Business & Finance News
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Boeing Co said on Wednesday it would cut its workforce by about 10% and further reduce 787 Dreamliner production after reporting a loss for the second straight quarter as the coronavirus pandemic hits global travel demand.
AirAsia Group , one of Europe’s top five corporate export customers, will stop taking deliveries of Airbus jets this year and review its remaining orders as the coronavirus crisis heaps pressure on the Malaysian carrier.
U.S. stock index futures jumped on Wednesday after Gilead Sciences said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history.
Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans.
When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing.
U.S. stock index futures rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy.
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic.
German carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday.
Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package as it aims to shore up its balance sheet amid a sharp travel downturn due to the coronavirus pandemic, three people familiar with the matter said on Tuesday.
Austrian Chancellor Sebastian Kurz and Lufthansa boss Carsten Spohr will meet in Vienna on Wednesday to discuss urgently needed state aid for the German carrier’s Austrian business, a spokesman for Kurz said.
Belgium’s Brussels Airlines, a Lufthansa (LHAG.DE) subsidiary, has extended its suspension of flights until June 1, it said on Wednesday.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
