Novartis saw first-quarter sales climb as hospitals and patients stocked up on drugs to avoid being left short during the coronavirus crisis, lifting profits for the Swiss drugmaker.
German airline Lufthansa has no intention of selling its Belgian unit Brussels Airlines, the head of Lufthansa Carsten Spohr assured Belgian Prime Minister Sophie Wilmès in a letter seen by the Belgian VRT public broadcaster.
BP shares were down 2% at 0750 GMT, as analysts questioned whether sticking with the dividend and hiking debt was a prudent strategy. “I can see many reasons why this recovery will take longer and therefore I think we’re in this for quite some time,” Chief Executive Bernard Looney, who took over in February, told Reuters. …read more […]
Amazon.com Inc may have violated safety measures and labor practices amid the coronavirus pandemic as it fired a warehouse protest leader last month, New York Attorney General Letitia James’s office wrote in a letter to the company last week.
Lufthansa has not yet agreed on a 9 billion euro ($9.73 billion) rescue package, company and government sources said on Tuesday, following a report overnight that said an agreement was complete.
(Bloomberg) — Just before the coronavirus-induced U.S. lockdowns began in March, some of the world’s investing elite gathered at an invite-only event in Silicon Valley.Representatives for super-rich families and endowments crowded into Vina Enoteca, an Italian restaurant right by the Stanford University campus. They were there to hear from Lei Zhang, the charismatic founder of Hillhouse Capital Management Ltd. and from some of his top investments, including Zoom Video Communications Inc.’s Eric Yuan.In a packed room — before social distancing became the norm — Zhang and Yuan discussed how technology can change work-life balance. Neither could have predicted how much …read more […]
BP’s first-quarter profit tumbled by two thirds and its debt climbed to its highest in at least five years as the coronavirus crisis hammered oil demand, but the energy major kept its dividend despite warning of exceptional uncertainty.
(Bloomberg) — Germany is preparing to take a stake in Deutsche Lufthansa AG as part of a rescue package to help the carrier weather the coronavirus pandemic, according to people familiar with the matter.A decision is expected in the coming days for an overall aid package that could amount to more than double the company’s market capitalization of 4 billion euros ($4.3 billion), said one of the people, who asked not to be named because the talks are private. One option being discussed could include giving the government seats on the board and the power to block strategic decisions, a …read more […]
BP seeks to sharply reduce its spending and costs to be able to generate profit at oil prices below $35 a barrel by next year compared with $56 a barrel last year, CEO Bernard Looney said.
Most Asian shares made gains while U.S. stock futures fell on Tuesday amid choppy trade as a renewed decline in oil prices partially offset optimism about the easing of coronavirus-related restrictions.
The oil giant’s income falls as global demand slumps due to the pandemic. …read more […]
Scandinavian airline SAS said on Tuesday it could reduce its workforce by up to 5,000 full-time positions due to plunging demand and travel restrictions during the coronavirus outbreak.
French car hire company Europcar said on Tuesday it was still in talks with the government over obtaining further financing aid.
(Bloomberg) — BP Plc bolstered its financial reserves as the initial stages of the coronavirus pandemic caused its profit to plunge and increased its debt.While earnings were hit hard in the first three months of the year, the worst of the virus-driven crisis is yet to come. The company expects the pandemic to reduce its production and have a material impact on refining in the second quarter.A measure of its indebtedness rose to the highest in more than eight years, underscoring the financial strain resulting from the oil-market collapse. To boost its financial reserves, BP has taken on a new …read more […]
(Bloomberg) — Wirecard AG said an independent audit by KPMG uncovered no need to restate earnings, but added that all the data needed to confirm past revenues could not be obtained. SWirecard hired the accounting firm in October, which has been looking into the payment processor’s third-party partner business, as well as business activities in India and Singapore.In a statement Tuesday, Wirecard said the required data needed to conclusively approve revenues from 2016-2018 is “primarily in the control of third parties.” The company also added that its 2019 accounts will not be released on April 30, due to the Covid-19 …read more […]
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