Planemaker Airbus posted on Wednesday a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenues fell 15% to 10.631 billion amid the “gravest crisis the aerospace industry has ever known”.
Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.
The U.S. economy likely contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history.
Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package, aiming to shore up its balance sheet amid a sharp travel downturn from the pandemic, three people familiar with the matter said on Tuesday.
The preparations reflect Boeing’s confidence that it can tap the capital markets to strengthen its finances, even as the largest U.S. planemaker weighs seeking government aid. Boeing has lined up investment banks to potentially market an offering to bond investors in the coming days, provided that market conditions are favorable, the sources said, cautioning that the exact timing and size of the offering had not been decided. Boeing declined to comment. …read more […]
Asian shares rose for a third session on the trot on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up.
(Bloomberg) — U.S. equity-index futures advanced, helped by a late rally in Alphabet Inc. and Asian stocks heading for bull-market territory, ahead of a policy decision by the Federal Reserve.Contracts on the S&P 500 Index climbed 1% as of 11:32 a.m. in Tokyo, while futures advanced 1.2% on the Nasdaq 100 Index and 0.8% on the Dow Jones Industrial Average. Alphabet shares surged in after-hours trading after the company reported first-quarter revenue that beat analyst expectations.The MSCI Asia Pacific Index rose 0.7%, pushing its rebound from a March 23 low to more than 20% and set to enter a bull …read more […]
Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
(Bloomberg) — Chinese e-commerce giant JD.com Inc. has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter, joining rival Alibaba in tapping the city’s stock market for funds.The offering could raise at least $2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which currently trades on Nasdaq, has a market value of $64 billion.The deal comes after Alibaba Group Holding Ltd. raised $13 billion in a Hong Kong share sale last year. That much larger deal was hailed as a homecoming for Chinese …read more […]
(Bloomberg) — Chinese e-commerce giant JD.com Inc. has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter, joining rival Alibaba in tapping the city’s stock market for funds.The offering could raise at least $2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which currently trades on Nasdaq, has a market value of $64 billion.The deal comes after Alibaba Group Holding Ltd. raised $13 billion in a Hong Kong share sale last year. That much larger deal was hailed as a homecoming for Chinese …read more […]
Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve’s policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.
(Bloomberg) — Before the accounting scandal and the stock crash and the defaulted loans, Luckin Coffee Ltd.’s billionaire founder Lu Zhengyao was an ideal customer for Credit Suisse Group AG.“I’ve had I don’t know how many dinners with him in Beijing and he’s absolutely the poster child for what we want to do,” Tidjane Thiam said at a conference last year when he was still head of the bank. He lauded Lu’s relationship with the firm that ranged from private banking to stock sales. “He’s a dream client.”Luckin’s dramatic fall from grace this month blindsided some of the top names …read more […]
Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.
Asian equities made cautious gains in early trade on Wednesday following mixed U.S. corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Samsung Electronics Co Ltd said its operating profit rose 3% in the January to March period, in line with its earlier estimate, as the stay-at-home trend due to the COVID-19 pandemic cushioned the virus blow.
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