Business & Finance News
A slew of Britain’s mid-sized banks on Wednesday reported steady deposits and demand in the face of the COVID-19 pandemic, but warned it was too early to assess the long-term damage of the outbreak to their businesses.
Turkish Airlines plans a gradual resumption of flights from June and will take four months to return to near full operation, a draft plan seen by Reuters showed, as the economy reopens following a slowdown in coronavirus cases.
BMW AG expects the coronavirus pandemic to hit demand and earnings throughout this year, prompting the German automaker to cut its profitability forecast for passenger cars following a drop in first-quarter deliveries.
German container line Hapag-Lloyd is to implement cost cuts to take account of the coronavirus crisis, its chief executive Rolf Habben Jansen said on Wednesday.
The chief executive of German insurance giant Allianz said on Wednesday that 2020 will not be another record earnings year but that the company aims to maintain its dividend as it deals with the wrath of the coronavirus outbreak.
Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a pall over markets.
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday made a rare apology over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
A Royal Dutch Shell advertising campaign promising customers they can “drive carbon neutral” has been deemed acceptable under Britain’s advertising rules following an investigation, regulators said on Wednesday.
Volkswagen said demand in China was rebounding, thanks to customers who want to switch from public transport to personal vehicles, but warned sales would not recover as quickly in other parts of the world.
BMW will put investments on hold as it seeks to conserve cash to counter a fall in demand caused by the spread of the coronavirus pandemic, Chief Financial Officer Nicolas Peter said on Wednesday.
BMW AG on Wednesday said the impact of the coronavirus will likely hurt demand and profit throughout the year, forcing the German automaker to lower its profit outlook for passenger cars following a slowdown in first-quarter deliveries.
The founder of activist investment company Amber Capital, which lost out this week in a bid to shake up the governance at French group Lagardere , said on Wednesday he had no plans to exit his stake in Lagardere and added that he could even raise it.
Asian shares extended gains on Wednesday, as investors saw China’s yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Yum China is betting that Chinese consumers will still choose to dine-in in the aftermath of the coronavirus crisis and plans to open more Pizza Hut and KFC outlets in China’s smaller cities in the coming months, its chief executive said.
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