Australia and Taiwan joined a growing list of countries offering financial aid to their ailing aviation sectors as global airlines announced deeper capacity cuts due to plummeting demand and stricter border controls associated with the coronavirus.
United Airlines on Tuesday announced a 60% schedule reduction in April, citing the impact of the coronavirus pandemic on travel demand.
U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the coronavirus keeps people from flying.
U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the coronavirus keeps people from flying. Moves by American Airline Group Inc and Delta Air Lines Inc , first reported by Reuters, were a further sign that airlines do not expect a quick rebound to depressed travel demand and must save costs. “Based on the decline in air travel, we need to quickly line up our staffing levels with the reduced flying …read more […]
Shares in Japan’s Fujifilm Holdings Corp were untraded at their daily limit high amid a glut of buy orders on Wednesday after a Chinese official said the company’s Avigan anti-flu drug appeared to help coronavirus patients recover.
By activating emergency financing windows and by being open to adapt them as needed, the Fed took up its crisis management game several notches. For that it should be strongly commended. …read more […]
U.S. stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.
U.S. stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout. U.S. stock futures fell 2.0% after the S&P 500 gained 6.00% on Tuesday, paring a little under half of its huge losses on Monday. Tuesday’s lift in the S&P 500 came as policymakers around the world cobbled together packages to counter the severe restrictions on various economy-boosting activities aiming at slowing the spread of the virus. …read more […]
Latin American airlines need prompt government aid or many of them could go out of business as the global coronavirus outbreak forces widespread flight cancellations, the chief of regional airline association ALTA said on Tuesday.
Exxon Mobil Corp paid a big premium to raise $8.5 billion in new debt on Tuesday, as a rout in energy prices and stock market jitters fueled by the coronavirus outbreak eroded investor confidence in the largest U.S. oil producer.
Exxon was among nine major companies that took advantage of a window opening in the U.S. credit markets on Tuesday to issue bonds, after the Federal Reserve announced new measures to boost liquidity in the financial system, including the purchase of short-term corporate debt. Exxon, which is rated Aaa/AA by credit rating agencies, issued its debt at a 60 basis point premium to PepsiCo Inc , which has a lower investment-grade rating of A1/A+. “Exxon had to pay a huge premium to where the bonds should have been, because they are in an industry that is viewed very …read more […]
SoftBank Group Corp is considering pulling out of a $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal, people familiar with the matter said on Tuesday.
Tesla Inc cannot operate its main U.S. vehicle factory normally as the San Francisco Bay Area has begun a three-week lockdown to rein in the spread of coronavirus, a spokesman for the county’s sheriff’s office said on Tuesday.
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