Business & Finance News
Asian shares recovered early losses and crept into positive territory on Wednesday, but stock futures pointed to a lower European open as worries about a slow economic recovery from the coronavirus weighed on global sentiment.
Shipping giant A.P. Moller-Maersk on Wednesday warned of a sharp drop in global container volumes due to the coronavirus pandemic after posting flat first-quarter revenues in line with expectations.
European travel company TUI on Wednesday said it needs to reduce its fixed cost base by 30% and cut thousands of jobs as it looks to stay aloft in a market weakened by the coronavirus pandemic.
Travel group TUI , which is struggling with the impact of the coronavirus pandemic, is burning cash at a rate of 250 million euros ($271 million) a month, its CEO said on Wednesday.
CMA CGM has arranged a 1.05 billion euro ($1.1 billion) syndicated loan to be 70% guaranteed by the French government, the shipping and logistics company announced on Wednesday.
Japan’s Sony Corp on Wednesday reported a 57% drop in fourth-quarter operating profit and refrained from providing an outlook for the current year due to uncertainty related to the coronavirus outbreak.
Aston Martin posted a first-quarter pretax loss of 119 million pound ($146 million) after sales dropped by nearly a third due to the impact of the coronavirus outbreak and the destocking of dealers, the carmaker said on Wednesday.
Las Vegas Sands said it has ended plans to open an integrated resort (IR) casino in Japan, dealing another blow to Japan’s attempts to energise its economy through tourism.
European travel company TUI said that it needed to cut its fixed cost base by 30% and thousands of jobs would be lost as it looks to right-size its business to survive in a market weakened by the coronavirus pandemic.
More than a hundred shoppers waited in line to enter a store of French luxury brand Chanel in Seoul on Wednesday, shrugging off concern about a second wave of novel coronavirus infections to beat imminent price hikes.
Nissan Motor Co plans to cut $2.8 billion in annual fixed costs as part of its restructuring plan, Bloomberg News reported on Wednesday, as it braces for a drop in sales that could complicate its recovery from years of poor profitability.
President Andres Manuel Lopez Obrador will lay out a roadmap on Wednesday for Mexico to re-open its economy, with a focus on the automotive sector whose supply chains are closely interwoven with U.S. carmakers.
Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest countries in response to the coronavirus pandemic, and to boost funding to avert a global economic meltdown.
Intel Capital, the venture arm of chipmaker Intel Corp , has invested in two Chinese startups in the semiconductor sector, the company announced on Wednesday, as part of its latest batch of deals.
Mitsubishi Heavy Industries said it was halving the annual development budget for Japan’s first regional jet in half a century, the M90 SpaceJet, as the coronavirus pandemic squeezes profits.
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