Budget airline Norwegian Air has secured a long-sought credit guarantee from Norway’s government after completing a debt restructuring, it said on Wednesday, allowing it to survive in a slimmed-down version.
High-tech stalwart Cisco Systems (CSCO) was one of the first major companies to report results for the fiscal quarter that ended in April. The results posted Wednesday afternoon are more reflective of the impact of Covid-19 than those in other recent earnings calls which only reflected results through March. And the results were grim: Cisco’s revenue for its fiscal third quarter fell 8% year-over-year to about $12 billion, its worst decline in six years. And yet, its per-share adjusted earnings of 79 cents on revenue of $11.98B easily beat analysts’ bleak target of 71 cents. The service and security segments …read more […]
Britain’s Rolls-Royce said it would cut at least 9,000 jobs from its global staff of 52,000 to adapt to the much smaller aviation market that will emerge from the coronavirus pandemic.
Britain will look at how it can help the employees of Rolls-Royce after the engine maker said it would cut at least 9,000 jobs from its global staff of 52,000 and what options the government has to support the sector, the justice minister said.
Rolls Royce could close some of its factories as part of a programme to cut 9,000 jobs in response to the crisis in the global aviation industry, its chief executive said on Wednesday.
Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains.
British engine-maker Rolls-Royce said that it would need to lay-off at least 9,000 of its 52,000 staff to make annual cost savings of 1.3 billion pounds ($1.59 billion) as it seeks to cope with the downturn in air travel caused by the pandemic.
Johnson & Johnson (JNJ) has decided to permanently discontinue talc-based Johnson’s Baby Powder in both the US and Canada, citing declining demand and misinformation.“Demand for talc-based Johnson’s Baby Powder in North America has been declining due in large part to changes in consumer habits and fueled by misinformation around the safety of the product and a constant barrage of litigation advertising” JNJ said.However, Johnson & Johnson remains confident in the safety of talc-based Johnson’s Baby Powder. “Decades of scientific studies by medical experts around the world support the safety of our product” argued the healthcare giant, adding that it will …read more […]
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer.
Asian stocks struggled to extend the week’s rally on Wednesday, and gold and bonds firmed, as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about the global recovery from the pandemic returned.
Expectations for second- and third-quarter corporate profits are deteriorating further in Europe, despite a gradual easing across the continent of lockdowns aimed at curbing the coronavirus pandemic, Refinitiv data showed on Wednesday.
Australia has made the deepest dividend cuts globally this year, with more than $6 billion deferred or cancelled as companies conserve cash to ride out the coronavirus, turning foreign investors wary of the country’s normally high-yielding firms.
Johnson & Johnson on Tuesday announced it would stop selling its talc Baby Powder in the United States and Canada, saying demand had dropped in the wake of what it called “misinformation” about the product’s safety amid a barrage of legal challenges. J&J faces more than 19,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. Many are pending before a U.S. district judge in New Jersey.
(Bloomberg) — Luckin Coffee Inc.’s battered stock faces a renewed wave of selling on Wednesday, after Nasdaq Inc. said it planned to delist the onetime market darling that shocked investors with revelations of accounting fraud last month.The Chinese coffee chain’s shares, which have been suspended since tumbling more than 80% in early April, will resume trading at 7 a.m. in New York. Luckin announced Nasdaq’s intention to delist the company in a statement on Tuesday, saying shares will remain on the exchange pending the outcome of an appeal hearing.The prospect of delisting is likely to trigger a rush for the …read more […]
What would seem like a sure win for elite investors – early bets on companies racing to make face masks, hand sanitizer and other coronavirus-related protective products – turned out to be a relatively unpopular strategy and one with surprisingly mixed results.
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