Business & Finance News
Lufthansa is aiming to finalise a state aid rescue package worth up to 10 billion euros ($10.8 billion) next week after the coronavirus crisis forced it to ground almost all of its planes, people close to the matter said.
Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the coronavirus pandemic.
World stock markets climbed on Thursday as investors weighed a rebound in oil prices and prospects for further government stimulus against stark economic data showing the toll of the coronavirus pandemic.
Honda Motor Co said Thursday it will extend a shutdown of all of its North American auto plants through May 8 and extend unpaid leaves for many salaried workers.
South African Airways (SAA) faces a wind-down or liquidation after specialists appointed to try to save the state-owned airline said on Thursday they had run out of funds.
Eli Lilly and Co raised the top-end of its 2020 profit forecast on Thursday and reported better-than-expected quarterly results, as customers stocking up medicines such as diabetes drug Trulicity during the coronavirus pandemic boosted sales.
A highly valued public company will have a hard time getting a coronavirus relief loan, the U.S. Treasury said on Thursday, just as Congress was poised to approve a new round of funding for the loans known as the Paycheck Protection Program.
Lufthansa , which has grounded almost all its aircraft due to the coronavirus pandemic, said its operating loss increased to 1.2 billion euros ($1.3 billion) during the first three months of the year and the loss would be considerably higher in the current quarter.
In just a week, Russia has to find ways to cut a fifth of its oil output under a deal to tackle the market glut and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said.
Specialists appointed to try to save state-owned South African Airways (SAA) said on Thursday that they had no further funds for rescue efforts and that the two remaining options were a wind-down process or placing the company into liquidation.
Domino’s Pizza Inc on Thursday pulled its long-term forecast and said international comparable sales fell 3.2% in the first three weeks of the current quarter as stores remain shut due to the coronavirus pandemic, sending its shares down about 5%.
Ziad Abdallah has watched with growing alarm as Lebanon’s financial meltdown has threatened the savings he spent 25 years building up in his dollar account.
Hershey Co pulled its 2020 forecast on Thursday and warned of weak sales in certain categories as households worried about their financial futures cut spending on snacks and chocolates.
Some workers in Georgia and other U.S. states prepared to go back to work for the first time in a month, as data released on Thursday showing soaring unemployment claims reaffirmed the grim economic toll of the coronavirus pandemic.
The combined wealth of America’s billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic, according to a report published by the Institute for Policy Studies (IPS).
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