BMW said on Monday that group sales dropped by 20.6% to 477,111 vehicles in the first quarter as the outbreak of coronavirus took its toll and many retail outlets temporarily closed.
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand.
Troubled hospital group NMC Health said on Monday it is in talks with Abu Dhabi Commercial Bank , seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration.
British aero-engine maker Rolls-Royce said it was scrapping its targets and its final dividend, taking steps to shore up its finances as airlines around the world ground planes due to the coronavirus pandemic.
Norwegian Air’s passenger volume fell by 60% year-on-year in March as the company gradually grounded its fleet amid global efforts to halt the spread of the novel coronavirus.
Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.
Kraft Heinz’s (KHC) CEO Miguel Patricio has announced that the company has slashed production at three plants providing restaurant supplies, as consumer behavior shifts in response to the coronavirus outbreak. “These facilities have significantly reduced production” he said.“Operations in China are returning to normal now, but… consumers’ behavior has changed, as individuals are using more home deliveries” Patricio told investors.However, there was a positive takeaway from the presentation as well. According to Patricio, KHC has now boosted output at its packaged food units to meet the demand for macaroni and cheese in the US, and canned beans and soups in …read more […]
Gilead (GILD) is now working in consultation with regulatory authorities to establish additional expanded access programs for remdesivir, the company’s investigational medicine for Covid-19, says the company CEO Daniel O’Day.According to O’Day, the programs enable hospitals or physicians to apply for emergency use of remdesivir for multiple severely ill patients at a time. In particular, new US sites have been initiated while the European Medicines Agency announced that it has provided EU member states with recommendations on implementing expanded access programs for remdesivir in their countries.In addition to the expanded access programs, Gilead continues to provide remdesivir on an individual …read more […]
Many markets have shortened trading hours, and others are mulling whether to follow suit. ** India’s market regulator halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares in a bid to curb “abnormally high” volatility. …read more […]
Russia’s Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, has slumped to a record spot discount in the Asia market, two trade sources said on Monday, as fuel demand takes a hit from the coronavirus pandemic. Indian oil explorer ONGC Videsh sold one 700,000-barrel cargo of Russian Sokol crude for loading between June 2-8 at a discount of around $8 a barrel to Dubai quotes via a spot tender that was closed and awarded last Friday, likely to a trader, the sources said. In comparison, last month ONGC sold a Sokol crude …read more […]
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
(Bloomberg) — Tesla Inc. engineers showed footage of a prototype ventilator the company is trying to make with auto parts amid a shortage of the machines for coronavirus patients.According to the video on Tesla’s YouTube channel, the design includes a touch screen, computer and control system from a Model 3 electric car. Tesla is taking advantage of components that are familiar, reliable and available, an engineer says in the video.Click here to see the videoNew York Governor Andrew Cuomo, among those urgently trying to source more ventilators, said Sunday that supply-chain disruption is the biggest hurdle for every manufacturer, including …read more […]
Apr.05 — Japanese Prime Minister Shinzo Abe is set to declare a state of emergency within days, after coronavirus cases in Tokyo jumped over the weekend to top 1,000 for the first time and raised worries of a more explosive surge, media reports said. Meanwhile, the government will release an economic stimulus package in response to the pandemic in two phases, according to a government document obtained by Bloomberg. Stephen Engle reports on “Bloomberg Markets.” …read more […]
The $350 billion loan program, which launched on Friday, will provide low-interest loans to help small businesses cover payroll and other fixed costs such as rent, mortgages and utilities over the next eight weeks. “While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit,” Chief Executive Charlie Scharf said in a statement. The Federal Reserve in early 2018 ordered Wells Fargo to keep its assets below $1.95 trillion, until it had improved its governance and risk controls …read more […]
(Bloomberg) — Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth.The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S. program, but customers already have expressed more interest than that, Wells Fargo said in a statement late Sunday. The firm will therefore focus on helping nonprofits and businesses with fewer than 50 employees.“While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing …read more […]
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
