Business & Finance News
Volkswagen on Wednesday said it expected to be profitable on a full-year basis even as the coronavirus pandemic caused first-quarter earnings to plunge.
Daimler said it expected the operating profit of its Mercedes-Benz Cars & Vans division to be above the prior-year level, even as the corona pandemic forced the Stuttgart-based car and trucks maker to abandon its outlook earlier this month.
Planemaker Airbus on Wednesday posted a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenue dropped 15% to 10.631 billion euros amid the “gravest crisis the aerospace industry has ever known”.
Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
Garbage haulers still collect trash. Cops are on the beat. Couriers deliver food and packages. Insurance agents work from home.
The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world’s largest economy.
Planemaker Airbus posted on Wednesday a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenues fell 15% to 10.631 billion amid the “gravest crisis the aerospace industry has ever known”.
Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.
The U.S. economy likely 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.
Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package, aiming to shore up its balance sheet amid a sharp travel downturn from the pandemic, three people familiar with the matter said on Tuesday.
Asian shares rose for a third session on the trot on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up.
Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve’s policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.
Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.
Asian equities made cautious gains in early trade on Wednesday following mixed U.S. corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
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