Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.
Top news and what to watch in the markets on Wednesday, May 20, 2020. …read more […]
Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.
A 2019 move by the Dutch government to buy a 14% stake in Air France-KLM was not in accordance with the country’s laws, the Netherlands’ Court of Audit ruled on Wednesday.
Lessors including China’s BOC Aviation are now the biggest shareholders in Norwegian Air after the budget carrier completed a debt restructuring and secured a long-sought credit guarantee from Norway’s government.
Germany gave itself new powers to veto hostile foreign takeover bids for healthcare companies on Wednesday, a measure designed to ensure a continuous supply of essential products during the coronavirus crisis.
European stocks slipped lower on Wednesday and gold gained as a sceptical press report undermined some hopes for a COVID-19 vaccine and concern about obstacles to a recovery from the pandemic returned.
Washington on Tuesday imposed sanctions on a China-based company it accused of acting on behalf of U.S.-blacklisted Mahan Air, the Treasury Department said, and denounced the Iranian airline’s flights to Venezuela.
(Bloomberg Opinion) — Nasdaq is tightening rules on initial public offerings in an effort that looks to be targeted primarily at Chinese companies. To appreciate just how tepid its proposals are, consider this: They wouldn’t have screened out Luckin Coffee Inc., the most notorious accounting scandal involving a U.S.-listed Chinese issuer in years. On this evidence, IPO hopefuls have little to worry about — as long as they’re not too small.Companies will need to raise at least $25 million, or sell stock equal to a minimum 25% of their post-listing market capitalization, according to a Bloomberg News report that cited …read more […]
Budget airline Norwegian Air has secured a long-sought credit guarantee from Norway’s government after completing a debt restructuring, it said on Wednesday, allowing it to survive in a slimmed-down version.
High-tech stalwart Cisco Systems (CSCO) was one of the first major companies to report results for the fiscal quarter that ended in April. The results posted Wednesday afternoon are more reflective of the impact of Covid-19 than those in other recent earnings calls which only reflected results through March. And the results were grim: Cisco’s revenue for its fiscal third quarter fell 8% year-over-year to about $12 billion, its worst decline in six years. And yet, its per-share adjusted earnings of 79 cents on revenue of $11.98B easily beat analysts’ bleak target of 71 cents. The service and security segments …read more […]
Britain’s Rolls-Royce said it would cut at least 9,000 jobs from its global staff of 52,000 to adapt to the much smaller aviation market that will emerge from the coronavirus pandemic.
Britain will look at how it can help the employees of Rolls-Royce after the engine maker said it would cut at least 9,000 jobs from its global staff of 52,000 and what options the government has to support the sector, the justice minister said.
Rolls Royce could close some of its factories as part of a programme to cut 9,000 jobs in response to the crisis in the global aviation industry, its chief executive said on Wednesday.
Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains.
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