The company claimed it suffered financial losses because of the allegations.

 

 

AP-WF-06-08-20 1452GMT