Major U.S. business lobbying groups are asking Congress to pass measures that would protect companies large and small from coronavirus-related lawsuits when states start to lift pandemic restrictions and businesses begin to reopen.
Top news and what to watch in the markets on Tuesday, April 21, 2020. …read more […]
IBM Corp reported a better-than-estimated profit in the first quarter driven by sales of its cloud computing business. However revenue came in slightly below forecast as the company withdrew its 2020 guidance.In the first three months of the year, net income declined to $1.18 billion, or $1.31 per share, from $1.59 billion, or $1.78 per share, in the year-ago period. Adjusted EPS amounted to $1.84 per share, above the $1.80 per share estimates. Total revenue declined 3.4% to $17.57 billion during the same period, coming slightly below analysts’ estimates of $17.62 billion.IBM said its key areas of investment will continue …read more […]
Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out. …read more […]
Global stocks fell on Tuesday, a day after U.S. crude oil prices turned negative for the first time, as dismal company earnings reports underlined worries about economic damage from the coronavirus pandemic.
South Korea’s two state-owned banks said on Tuesday they had together decided to provide up to 1.7 trillion won ($1.38 billion) in fresh liquidity to Asiana Airlines which is struggling with the impact of the coronavirus.
U.S. oil futures traded in negative territory on Tuesday, after sinking nearly $40 the previous session in their first ever dive below zero, as concern grew the sector will run out of storage for a glut caused by the coronavirus lockdown.
Beyond Meat (BYND) is teaming up with Starbucks (SBUX) to bring its famous plant-based beef to China for the first time. From Wednesday, Starbucks will offer a new menu to Chinese customers featuring BYND’s ‘beef’ in pastas and lasagna, as well as non-dairy milk and fake pork products.To help boost the appeal of alternative meat products in China, Beyond Meat will create a dedicated Chinese website, and ramp up its presence on social media sites Weibo and WeChat.On April 20, Yum China’s KFC also announced that it will begin its first Chinese trial of a plant-based version of its popular …read more […]
Huawei Technologies’ revenue growth slowed sharply in the first quarter but the world’s top telecoms equipment supplier labeled the performance as “resilient” in light of pressure from the United States and the impact of the COVID-19 pandemic.
A California regulator has asked PG&E Corp for governance and oversight changes in its reorganization plan, while also proposing penalties of about $2 billion on the San-Francisco based utility for its role in causing the devastating 2017 and 2018 wildfires in California.
The proposal from the regulator “will require PG&E to modify its governance structure, submit to an enhanced oversight and enforcement process if it fails to improve safety, and create local operating regions”, the California Public Utilities Commission (CPUC) said late on Monday. Separately, CPUC Commissioner Clifford Rechtschaffen proposed imposing $1.94 billion in penalties on PG&E for the utility’s role in the 2017 and 2018 wildfires. …read more […]
Daimler and Volvo Trucks have agreed to join forces to develop, produce and sell fuel cell systems for heavy-duty vehicles, in a sign that the coronavirus crisis is accelerating consolidation.
Virgin Australia Holdings Ltd on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia’s second-biggest airline the Asia-Pacific region’s biggest victim of the coronavirus crisis gripping the industry.
(Bloomberg) — Sasol Ltd.’s shares, down more than 80% in 2020, are trading as if the market expects years of bad news around oil and that the South African fuel and chemicals giant will struggle to escape its balance sheet constraints.Old Mutual Investment Group doesn’t share that pessimism, said Meryl Pick, a money manager who helps oversee the firm’s 10 billion rand ($533 million) Investors Fund.“Our view is that the market is pricing Sasol as if the prevailing oil prices are going to continue for the next three to five years, and are pricing in that the balance sheet constraints …read more […]
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
