Business & Finance News
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.
Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand.
The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the U.S. central bank for cash, easing concerns among banks about getting stuck holding the low interest loans.
Governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau but warned against complacency as the death toll nationwide topped 10,000 and the number of known infections surpassed 360,000.
Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely rose 3% from a year earlier, slightly beating analysts’ forecasts as chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.
Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely rose 3% from a year earlier, slightly beating analysts’ forecasts as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic.
Alaska’s congressional delegation warned U.S. Treasury Secretary Steven Mnuchin last week that many of its airlines, including its largest regional carrier, RavnAir Group, were on the verge of collapse, according to a letter seen by Reuters.
With their sales hammered by the coronavirus outbreak, car makers Fiat Chrysler and Peugeot’s owner PSA have postponed their shareholder meetings and are looking at ways to boost cash reserves ahead of their planned merger.
Allstate Corp , one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers as many Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak.
The governors of New York and New Jersey pointed to tentative signs on Monday that the coronavirus outbreak was starting to plateau but warned against complacency as the nationwide death toll topped 10,000 and the number of known U.S. infections surpassed 350,000.
Boeing Co said on Monday it will temporarily suspend production of its 787 airplane at its facilities in South Carolina amid the coronavirus pandemic.
Airbnb said on Monday private-equity firms Silver Lake and Sixth Street Partners would invest $1 billion in the U.S. home rental company through a combination of debt and equity.
Lufthansa will discuss permanently grounding its Germanwings low-cost airline unit at a management board meeting on Tuesday, two sources familiar with the matter told Reuters.
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