Business & Finance News
The dollar firmed on Wednesday as optimism that the coronavirus crisis was slowing waned, increasing investor concerns over the economic impact of the pandemic.
Britain’s BAE Systems is looking to raise $1.3 billion in debt to fund its pension deficit and repay related loans, the company said on Wednesday, as it prepares to deal with the fallout of the coronavirus outbreak.
A figure of 6 billion euros ($6.5 billion) in loans to help Air France KLM amid the coronavirus crisis is “not unrealistic”, French junior transport minister Jean-Baptiste Djebbari said on Wednesday.
French carmaker and Peugeot owner PSA announced on Wednesday the creation of a solidarity fund to help staff affected by the closures of plants due to the COVID-19 outbreak, and new steps to protect the health of its workers.
Britain’s BAE Systems is seeking to raise $1.3 billion in bonds to fund its employee benefit plans and repay debt, the company said on Wednesday, as it braced any blow from the coronavirus outbreak.
Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Britain’s biggest retailer Tesco expects to take a hit of up to 925 million pounds ($1.1 billion) from the costs of dealing with the coronavirus pandemic and warned it was unable to give a profit forecast for this financial year.
Britain’s biggest retailer Tesco said on Wednesday it would not be prudent to give financial guidance for the 2020-21 year due to uncertainty caused by the coronavirus emergency.
British online fashion retailer ASOS Plc said it had raised 247 million pounds ($304 million) via a placing, to help it shore up its finances in case of a prolonged business downturn from the coronavirus pandemic.
The dollar found a footing on Wednesday as investors returned to safe-havens, reversing some risk currency gains made on hopes the coronavirus crisis in Europe and New York was slowing.
Asian stocks were mixed on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.
As several European borders limit travel to stop the spread of COVID-19, two of the world’s biggest pulp makers say transportation logjams are delaying shipments of the raw material – the only ingredient in the toilet paper that people are hoarding to weather quarantines.
The U.S. government’s massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don’t-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.
Australia’s Treasury Wine Estates Ltd said it may spin off the prestigious Penfolds label and shrink its low-end “commercial” division in the United States as it seeks ways to grow profit amid upheaval brought by the coronavirus crisis.
Tesla Inc told employees on Tuesday it would furlough all non-essential workers and implement salary cuts during a shut down of its U.S. production facilities because of the coronavirus outbreak.
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