Spirit Aerosystems , Boeing Co’s largest supplier, is temporarily suspending production for the airplane maker at many of its facilities in the United States for two weeks, as the global coronavirus pandemic saps demand across the industry.
Bombardier pulled its 2020 outlook on Tuesday and said it would halt all non-essential work at most of its Canada-based operations until April 26 to help slow the spread of the coronavirus pandemic.
Comcast Corp on Tuesday warned of a hit to its results from the coronavirus outbreak as it shut all its theme parks and delayed distribution of films in theaters worldwide.
UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes.
Financial markets rebounded on Tuesday, with stocks and oil jumping about 4% in Europe, while the safe-haven dollar recoiled as unprecedented global stimulus efforts gained traction.
Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.
(Bloomberg) — Chevron Corp. became the latest major oil company to take an ax to its budget after halting its $5 billion-a-year share buyback and halving spending in the Permian Basin, which means a large decrease in projected output from America’s biggest shale region.The California-based oil giant said Tuesday it’s lowering projected 2020 capital spending by 20%, or $4 billion. The Permian will account for the largest single element of that reduction, translating into 125,000 fewer barrels of oil equivalent per day than previously forecast, a quantity equal to about 2.5% of the basin’s total current production.“The largest single piece …read more […]
The S&P 500 and Dow Jones indexes closed about 3% lower on Monday on fears of deep and lasting recession as entire nations shut down to curb the coronavirus pandemic. The severity of the spread of COVID-19 and the expectations of aggressive stimulus measures have been mirrored in financial markets with the S&P 500 gaining more than 9% in one session only to plunge 12% the following day. Hopes are now running high of the U.S. Senate passing the stimulus bill, which is expected to provide financial aid to Americans out of work because of the …read more […]
Isaac Newton, in his mathematical description of gravity, explained to us just why whatever goes up must come down. But in market trading, the opposite can happen.JPMorgan strategist Marko Kolanovic explains why what goes down, must come back up. He sees stocks entering an end-of-the-month rebalancing, and notes that equities have underperformed bonds. It’s a situation that, he says, could lead to stock markets gaining by the end of March. The strategist wrote, “…over the next 10 days we will get into the month-end rebalancing period, which would prompt significant buying of equities. The stark underperformance of equities vs. bonds …read more […]
Connecticut Governor Ned Lamont joins Influencers with Andy Serwer to discuss the role of government amid the COVID-19 pandemic. …read more […]
“We’re very close to the finish line,” Calhoun told CNBC of the plane that has been grounded since two fatal crashes in five months. Boeing has sought $60 billion in U.S. government loans for itself and the aerospace industry. “There are a lot of options for us in the private markets etcetera, but the credit markets have to be open,” Calhoun said, noting that Boeing “has $15 billion in the bank.” …read more […]
Citadel, the Chicago-based hedge fund giant led by billionaire Ken Griffin, has so far weathered the coronavirus market storm well, turning a slight profit in its flagship Wellington hedge fund for the year through Monday, according to a person familiar with the situation.
Occidental Petroleum Corp on Tuesday named its former chief executive officer, Stephen Chazen, as non-executive chairman of its board in a bid to end a long and bitter fight with activist investor Carl Icahn.
General Motors on Tuesday suspended its 2020 outlook and said it plans to draw down about $16 billion from its credit facilities in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak.
Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.
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