Business & Finance News
Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.
Tesla Inc Chief Executive Elon Musk has told his staff it was time to bring the Tesla Semi commercial truck to “volume production,” a message that coincides with a surge in the share price of rival clean truck maker Nikola Corp .
The dollar dropped to a three-month low on Wednesday as speculation increased that the U.S. Federal Reserve will announce later in the session it intends to keep the recent rise in bond yields in check.
Johnson & Johnson said on Wednesday it would start human trials of its potential COVID-19 vaccine in the second half of July, two months earlier than planned, as drugmakers race to develop a shot for the deadly respiratory disease.
Ford Motor Co expects to have its U.S. vehicle assembly plants return by early July to building at the rates they did before the coronavirus pandemic shut down the U.S. auto industry for two months, a top executive said on Wednesday.
U.S. stocks opened higher on Wednesday, with Nasdaq hitting another record high, as attention shifted to the Federal Reserve’s first projections on the economy post-coronavirus outbreak.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the U.S. economy has already begun to rebound from the coronavirus pandemic and would “improve dramatically” in the third and fourth quarters.
Oil fell more than 1% to below $41 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand because of the coronavirus crisis.
U.S. carrier Delta Air Lines on Wednesday forecast a 90% plunge in second-quarter revenue and warned it would need to renegotiate its debt agreements to avoid a default next year.
Ford Motor Co expects to have its U.S. vehicle assembly plants return by early July to building at the rates they did before the coronavirus pandemic shut down the U.S. auto industry for two months, a top executive said on Wednesday.
Wall Street’s main indexes were set to open slightly higher on Wednesday as focus shifted to a Federal Reserve meeting that will deliver the central bank’s first projections on the economy post-coronavirus outbreak.
Starbucks Corp said on Wednesday it expected current-quarter operating income to plunge by up to $2.2 billion, with sales declines for the rest of the year even as stores reopen following easing of coronavirus lockdowns.
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand remained subdued amid a recession caused by the COVID-19 pandemic.
U.S. carrier Delta Air Lines said on Wednesday it expects to have $10 billion in cash, cash equivalents, short-term investments and borrowing capacity by year-end.
Fiat Chrysler (FCA) plans to resume production of its Panda small car at its plant in Pomigliano, near Naples in southern Italy, on June 16, a union representative said on Wednesday.
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