Business & Finance News
Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic.
JPMorgan Chase & Co’s profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Global airlines will lose $314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry’s representative body IATA, which raised its estimate from the $252 billion figure given on March 24.
World stocks gained on Tuesday after Chinese trade data came in better than expected and as some countries tried to restart their economies by partly lifting restrictions aimed at containing the coronavirus pandemic.
U.S. stock index futures gained 1% on Tuesday on better-than-expected trade data from China and signs some economies were preparing to ease lockdowns, even as the first batch of earnings reports underlined the hit from the coronavirus outbreak.
Investors have been hoarding cash at a rate not seen since the immediate aftermath of the 9/11 attacks of 2001, BofA’s April fund manager survey showed, as the coronavirus roiled global financial markets.
French automaker Renault SA is ditching its main passenger car business in China following poor sales at the loss-making venture with Dongfeng Motor Group .
British clothing retailer Next hit a self-imposed daily limit within hours of re-opening its online business on Tuesday, indicating consumer demand during the coronavirus lockdown.
Barclays has halted new job cuts while the coronavirus crisis is ongoing, the bank said in an internal memo seen by Reuters on Tuesday.
JPMorgan Chase & Co’s quarterly profit slumped by more than two-thirds as the coronavirus pandemic and record low oil prices forced the largest U.S. bank to boost reserves to protect it from a wave of potential loan defaults.
The ten U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy.
Johnson & Johnson on Tuesday beat analysts’ estimates for first-quarter profit on higher sales of its cancer drugs and consumer products including Tylenol, while slashing its full-year forecast due to the coronavirus shutdowns.
Toyota Motor Corp on Monday said it plans to restart limited production at vehicle plants in France and Poland from April 22 after closing them due to the coronavirus pandemic.
The shares of Norwegian Air plummeted on Tuesday, and have now eroded almost their entire value from a 2015 peak, as the airline’s survival depends on creditors accepting a rescue plan proposed last week.
Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.
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