Business & Finance News
Gilead Sciences Inc on Friday increased enrollment target by 3,600 for a trial testing its experimental drug, remdesivir, in severe COVID-19 patients, a day after a media report said the drug was showing promise.
Ford Motor Co on Friday raised $8 billion from corporate debt investors to shore up its cash reserves as the coronavirus outbreak pummeled vehicle sales and production, resulting in an estimated loss of about $2 billion for the first quarter.
AMC Entertainment Holdings Inc, the world’s largest movie theater operator, said on Friday it has enough cash to withstand a global suspension of operations until a possible partial reopening of its locations in July.
U.S. stocks rose on Friday and posted gains for the week, helped by a surge in Boeing shares, President Donald Trump’s plan to reopen the coronavirus-battered economy and hopes of a potential drug by Gilead to treat COVID-19.
U.S. airlines are estimated to be sitting on more than $10 billion in travel vouchers that should have been cash refunds from canceled flights, a group of senators released on Friday.
Boeing Co said on Friday it would resume operations at production facilities in Philadelphia next week after a two week suspension due to the spread of the coronavirus.
Occidental Petroleum shareholders next month will get their first say on the oil company’s troubled acquisition of Anadarko Petroleum when they vote on issuing shares and warrants to Berkshire Hathaway for helping finance the $38 billion deal.
Global stocks rallied on Friday on President Donald Trump’s plans to revive the coronavirus-hit U.S. economy and hopes of a potential drug to treat COVID-19, while the dollar fell amid investors’ growing risk-on sentiment.
U.S. stocks rose on Friday, helped by a surge in Boeing shares, President Donald Trump’s plan to reopen the economy and hopes of a potential drug by Gilead to treat COVID-19.
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron Corp , ConocoPhillips and Occidental Petroleum Corp – account for more than half of the cuts.
Retailers, restaurants and hotels — on the front lines of the coronavirus pandemic — got a combined 18% of the $342 billion allocated as of Thursday under the a new federal government program to help small firms keep paying their employees during widespread shutdown, data from the agency running the program showed on Friday.
A British court awarded $11 million in damages and expenses on Friday to a former partner at global accounting firm Ernst & Young who exposed money laundering at a major gold refinery in the United Arab Emirates.
Walmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak.
Warren Buffett’s Berkshire Hathaway Inc will close some smaller businesses and is positioning itself conservatively as it rides out the coronavirus pandemic, Berkshire Vice Chairman Charlie Munger said in an article published on Friday.
Oil prices were mixed on Friday, with weak Chinese economic figures and rapidly filling U.S. crude storage offsetting bullishness built on U.S. President Donald Trump’s outlines for the U.S. economy to emerge from the coronavirus shutdown.
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