Virgin Australia Holdings is preparing to enter voluntary administration, the Sydney Morning Herald reported on Monday, citing unnamed sources, with the cash-strapped carrier unable to weather the coronavirus crisis because of its debt.
Shake Shack Inc will return the small business loan it received from the U.S. government, the burger chain’s chief executive said on Monday, making it the first major firm to hand back money aimed at helping small businesses ride out the coronavirus impact.
(Bloomberg) — The recent rally in U.S. stocks makes it unlikely they will retest the mid-March lows, according to Fundstrat Global Advisors LLC, which recommends investors buy consumer-discretionary shares.The S&P 500 clawing back half of its losses from the mid-February record has strong historical precedent to indicate the bottom is in, Fundstrat co-founder Tom Lee wrote in a note Friday. Of the 10 declines of 30% or greater since 1929, only four retested the “final low,” he said — and a 50% retracement of the gauge “largely eliminates” such risk. The gauge closed Friday at 2,875, up 28% from its …read more […]
Apr.20 — Charles Dumas, chief economist at TS Lombard, comments on the impact of the coronavirus pandemic on the euro-zone economy and government efforts to offset the fallout. He speaks on “Bloomberg Markets: European Open.” …read more […]
Aston Martin’s immediate priorities will be restarting manufacturing and launching production of its crucial first sport utility vehicle, its new boss, Canadian businessman and Formula 1 team owner Lawrence Stroll, said on Monday.
Virgin Australia Holdings is preparing to enter voluntary administration, the Sydney Morning Herald reported on Monday, citing unnamed sources, with the cash-strapped carrier unable to weather the coronavirus crisis because of its debt. The newspaper said the airline’s board of directors was meeting on Monday and an announcement of it going into administration was “imminent”. Virgin Australia declined to comment on the report. …read more […]
(Bloomberg) — While consumers around the globe were hoarding toilet paper last month ahead of a wave of government-imposed lockdowns, Russians were stockpiling cash.About 1 trillion rubles ($13.6 billion) has been issued from cash machines and bank branches since the beginning of March, more than during the whole of last year, central bank data show.“People were afraid that banks will be unavailable during the quarantine,” said Denis Poryvay, an analyst at Raiffeisenbank in Moscow. “They withdrew money for the same reason as people hoarded food.”Daily spikes in withdrawals coincide with President Vladimir Putin’s regular televised briefings outlining measures being taken …read more […]
Crude oil futures fell on Monday, with U.S. futures dropping more than 10% to levels unseen since 1999 amid concerns that U.S. storage facilities will soon be brimful with demand evaporating due to the coronavirus pandemic.
Apr.20 — There were some positive signs in the U.S. coronavirus fight over the weekend. The country’s hotspot of New York appeared to be “on the other side of the outbreak.” That’s according to Governor Andrew Cuomo after the state reported a fall in hospitalizations. Meanwhile Donald Trump kept the pressure on China for its role in the outbreak. Bloomberg’s Annmarie Hordern reports on “Bloomberg Daybreak: Europe.” …read more […]
Caution gripped Asian share markets on Monday amid expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdowns, while a glut of supply sent U.S. crude spiraling to 20-year lows.
Apr.20 — Beijing is hitting back at U.S. criticism for its handling of the coronavirus. Bloomberg’s Tom Mackenzie reports on “Bloomberg Daybreak: Middle East.” …read more […]
China Development Bank (CDB) Financial Leasing Co announced on Monday it had agreed with Boeing Co (BA) to cancel the purchase of 29 undelivered 737 MAX jets in the latest blow to the aerospace company.The move comes after the grounding of 737 MAX aircraft by aviation authorities worldwide and the suspension of 737 MAX aircraft deliveries by Boeing. Following the cancellation CDB Financial Leasing still has a total order of 70 undelivered Boeing 737 MAX jets under various purchase agreements. In addition, the two parties agreed that all Boeing 737 MAX 10 aircraft will be converted to Boeing 737 MAX …read more […]
Oakley and Ray-Ban maker EssilorLuxottica said on Monday it would scrap its dividend and might also consider cost cuts as the coronavirus pandemic chokes its business.
Caution gripped Asian share markets on Monday amid expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown, while a glut of supply sent U.S. crude spiraling to 20-year lows.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
