Southwest Airlines Co said on Thursday it expects a hit of $200 million to $300 million to its first-quarter operating revenue from a fall in customer demand and an increase in trip cancellations due to the coronavirus outbreak.
Oil rose on Thursday after major producers agreed on deeper output cuts to bolster prices as worries intensify over the fast-spreading coronavirus outbreak and its impact on the global economy and crude consumption.
Britain “stands ready” to support regional airports after the collapse of airline Flybe on Thursday, Kelly Tolhurst, a junior minister with responsibility for aviation, told parliament.
(Bloomberg) — IRB Brasil Resseguros SA, the re-insurer taking flak from Berkshire Hathaway Inc. after allegedly making false claims Warren Buffett’s holding company owned a stake, said both its top executives resigned.The exit of Chief Executive Officer Jose Carlos Cardoso and Chief Financial Officer Fernando Passos marks the latest twist in a month-long drama that captivated Latin American investment circles and wiped out $5.3 billion in IRB market value.Short seller Squadra Investments triggered the first leg of a 58% stock plunge on Feb. 2 when it released a 150-page report disclosing a bearish position and questioning IRB’s profit figures. IRB …read more […]
(Bloomberg) — Global markets in turmoil. Central banks rushing to arrest panic. But in China, the country most affected by the virus outbreak, it’s boom time for traders.A gauge of stocks in Shanghai and Shenzhen has jumped 14% in just over a month to close at a two-year high on Thursday. One exchange-traded fund focused on 5G amassed $2 billion in days as investors clamored to chase a rally in tech shares. Seeking to maximize returns, punters have driven stock leverage and daily turnover past 1 trillion yuan ($142 billion), both near four-year highs. Government bonds have surged too, with …read more […]
(Bloomberg) — Seven & i Holdings Co. has scrapped plans to acquire Marathon Petroleum Corp.’s Speedway gas stations for $22 billion, according to people familiar with the matter, ending a deal that would have been among the world’s biggest this year.The outbreak of the novel coronavirus was one of the factors that impacted negotiations in the exclusive phase, said one of the people, who asked not to be identified as the information is private. Seven & i decided not to proceed with the transaction on concerns over valuations, the person said.On Feb. 20, shares of Seven & i slumped in …read more […]
Top news and what to watch in the markets on Thursday, March 5, 2020. …read more […]
Oil fell on Thursday as worries intensified over the fast-spreading coronavirus outbreak and OPEC ministers met in Vienna to seek Russian backing for deeper output cuts to bolster prices.
ProSiebenSat.1 Media has staked a $500 million bet on romance by buying dating U.S. app developer Meet Group Inc , but the deal proved to be a turn-off for investors who sent the German broadcaster’s shares down 10% to a decade low.
OPEC ministers are expected to approve on Thursday the outlines of a deal for a significant cut in oil production to shore up prices hammered by the coronavirus outbreak but they are still waiting for Russia to indicate whether it will back such a move.
European shares fell again on Thursday, taking their cue from U.S. equity futures, which implied a lower open for Wall Street as cases of the coronavirus surged in the U.S.
ProSiebenSat.1 Media has staked a $500 million bet on romance by buying dating U.S. app developer Meet Group Inc , but the deal proved to be a turn-off for investors who sent the German broadcaster’s shares down 10% to a decade low.
China’s top gas importer PetroChina has declared force majeure on natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, following the coronavirus outbreak, four industry sources told Reuters.
China’s top gas importer PetroChina has declared force majeure on natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, following the coronavirus outbreak, four industry sources told Reuters. The company issued the force majeure notice to suppliers of piped gas and also to at least one LNG supplier, though details of the force majeure notice could not immediately be confirmed. PetroChina did not immediately respond to requests for comment. …read more […]
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