Business News
PepsiCo scraps forecast due to coronavirus crisis
PepsiCo Inc reported a rise in first-quarter revenue, but ditched its full-year forecast on Tuesday, citing uncertainty around the globe due to the novel coronavirus pandemic.
Year: 2020
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Southwest posts first quarterly loss in nine years and warns of more coronavirus clouds
The COVID-19 crisis has decimated travel demand, with an unprecedented number of flight cancellations in the second half of March. Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Total operating revenue declined 17.8% to $4.2 billion. …read more […]
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Business News
March global sales slump spells trouble ahead for Japan’s carmakers
Global vehicle sales by Japanese automakers dropped by 34% in March when the coronavirus outbreak spread worldwide, and are set to fall further in the months ahead as the crisis continues.
Business News
Exclusive: Aurubis to win EU approval for Metallo takeover – sources
Europe’s biggest copper smelter Aurubis is set to win EU antitrust approval for its planned 380-million-euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo, people familiar with the matter said on Tuesday.
Business News
Wealth revamp helps UBS to 40% net profit rise in first quarter
The world’s largest wealth manager, UBS , reported a 40% rise in quarterly profit on Tuesday, with its core business enjoying its best three months since 2008, thanks to a restructure and rich clients reshuffling portfolios to respond to the coronavirus outbreak.
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Stocks Advance With U.S. Futures; Oil Trims Drop: Markets Wrap
(Bloomberg) — European and Asian stocks climbed alongside U.S. equity futures on Tuesday as governments contemplated reopening their economies and the earnings season gathered pace. Crude oil pared an earlier slump.Banking and insurance shares led gainers on the Stoxx Europe 600 Index as all major national gauges advanced. S&P 500 contracts fluctuated before turning upward, after the underlying index closed at its highest since March 10 a day earlier. West Texas oil futures in New York had slumped below $11 a barrel, but recovered most of their slide. Treasuries were steady.On the earnings front, companies including PepsiCo Inc., Caterpillar Inc., …read more […]
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Norwegian Air slightly amends terms of conversion plan after talks with bondholders
Norwegian Air , the budget carrier that is fighting for its survival, has made some amendments to the terms of its debt-to-equity conversion plan in response to demands from bondholders, it said on Tuesday.
Business News
Another day, another 20% plunge in WTI oil
Another big fall in oil prices dragged hordes of petrocurrencies under on Tuesday but even an HSBC warning of mounting bad credit and a near 80% plunge in BP’s profits could not keep stock markets down for long.
Business News
Lufthansa CEO warns of too much government influence: Die Zeit
Lufthansa would be hard to steer if governments had too much influence on the company, its CEO was quoted as saying by German weekly Die Zeit on Tuesday, as the airline is struggling with the impact of the coronavirus pandemic.
Business News
Oil prices fall on brimming storage, bleak recovery prospects
Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.
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Tesla's Musk nears $750 million options payday ahead of results
Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers. Shares of Tesla surged 10% on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic. Monday’s rally put Tesla’s market capitalization at $145 billion. …read more […]
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HSBC Warns Credit Losses May Swell to $11 Billion This Year
(Bloomberg) — HSBC Holdings Plc cautioned that bad loan charges may reach as much as $11 billion this year, the highest since the last financial crisis, as the coronavirus pandemic halts economic activity around the world.Adjusted profit slumped 51% and expected credit losses surged to $3 billion in the first three months of the year, driven in part by a Singaporean client exposure, according to HSBC’s earnings statement Tuesday. The Asia-focused bank also pushed back parts of its restructuring program until at least the end of the year.Newly appointed Chief Executive Officer Noel Quinn’s plan to boost profitability is being …read more […]
Business News
Japan automakers post 34% plunge in March global sales
Japanese automakers saw a 34% fall in global vehicle sales in March when the coronavirus outbreak began to spread globally, and face a further tumble in the coming months.