Business News
French court upholds ruling that limits Amazon deliveries during coronavirus crisis
A French court rejected US online retailer Amazon’s appeal against a ruling that limits what it can deliver during the coronavirus crisis.
Month: April 2020
Trading Ideas
No Government Bailout Dooms Rental-Car Bonds
(Bloomberg Opinion) — Investors in Avis Budget Group Inc. and Hertz Global Holdings Inc. are learning the hard way what happens when widespread government bailouts don’t quite reach every corner of the U.S. economy.No matter where you look, whether it’s their stock, bonds or the asset-backed securities linked to their fleets, these rental-car companies are clearly feeling the squeeze from the coronavirus pandemic and the economic standstill. Avis shares have tumbled 76% since Feb. 20, to about $12 from $50, while Hertz is down more than 80% to about $4. Those are steeper declines than even shares of the three …read more […]
Business News
Ryanair could see job losses if flights grounded beyond May: CEO
Ryanair may see job losses if flights remain grounded due to coronavirus restrictions on travel beyond May, Chief Executive Michael O’Leary said on Friday.
Business News
Verizon pulls 2020 revenue view as it loses wireless subscribers
Verizon Communications Inc withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns that closed 70% of its stores.
Trading Ideas
Norway approves new law that could help rescue Norwegian Air
Norway’s parliament voted through a new company restructuring law on Friday that could help save Norwegian Air and many other companies from potential bankruptcy as a result of the restrictions to stem the spread of COVID-19. The legislation replaces current regulation on debt negotiations and relaxes rules for converting debt into equity. The airline is seeking to convert debt to equity to qualify for state guarantees in a bid to survive the coronavirus crisis, which has grounded all but a handful of its nearly 160 aircraft. …read more […]
Business News
Norway approves new law that could help rescue Norwegian Air
Norway’s parliament voted through a new company restructuring law on Friday that could help save Norwegian Air and many other companies from potential bankruptcy as a result of the restrictions to stem the spread of COVID-19.
Business News
IKEA says visitors returning fast to reopened shopping centres in China and Germany
Furniture brand IKEA’s main retail vehicle said on Friday shoppers were returning quickly to its shopping centres after it reopened three in China last week, and one in Germany this week – its first four to open after closures due to the coronavirus.
Trading Ideas
Coronavirus response: Here are the big restaurant chains who have — and haven't — returned their small business loans
On April 16, the $349 billion first round of the government’s Paycheck Protection Program (PPP) for small business coronavirus relief loans ran out of money after just 13 days. …read more […]
Business News
Nestle CEO not getting carried away by strong first-quarter sales growth
Nestle Chief Executive Mark Schneider warned on Friday against reading too much into the company’s first-quarter results, which marked its best quarterly growth for nearly five years as customers stockpiled food to deal with coronavirus shutdowns.
Business News
AmEx quarterly profit plunges 76% on $1.7 billion reserve build
Credit card issuer American Express Co posted a 76% drop in quarterly profit on Friday, as it set aside $1.7 billion to brace itself against potential non-payments due to a wave of coronavirus-led layoffs.
Business News
Verizon pulls 2020 revenue view as lockdowns result in wireless subscriber loss
Verizon Communications Inc withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns that closed 70% of its stores.
Trading Ideas
Rackspace IPO: Apollo Taking Company Public Again
Rumors of a Rackspace IPO are rapidly spreading. Investors are now asking if the rumors are true. Will Rackspace stock be back on the market?
If Rackspace goes public, it wouldn’t be the first time. But times are different, and the coronavirus is a big factor for any IPO. So, will Rackspace go public? Here’s what we know…
Rackspace IPO: The Business
Dirk Elmendorf, Richard Yoo and Pat Condon founded Rackspace in 1998. Rackspace is an American technology company based in Windcrest, Texas. But the company also has offices in Australia, Switzerland, Germany and Singapore, just to name a few. It’s a cloud …read more […]
Business News
HSBC to push on with overhaul ‘wherever possible’ despite crisis
HSBC will press ahead with plans to reallocate capital from underperforming businesses, cut costs and strip out layers of management, despite problems caused by the coronavirus pandemic.
Trading Ideas
Verizon pulls 2020 revenue view as lockdowns result in wireless subscriber loss
Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm FactSet. The company also cut its full-year adjusted earnings per share outlook to between a growth of 2% and a fall of 2%. In the first quarter, Verizon’s earned $1.26 per share, above analysts’ average estimate of $1.22, according to IBES data from Refinitiv. …read more […]
Business News
Verizon loses 68,000 wireless subscribers as coronavirus takes toll
Verizon Communications Inc lost 68,000 phone subscribers who pay a monthly bill in the first quarter, as people stayed indoors due to lockdowns to halt the spread of the coronavirus.