Business & Finance News
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.
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, according to the company’s administrators.
Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels 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, according to an affidavit from one of the company’s administrators.
The U.S. House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.
L Brands Inc filed a legal complaint against Sycamore Partners on Thursday, after the buyout firm walked away from a $525 million deal to acquire a majority stake in the company’s Victoria’s Secret lingerie brand.
Treasury Secretary Steven Mnuchin said he is considering a government lending program for U.S. oil companies looking for federal aid as they cope with a devastating plunge in prices, Bloomberg News reported on Thursday.
Boeing Co is planning to cut 787 Dreamliner output by about half and announce job cuts in its first-quarter earnings report, Bloomberg news reported https://www.bloomberg.com/news/articles/2020-04-23/boeing-poised-to-cut-dreamliner-output-jobs-on-plunging-demand on Thursday.
Asia equities face a bumpy session on Friday after Wall Street pared early gains as optimism over a rebound in oil prices and prospects for further government stimulus were offset by stark economic data showing the toll of the coronavirus pandemic.
U.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department said that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.
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.
Intel Corp on Thursday forecast second-quarter earnings below Wall Street views as it cited the cost of readying a new PC chip and said it could not make a forecast for the full year because of economic uncertainty caused by the coronavirus pandemic.
Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday.
All United Airlines flight attendants must wear a face covering or mask while on duty starting April 24, it said on Thursday, in the first such rule by a major U.S. carrier.
Ruth’s Hospitality Group Inc, owner of the Ruth’s Chris Steak House chain of restaurants, on Thursday said it would quickly repay $20 million of federal rescue loans it received to help maintain payroll through the coronavirus crisis, a program aimed at small businesses.
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