Luxury carmaker Ferrari said on Thursday it would restart operations at its Maranello and Modena plants on May 4, when Italy is set start lifting lockdown measures imposed in early March to contain the spread of coronavirus.
Pilots at Lufthansa are ready to sacrifice up to 45% of their salaries for more than two years to help cut costs, their union Cockpit said on Thursday, as the airline struggles with the impact of the coronavirus pandemic.
(Bloomberg) — Freddie Mac’s first-quarter net income plunged 88% to $173 million due to higher expected credit losses on loans amid the coronavirus pandemic.The mortgage giant booked $1.1 billion of credit-related expenses in the quarter ended March 31, according to a statement released Thursday. Freddie said the earnings decline was also driven by losses on single-family home loans, which took a major hit from the virus.The results are a stark turnaround from the first quarter of 2019, when McLean, Virgina based-Freddie reported net income of $1.41 billion.Other highlights in the company’s first-quarter results:Freddie, which took a $1.2 billion provision for …read more […]
American Airlines on Thursday posted a $2.2 billion net loss, its first quarterly loss since emerging from bankruptcy in 2013, and warned of a roughly $70 million per day cash burn in the second quarter as the coronavirus pandemic halts travel.
Oil prices jumped on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and indications of a rise in fuel demand that has been crushed by the coronavirus.
Wall Street brokerages gave a resounding thumbs-up to Tesla Inc’s first-quarter numbers on Thursday, lauding the electric carmaker’s improved gross margins and sending its shares 8% higher in trading before the opening bell.
The U.S. Labor Department released weekly jobless claims figures Thursday morning that reflected the ongoing damage being done to the U.S. labor market as a result of the COVID-19 pandemic. …read more […]
Thyssenkrupp has secured about 1 billion euros ($1.1 billion) of state aid to tide it over until it receives the money from the sale of its elevator division, two sources said on Thursday, the latest German company to tap government funding.
Breakfast cereal maker Kellogg Co on Thursday reported a 23% rise in quarterly profit as consumers in North America and Europe stocked up on its packaged foods amid coronavirus-driven lockdowns.
A group of leading German travel start-ups appealed to U.S. tech giant Google on Thursday to offer them easier terms on paying for advertising to help them ride out the coronavirus pandemic that has devastated their business.
Airlines, one of the hardest hit sectors by the pandemic, can expect little from the upcoming summer season, usually a popular travel time, as people remain wary of traveling due to fears of catching coronavirus. The U.S. airline swung to a net loss of $2.24 billion, or $5.26 per share, for the first quarter ended March 31, compared with a profit of $185 million, or 41 cents per share, a year earlier. Excluding items, American Airlines posted a loss of $2.65 per share, below analyst’s estimates of a loss of $2.33, according to IBES data from Refinitiv. …read more […]
U.S. oil and gas company ConocoPhillips reported a 58% plunge in adjusted quarterly profit on Thursday, weighed down by lower output and an unprecedented plunge in crude prices.
Crude prices have collapsed in the past six weeks as the coronavirus outbreak hit demand and a price war broke out between Russia and Saudi Arabia, prompting companies to slash spending and curb output. Production excluding Libya for the first quarter was 1.28 million barrels of oil equivalent (BOE) per day, a decrease of 40,000 barrels of oil equivalent per day from the same period a year ago. ConocoPhillips said the total realized price per barrel was $38.81 in the quarter compared with $50.59 a year ago. …read more […]
Comcast Corp on Thursday reported its best quarter of broadband net additions in 12 years, but revenue fell shy of Wall Street’s estimate as the coronavirus pandemic hurt advertising.
In the first quarter, Comcast gained 477,000 broadband subscribers, beating analysts’ average estimate of 364,000 net additions, according to research firm FactSet. Comcast experienced a spike in broadband use and a shift in usage patterns as schools and offices closed because of the coronavirus outbreak. Video losses in the first quarter were steeper than expected as the trend toward “cord-cutting” continues. …read more […]
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