Business & Finance News
Though states have begun to reopen their economies, it is not clear consumers are ready to venture back to the marketplace, Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday, citing conversations with business officials in his region and his staff’s study of cellphone tracking data.
Tesla Inc Chief Executive Elon Musk said in a podcast interview released on Thursday that the company’s planned Roadster sports car would take a backseat to the development of other vehicle models.
Wall Street’s indexes jumped on Thursday, with the Nasdaq turning positive for the year, following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.
A jump for PayPal on Thursday put the Nasdaq on course to turn positive on the year, with Wall Street also boosted by hopes of a faster economic recovery following a surprise rise in Chinese exports.
Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.
When American companies recently applied for U.S. government loans meant to help small businesses survive the coronavirus crisis, they had to certify they needed the cash to cover basic needs like salaries and rent. The money, up to $10 million, was meant to tide them over for eight weeks.
U.S. stocks jumped on Thursday as an upbeat outlook from PayPal and a surprise rise in Chinese exports raised hopes of a faster economic recovery from what is expected to be a deep coronavirus-led recession.
Airbus deliveries tumbled 80% to just 14 aircraft in April, compared with a year earlier, as operations were hit by the coronavirus crisis, company data showed on Thursday.
While Detroit automakers’ unionized auto factories have been idled by the coronavirus pandemic, farm and construction equipment makers Deere and Caterpillar have won the support of the United Auto Workers and other unions to run their facilities during the pandemic.
Virgin Atlantic’s planned 3,150 job cuts will show the airline is taking “self-help” measures and help it to win financial support from either the British government or a private sector investor, an internal memo to pilots seen by Reuters said.
Michigan Governor Gretchen Whitmer on Thursday is expected to announce that the state’s factories can reopen soon, removing one of the last major obstacles to North American automakers bringing thousands of laid-off employees back to work amid the coronavirus pandemic, two people familiar with the plans said.
Lufthansa is negotiating a 9 billion euro ($9.71 billion) bailout with Germany’s economic stabilisation fund to ensure its future, the airline said on Thursday, confirming an earlier Reuters report.
Panama’s Copa Airlines said on Thursday that it is planning to retire early its fleet of 14 older Boeing 737-700 NG planes, the latest carrier to do away with planes due to the coronavirus crisis.
Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.
Liberty Global and Telefonica have agreed to merge their British businesses in a $38 billion deal that will create a powerhouse in mobile and broadband to take on market leader BT .
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
