Business & Finance News
Apple Inc’s discounts on the iPhone 11 in China and the release of a new low-price SE model have put the company in a better position than rivals to weather a coronavirus-related plunge in global smartphone demand.
Harley-Davidson Inc reported a drop of about 45% in quarterly profit on Tuesday as motorcycle sales took a hit from global lockdowns due to the coronavirus pandemic.
Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand.
U.S. stock index futures climbed higher on Tuesday ahead of the next round of quarterly earnings reports, with investors also keenly looking at the safety of reopening economies hit hard by the coronavirus-induced shutdowns.
PepsiCo Inc beat first quarter revenue estimates, but ditched its full-year forecast on Tuesday, citing uncertainty around the globe due to the novel coronavirus pandemic.
The idea of German flagship carrier Lufthansa using a type of protection from creditors is not yet off the table, a source at the airline said on Tuesday.
Lufthansa and the Berlin government are pursuing a 9 billion euro ($9.76 billion) rescue package for the airline, company and government sources said on Tuesday, but gave no timing for an agreement after a report overnight said the deal was complete.
PepsiCo Inc reported a rise in first-quarter revenue, but ditched its full-year forecast on Tuesday, citing uncertainty around the globe due to the novel coronavirus pandemic.
Global vehicle sales by Japanese automakers dropped by 34% in March when the coronavirus outbreak spread worldwide, and are set to fall further in the months ahead as the crisis continues.
Europe’s biggest copper smelter Aurubis is set to win EU antitrust approval for its planned 380-million-euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo, people familiar with the matter said on Tuesday.
The world’s largest wealth manager, UBS , reported a 40% rise in quarterly profit on Tuesday, with its core business enjoying its best three months since 2008, thanks to a restructure and rich clients reshuffling portfolios to respond to the coronavirus outbreak.
Norwegian Air , the budget carrier that is fighting for its survival, has made some amendments to the terms of its debt-to-equity conversion plan in response to demands from bondholders, it said on Tuesday.
Another big fall in oil prices dragged hordes of petrocurrencies under on Tuesday but even an HSBC warning of mounting bad credit and a near 80% plunge in BP’s profits could not keep stock markets down for long.
Lufthansa would be hard to steer if governments had too much influence on the company, its CEO was quoted as saying by German weekly Die Zeit on Tuesday, as the airline is struggling with the impact of the coronavirus pandemic.
Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.
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