EU industry chief sees no quid pro quo in Huawei’s ‘mask diplomacy’

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BRUSSELS (Reuters) – EU industry chief Thierry Breton on Wednesday said he did not see any ulterior motive behind Huawei’s donations of face masks to the bloc and that solidarity was the best way to tackle the global coronavirus outbreak.

FILE PHOTO: European Commissioner for the Internal Market Thierry Breton gestures as he communicates on the EU’s 5G plan in Brussels, Belgium January 29, 2020. REUTERS/Yves Herman

Chinese network equipment maker Huawei, the world’s No. 1, has drawn criticism from some quarters in recent days after giving millions of protective masks and gloves to Italy, Spain, the Netherlands, Lithuania, Poland,

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Oil futures open lower in electronic trading

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FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol

NEW YORK (Reuters) – U.S. oil futures dipped in electronic trading Sunday evening, extending losses from last week that marked the eighth week of losses out of the last nine.

Trading was extremely volatile last week, in an extension of the selling that has dominated trading since early March as demand collapsed 30% due to the pandemic. Global production cuts have not kept pace with the collapse in demand.

U.S. West Texas Intermediate CLc1 futures were down 32 cents

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As U.S. states start to reopen, Fed official sees little sign of economic resurgence

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(Reuters) – Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff’s study of cellphone tracking data.

FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease (COVID-19) outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque

“What we are seeing thus far is a mix. For some retailers it has been a bit stronger than expected. Others have seen relatively little

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U.S. is still in a ‘very significant recession’ despite job gains, Fed’s Rosengren says

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Job creation in August represents continued improvement in the U.S. economy but a full recovery won’t happen until the coronavirus pandemic is under control, Boston Federal Reserve President Eric Rosengren said Friday.

Unemployment fell to 8.4% as nonfarm payrolls rose by 13.7 million last month, the Labor Department reported, in numbers that were significantly better than Wall Street expectations. The jobless rate decline was particularly pronounced, sliding 1.8 percentage points from its July level as the labor market continues to heal.

While Rosengren acknowledged the “significant improvement,” he said the economy remains under pressure.

“We have a long way to

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