Business & Finance News
Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.
Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
British cinema operator Cineworld said on Tuesday it has shut all its 787 cinemas across 10 countries due to the coronavirus pandemic and that it was in talks with its lenders for ongoing liquidity requirements.
French airports operator ADP is losing more than 3 million euros ($3.25 million) in sales a day due to the coronavirus crisis, Chief Executive Augustin de Romanet said on Tuesday.
British cinema operator Cineworld said on Tuesday all its 787 cinemas across 10 countries have been shut due to the coronavirus pandemic and that it was in talks with its lenders for ongoing liquidity requirements.
Asian firms appear better equipped to pay stable dividends compared with their western counterparts that are constrained by highly levered balance-sheets and a need to preserve cash during the coronavirus outbreak.
Employees at Valero Energy Corp’s Port Arthur, Texas, refinery expressed worries about the company’s slow response to keep the coronavirus from spreading there after two workers tested positive, four people familiar with the matter said.
Oil prices gained on Tuesday as hopes rose that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected.
France’s Thales on Tuesday became the latest major company to slash its dividend, suspend profit guidance and top up liquidity in response to the coronavirus crisis.
China’s Ucar Inc, in which Luckin Coffee Chairman Charles Zhengyao Lu is the biggest shareholder, suspended trading of its shares on Tuesday after regulators questioned the car service provider about how the alleged fraud at Luckin would impact it.
A Hong Kong-based activist investor in Toshiba Corp has asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the flash memory chip firm is listed in an IPO that could raise up to $32 billion, according to a letter reviewed by Reuters.
Mexican cement company Cemex said on Monday it would resume operations in the country, hours after announcing a pause, as fresh guidelines from the government permitted such a move.
The governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau in their states but warned against complacency as the death toll nationwide approached 11,000.
A United Parcel Service Inc worker employed in Kentucky died over the weekend from a COVID-19 infection, Gov. Andy Beshear said at a public health briefing on Monday.
Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.
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