Business & Finance News
Marathon Petroleum Corp , the largest U.S. oil refiner, warned on Wednesday of a first-quarter loss on a roughly $7.8 billion write-down from a sharp fall in fuel demand.
U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that companies that received coronavirus rescue money intended for small businesses could be investigated if it appears they did not really need the money.
U.S. pipeline operator Kinder Morgan Inc on Wednesday reported a smaller-than-expected quarterly profit and cut its adjusted core earnings forecast for the year, following a coronavirus-induced decline in fuel demand and a crash in crude prices.
German luxury carmaker Daimler AG on Wednesday reported preliminary first-quarter earnings before interest and tax that slumped 78% to 617 million euros, following disruptions caused by the coronavirus pandemic.
An increasing number of U.S. companies are selling bonds to repay lines of credit they drew down at the height of the coronavirus-induced market turmoil, an indication that the cash crunch facing much of Corporate America may be easing, according to Bank of America analysts.
The head of Boeing’s 737 program has been tapped to oversee the planemaker’s commercial programs as the company works to win approval to return the 737 MAX to service, which has been grounded for 13 months.
Boeing Co was sued for $336 million on Wednesday by a Kuwaiti leasing company that accused it of wrongly refusing to return advance payments on a now-canceled order for 40 of its troubled 737 MAX planes.
Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak.
International air passenger traffic could drop by as many as 1.2 billion travelers, or two-thirds, by September 2020, as the coronavirus pandemic weighs on demand, the United Nations aviation agency said on Wednesday in a statement, citing projections.
Xilinx Inc on Wednesday forecast first-quarter revenue below estimates and refrained from providing an annual outlook, citing the uncertainty caused by the coronavirus outbreak. The pandemic has ripped through the semiconductor industry, with lockdown orders interrupting operations and supply chains, even though many plants were eventually allowed to remain open. Xilinx shares, which closed 5% higher on Wednesday, shed most of those gains in extended trading.
The European Commission will next month present a set of rules for the safe reopening of air travel when coronavirus lockdowns end, including social distancing in airports and planes, while some U.S. airlines are taking their own protective measures.
Oklahoma’s energy regulator said oil producers can close wells without losing their leases, the first victory for struggling U.S. companies seeking relief from states following the market crash.
Xilinx Inc on Wednesday forecast first-quarter revenue below estimates and refrained from providing an annual outlook, citing the uncertainty caused by the coronavirus outbreak.
U.S. railroad operator CSX Corp on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns because of the COVID-19 pandemic weigh on the U.S. economy.
The U.S. House of Representatives expects to pass a nearly $500 billion coronavirus relief bill on Thursday but will put off any decision on changing its voting rules during the pandemic, avoiding a potential partisan fight.
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