Global shares sink … Shops re-open in England … BP takes $17.5 billion hit
TOKYO (AP) -Global shares sank today as a resurgence of coronavirus cases in China and other countries deepen pessimism over prospects for a global economic recovery. In early trading, France’s CAC 40 slipped 1.8%. Germany’s DAX dove 1.9% and Britain’s FTSE 100 slid 1.3%. In Asia, Japan’s Nikkei closed 3.5% lower, South Korea’s Kospi slipped 4.8%, Hong Kong’s Hang Seng slid 2.2% and the Shanghai Composite edged down 1.0%. U.S. futures are also lower.
LONDON (AP) -After three months of being closed under coronavirus restrictions, shops selling fashion, toys and other non-essential goods are being allowed to reopen across England for the first time since the country went into lockdown in March. London’s famous Oxford Street shopping district is ready to spring back to life but things will not quite look or feel “normal.” Shoppers will have to line up to enter stores, use hand sanitizers and follow a one-way traffic system. Plastic screens will protect workers at payment counters and some shops will only take cards.
LONDON (AP) – Energy company BP says it is writing off up to $17.5 billion from its oil and gas assets. It will also review its plans to develop oil wells as the COVID-19 pandemic lessens demand. BP says the crisis is accelerating its goal of decreasing its reliance on fossil fuels. The CEO says the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time.
MASHANTUCKET, Conn. (AP) – Some federally recognized tribes have pushed ahead with plans to reopen their casinos despite opposition from governors who have little to no say in the matter. In Connecticut, the tribes that own and operate Mohegan Sun and Foxwood Resort Casino began the first stages of reopening on June 1 despite pleas from Gov. Ned Lamont to remain closed. Lamont resorted to installing temporary electronic signs to warn patrons of the dangers of COVID-19. In California, Gov. Gavin Newsom also urged tribal leaders to remain closed, fearing a resurgence of the coronavirus. Some tribes have held off from reopening casinos.
SAN FRANCISCO (AP) – The CEO of cosmetics company LaFace Skincare has issued an apology after a video was widely shared online showing her and her husband threatening to call police on a man because he stenciled “Black Lives Matter” in chalk on the retaining wall outside his San Francisco home. The video has sparked accusations of racism and led the popular cosmetics distributor Birchbox to cut ties with Lisa Alexander, who also founded LaFace Skincare.