Business & Finance News
Renault is in talks with the French government to secure a state-backed loan worth several billion euros to shore up its liquidity during the coronavirus pandemic, the French carmaker said on Thursday.
The dollar slipped against the currencies of oil-producing states on Thursday, giving up earlier gains as a bounce in crude prices gave succour to markets shaken by the massive coronavirus-induced drop in demand.
Oil surged on Thursday amid signs that producers are cutting production to weather a collapse in demand as the coronavirus outbreak ravages world economies, while the U.S. state of Oklahoma also moved to help oil firms pump less.
South Korea’s Hyundai Motor Co said on Thursday first-quarter net profit slumped 44% to its lowest level for the quarter in a decade, as the coronavirus hit demand in China and due to losses at its financial business.
Aston Martin said on Thursday it plans to restart its St Athan factory in south Wales on May 5 and will also resume operations at Gaydon later, after the coronavirus-led shutdowns forced the luxury car maker to suspend production at both sites.
Sweden’s AB Volvo on Thursday warned of weakening truck demand despite reporting a smaller-than-expected fall in quarterly operating earnings helped by service sales.
Zoom Video Communications Inc said on Wednesday it was upgrading the encryption features on its video conferencing app to quell safety concerns as its users surged by 50% in the past three weeks.
Air France-KLM must scrap all of Chief Executive Ben Smith’s bonus payments for this year if it wants to secure state aid, Dutch Finance minister Wopke Hoekstra said on Thursday.
The dollar erased gains and fell against the currencies of oil producers on Thursday, as a rebound in crude prices after an unprecedented collapse helped to calm markets unnerved by the massive coronavirus-led drop in global demand.
Credit Suisse Group AG posted a 75% rise in first-quarter net profit on Thursday, even as it cautioned the global coronavirus pandemic could impact performance in coming quarters.
Sweden’s AB Volvo reported a smaller-than-expected fall in quarterly operating earnings on Thursday as service sales held up in the face of tumbling sales and orders of its trucks as demand evaporated in the face of the coronavirus.
Swedish truck maker AB Volvo reported a smaller-than-expected fall in first-quarter operating earnings on Thursday but warned its net order intake of trucks had been negative since the end of March as customers canceled planned purchases due to the pandemic.
French carmaker Renault on Thursday posted a 19.2% drop in first-quarter revenue to 10.13 billion euros ($10.97 billion), and said it was still too early to assess what impact the coronavirus crisis would have on its earnings this year.
South Korea’s Hyundai Motor Co said on Thursday first-quarter net profit slumped 44% to its lowest level for the quarter in a decade as the spreading coronavirus outbreak hit demand for cars worldwide.
South Korea’s Hyundai Motor Co said on Thursday first-quarter net profit slumped 44% from a year earlier as the spreading coronavirus outbreak hit demand for cars worldwide.
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