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Rolls-Royce downgraded to junk by S&P

Rolls-Royce has lost its investment-grade rating — held for the past 20 years — after Standard & Poor’s on Thursday downgraded the company to junk status because of “prolonged weak profitability” and expectations of materially lower cash flow from its engine service contracts. The downgrade is a severe blow to …

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Trump orders legal review targeting social media groups

Donald Trump said he had ordered a wide-ranging review of the law that underpins how social media companies operate, in a move which threatens to undermine legal protections they have enjoyed for decades. The US president on Thursday signed an order he said instructed his officials to re-examine the 1996 …

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FirstFT: Today’s top stories

FT subscribers can click here to receive FirstFT every day by email. How well did you keep up with the news this week? Take our quiz. The UK government has opened a path to citizenship for more than 300,000 Hong Kong residents in a bold riposte to China’s security crackdown …

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Salesforce cuts annual sales estimates on COVID-19 hit

© Reuters. The company logo for Salesforce.com is displayed on the Salesforce Tower in New York (Reuters) – Salesforce.com Inc (NYSE:) cut its annual revenue forecast on Thursday, citing the impact of the COVID-19 pandemic. Shares of the company fell 3% in extended trading. Salesforce now expects revenue of $20 …

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Renault prepares for 15,000 job cuts

Image copyright Getty Images Struggling French carmaker Renault is said to be planning 15,000 job cuts around the world as it tries to contain losses amid the pandemic. The move comes as the virus deepens the challenges facing the firm, which saw its first annual loss in a decade last …

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US crude imports surge as Saudi oil armada arrives

US oil imports surged last week, with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch. The federal Energy Information Administration said on Thursday that Saudi supplies to the US jumped by almost 1m barrels a day …

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Recovery prospects outweigh the negatives

Prospects of economic recovery have certainly registered across global equity markets during May. European equities are pushing higher and the S&P 500 is established above 3,000 points. Whether the trend is sustainable is very much a topic of debate at the moment. Analysts at Goldman Sachs acknowledge that “a shift …

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