Britain’s biggest retailer Tesco estimated a hit of up to 925 million pounds ($1.1 billion) from the costs of dealing with the coronavirus pandemic and warned it couldn’t give profit guidance for the current financial year.
Temperature checkpoints and posters telling workers to keep more than a metre apart at Japanese automaker Honda Motor Co’s reopened plant in the Chinese city of Wuhan show how the coronavirus has created a new normal on the factory floor.
German carmaker BMW will start producing face masks to help protect its own staff and the public against the spread of the new coronavirus, Chief Executive Oliver Zipse said on Wednesday.
The dollar firmed on Wednesday as optimism that the coronavirus crisis was slowing waned, increasing investor concerns over the economic impact of the pandemic.
Britain’s BAE Systems is looking to raise $1.3 billion in debt to fund its pension deficit and repay related loans, the company said on Wednesday, as it prepares to deal with the fallout of the coronavirus outbreak.
(Bloomberg) — China’s second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country’s fastest-growing companies.TAL Education Group, a tutoring business whose success turned founder Zhang Bangxin into one of China’s richest people, delivered the latest bombshell on Tuesday after saying a routine internal audit found an employee had inflated sales by forging contracts. The company’s American depositary receipts sank as much as 18% in late U.S. trading.The sell-off follows the 83% slump in Nasdaq-listed Luckin Coffee Inc. since the company announced that its chief operating officer and some underlings may …read more […]
(Bloomberg) — Donald Trump is trying to do something no U.S. president has dared to do in decades: Drive up the price of oil.For more than three decades, U.S. presidents proclaimed cheap fuel as an almost God-given right for American motorists and homeowners, shaping the country’s foreign policy in pursuit of lower prices. As president, Trump didn’t just back cheap crude, he was its biggest supporter, frequently attacking OPEC and celebrating the shale boom’s deliverance of “energy dominance.”Now, the Russia-Saudi price war and a killer pandemic have caused prices to plunge, putting Trump in the awkward position of begging those …read more […]
A figure of 6 billion euros ($6.5 billion) in loans to help Air France KLM amid the coronavirus crisis is “not unrealistic”, French junior transport minister Jean-Baptiste Djebbari said on Wednesday.
French carmaker and Peugeot owner PSA announced on Wednesday the creation of a solidarity fund to help staff affected by the closures of plants due to the COVID-19 outbreak, and new steps to protect the health of its workers.
Photo-sharing site Pinterest (PINS) has released first quarter revenue guidance of $269- $272 million, bracketing the Street’s estimated $270 million, causing shares to jump in after-hours trading on April 7.For the quarter ended March 31, 2020, the company is now looking for global monthly active users in the range of 365-367 million- implying a record-high 30 million+ Net Additions and dramatically exceeding Street estimates of 353 million.PINS also withdrew financial guidance for the full year 2020 citing the growing uncertainty of the impact of COVID-19 on the economic environment, and the resulting effect on advertiser demand.“First-quarter revenue performance was consistent …read more […]
Britain’s BAE Systems is seeking to raise $1.3 billion in bonds to fund its employee benefit plans and repay debt, the company said on Wednesday, as it braced any blow from the coronavirus outbreak.
Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Britain’s biggest retailer Tesco expects to take a hit of up to 925 million pounds ($1.1 billion) from the costs of dealing with the coronavirus pandemic and warned it was unable to give a profit forecast for this financial year.
After the close on Tuesday, GenMark (GNMK) preannounced above-consensus 1Q20 revenue given tailwinds from COVID-19 testing. The molecular diagnostics company is now expecting first quarter revenue of about $38.7 million, up about 80% year-over-year.It also raised its 2020 revenue guidance to $112- $122 million, up from the previously estimated $100- $110 million.“Our sample-to-answer test enables healthcare providers to determine if a patient has COVID-19 in under two hours and is a critical diagnostic solution for hospitals. I’m extremely proud of our team’s hard work throughout this crisis as we continue to work at maximum capacity to provide our ePlex SARS-CoV-2 …read more […]
Britain’s biggest retailer Tesco said on Wednesday it would not be prudent to give financial guidance for the 2020-21 year due to uncertainty caused by the coronavirus emergency.
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