Business & Finance News
Spirit Aerosystems , Boeing Co’s largest supplier, is temporarily suspending production for the airplane maker at many of its facilities in the United States for two weeks, as the global coronavirus pandemic saps demand across the industry.
Bombardier pulled its 2020 outlook on Tuesday and said it would halt all non-essential work at most of its Canada-based operations until April 26 to help slow the spread of the coronavirus pandemic.
Comcast Corp on Tuesday warned of a hit to its results from the coronavirus outbreak as it shut all its theme parks and delayed distribution of films in theaters worldwide.
UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes.
Financial markets rebounded on Tuesday, with stocks and oil jumping about 4% in Europe, while the safe-haven dollar recoiled as unprecedented global stimulus efforts gained traction.
Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.
Citadel, the Chicago-based hedge fund giant led by billionaire Ken Griffin, has so far weathered the coronavirus market storm well, turning a slight profit in its flagship Wellington hedge fund for the year through Monday, according to a person familiar with the situation.
Occidental Petroleum Corp on Tuesday named its former chief executive officer, Stephen Chazen, as non-executive chairman of its board in a bid to end a long and bitter fight with activist investor Carl Icahn.
General Motors on Tuesday suspended its 2020 outlook and said it plans to draw down about $16 billion from its credit facilities in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak.
Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.
Netflix Inc said on Tuesday it would reduce traffic over telecom networks in India by 25% over the next 30 days to ease data congestion as millions stay indoors because of the coronavirus pandemic.
Ford Motor Co said on Tuesday it was working with General Electric’s healthcare unit and 3M Co to speed up production of ventilators for patients and respirators for healthcare workers as the coronavirus pandemic escalates.
The dollar fell broadly on Tuesday, sliding for a second consecutive day after the U.S. Federal Reserve stepped up measures to shield an economy reeling from emergency restrictions on commerce to fight the coronavirus.
The grounding of virtually all flights by Europe’s largest budget airline and European air traffic data on Tuesday highlighted the enormity of the shock to aviation industries from the coronavirus now emptying skies around the globe.
European airlines crippled by the coronavirus have demanded lasting relief from environmental taxes – in a move that pits their immediate survival against longer-term emissions goals.
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