Business & Finance News
Virgin Australia Holdings Ltd on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia’s second-biggest airline the Asia-Pacific region’s biggest victim of the coronavirus crisis gripping the industry.
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
U.S. oil prices hobbled back into positive territory on Tuesday after sinking below $0 for the first time ever, but international benchmark Brent dipped as the global coronavirus crisis severely reduces demand for crude.
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.
Swedish truck maker Volvo said on Tuesday it had signed a deal with German rival Daimler to set up a joint venture to develop and produce fuel cell systems for heavy-duty vehicles.
Workers at Ferrari are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production.
U.S. oil prices recovered on Tuesday to trade in positive territory after sinking below $0 for the first time ever, but international benchmark Brent dipped as demand for crude slumps amid the coronavirus pandemic.
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
Nissan Motor Co said on Tuesday it will shut its global headquarters in Japan for 16 days through early May to contain the spread of the coronavirus, even though the government has permitted keeping workplaces open to get the economy running.
The coronavirus pandemic brought a six-month experiment in dual leadership at SAP to an abrupt end as the German business software group named Christian Klein as its sole CEO to provide clarity to its 400,000 clients.
Fast Retailing Co , the owner of casual clothing chain Uniqlo, is ready to re-open two stores in Berlin this week, the company said on Tuesday, the first in Europe to reopen its doors since closing over the coronavirus outbreak.
Starbucks Corp said on Monday it would roll out a new plant-based lunch menu in China this week, launching Beyond Meat Inc’s products in a country where it is trying to recover from the novel coronavirus pandemic-led shutdown.
U.S. crude oil bounced back into positive territory on Tuesday, after a historic plunge below zero that shocked investors and pushed down stock prices and Asian currencies.
Virgin Australia Holdings Ltd said on Tuesday it has entered voluntary administration to recapitalize the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load.
Nissan Motor Co on Tuesday said that it would temporarily shut down operations at its global headquarters and other facilities in Japan through early May to contain the spread of the coronavirus at its sites.
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