Business & Finance News
Swiss food giant Nestle reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled everything from Purina pet food to Nescafe coffee to frozen meals to prepare for coronavirus lockdowns.
Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review and will seek a three-month payment waiver from aircraft lessors, its administrators said.
Two state-owned banks in South Korea said on Friday they would provide up to 1.2 trillion won ($971 million) in liquidity to support Korean Air Lines Co Ltd as the aviation industry reels from the coronavirus crisis.
Ryanair may have to lay off 10-20% of staff in the winter season as it will operate fewer flights due to the coronavirus crisis, Chief Executive Michael O’Leary said in a newspaper interview published on Friday.
The largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude after prices dived into negative territory this week, people familiar with the matter said.
Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak.
Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic.
British luxury brand Burberry will continue to maintain base pay for all of its employees who are unable to fulfil their roles because of store or site closures, it said on Friday.
Nestle reported a 4.3% rise in organic sales growth for the first quarter, the food giant said on Friday, as consumers filled cupboards with Purina pet food and Nescafe coffee to prepare for lockdowns caused by the coronavirus pandemic.
Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review and will seek a three-month payment waiver from aircraft lessors, its administrators said.
Swatch Group’s sales at its own stores in China are up by almost a quarter during April, the watchmaker’s Chief Executive Nick Hayek told Blick newspaper, but the global situation following the coronavirus outbreak remains tough.
Bondholders in particularly hard-hit sectors like energy, travel and leisure have another issue to watch for as companies struggle to survive the economic shutdown – getting demoted by new debt issues.
As the coronavirus crisis gripped the U.S. economy and Congress approved hundreds of billions of dollars in emergency small business loans, Utah builder Clark Ivory knew what to tell his local colleagues.
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak.
Several brokerages, including discount giant TD Ameritrade Corp are restricting customers from buying new positions in certain crude oil contracts after an unprecedented sell-off that sent prices below negative-$40 on Monday.
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