U.S. stock index futures rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy.
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.
Warren Buffett, chairman and CEO of Berkshire Hathaway, has been a consistent voice of optimism on the U.S. economy and American innovation. …read more […]
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic. “We have begun taking action to lower our number of employees by roughly 10% through a combination of voluntary layoffs, natural turnover and involuntary layoffs as necessary,” Calhoun said in an email seen by Reuters. Boeing will need to make “even deeper reductions in areas that are most exposed to the condition of our commercial customers — more than 15% across …read more […]
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic.
German carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday.
Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package as it aims to shore up its balance sheet amid a sharp travel downturn due to the coronavirus pandemic, three people familiar with the matter said on Tuesday.
Austrian Chancellor Sebastian Kurz and Lufthansa boss Carsten Spohr will meet in Vienna on Wednesday to discuss urgently needed state aid for the German carrier’s Austrian business, a spokesman for Kurz said.
Belgium’s Brussels Airlines, a Lufthansa (LHAG.DE) subsidiary, has extended its suspension of flights until June 1, it said on Wednesday.
(Bloomberg) — U.S President Donald Trump ordered meat-processing plants to stay open to stave off shortages and said confirmed cases had topped one million in the country because of better testing. Elon Musk hit out against the lockdowns that have kept businesses closed for more than a month.France and Spain took cautious steps toward reopening, while new cases rose for the first time in three days in Germany as the government weighs removing more curbs on public life. Beijing will lower its municipal emergency response as it prepares to host the nation’s highest-profile political meeting.GE said that the pandemic ‘materially …read more […]
As the government issues a second round of aid for small business owners, some U.S. senators, community banking groups and minority-owned banks said they are worried businesses owned by people of color may miss out on receiving much-needed loans.
Like its rival AstraZeneca , the British drugmaker stuck to its 2020 forecast and still expects a 1% to 4% fall in profit for the year. Analysts on average expected first-quarter adjusted earnings of 31.5 pence per share and sales of 8.75 billion pounds, according to a company-compiled consensus of 13 analysts. In the race to develop a vaccine to end the COVID-19 pandemic, governments, charities and Big Pharma firms are sinking billions of dollars into bets with extraordinarily low odds of success. …read more […]
U.S. health insurer Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the recent launch of its pharmacy benefits unit and higher premiums.
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