Business & Finance News
A war of words between Telecom Italia (TIM) and Open Fiber over the creation of a single broadband network escalated on Tuesday as the phone incumbent called its smaller rival’s business model “a failure”.
White House economic adviser Kevin Hassett said on Tuesday the current dip of negative oil prices is due to a “very short-run thing” – the coronavirus pandemic – and that a decline in second quarter gross domestic could be the biggest ever posted.
Britain’s government made a firm decision to allow China’s Huawei to have a role in building the country’s 5G phone network and as far as the foreign ministry’s top official understands it is not being reopened, he said on Tuesday.
The crash in U.S. crude prices has turned a reliable commodity less than worthless and given fresh urgency to bearish voices, who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices.
Wall Street retreated for a second straight day on Tuesday as a collapse in U.S. crude prices and glum annual profit forecasts by companies foreshadowed the biggest economic slump since the Great Depression due to the coronavirus outbreak.
Faltering consumer confidence will slow the recovery of air travel once coronavirus restrictions end, the sector’s main global body warned on Tuesday, citing bleak new survey data.
Chinese electric vehicle maker BYD Co Ltd , , which is backed by U.S. investor Warren Buffett, on Tuesday reported a 41.9% drop in 2019 net profit as China’s EV subsidies cut hit customer demand.
U.S. home sales dropped by the most in nearly 4-1/2 years in March as extraordinary measures to control the spread of the novel coronavirus brought buyer traffic to a virtual standstill, supporting analysts’ views that the economy contracted sharply in the first quarter.
SoftBank Group’s planned $22.5 billion share buyback presents an attractive buying opportunity but it is not a clear longterm investment, said a London-based investor that has built up a small stake.
Coca-Cola Co said on Tuesday its expected current-quarter results to take a hit as restaurants, theaters and other venues that represent about half of the company’s revenue remain closed because of the coronavirus pandemic.
Virgin Australia’s entry into administration could give any successful bidder for the country’s second-biggest airline the chance to free it from a complex ownership structure that has slowed decision making and been blamed for years of losses.
Domestic air traffic is down 70% globally and the recovery over the coming six months is likely to be slow due to the damage coronavirus has done to economic conditions, the industry’s representative body IATA said on Tuesday.
Lockheed Martin reported better-than-expected quarterly profit on Tuesday, helped by higher sales in its aeronautics business that makes the F-35 fighter jets, but lowered its 2020 sales outlook due to coronavirus-led supply chain delays.
Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.
U.S. stock index futures resumed their slide on Tuesday as gloomy quarterly earnings reports and a historic collapse in U.S. crude prices to below zero raised the spectre of a deep global recession in the coming months.
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