Business & Finance News
When Japanese conglomerate Marubeni booked a loss of 3.9 billion yen ($35 million) at its U.S. grain trader Gavilon in November, it blamed adjustments for “inappropriate transactions” with Italy and Spain.
The owner of British Airways and easyJet, Europe’s no.3 and no.4 airlines, warned aircraft would be grounded on an unprecedented scale in a battle to survive the coronavirus, but while easyJet said state aid was needed, BA’s owner talked of self-help.
Airlines made unprecedented cuts to flights, costs and staffing on Monday, and stepped up calls for emergency government aid, as coronavirus lockdowns and new travel restrictions hit more major routes.
Fiat Chrysler Automobiles (FCA) is halting production for two weeks at most of its European plants to help protect staff against the coronavirus pandemic and adjust to a slump in demand, the Italian-American carmaker said on Monday.
Wall Street looked set to crater on Monday after the Federal Reserve’s aggressive move to cut interest rates to nearly zero heightened fears of the economy tipping into a coronavirus-driven recession.
France’s competition watchdog on Monday fined iPhone maker Apple 1.1 billion euros for anti-competitive behavior in its distribution network and an abuse of economic dependence on its resellers.
The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars to help combat the coronavirus pandemic that has jolted markets and paralyzed large parts of the world economy.
Argentina’s ambitious target to strike a deal with bondholders to revamp almost $70 billion in debts by the end of March was never going to be easy. Now a coronavirus outbreak and crashing bond markets threaten to complicate things further.
Wall Street looked set to crater on Monday as fears of a coronavirus-driven recession intensified following a second emergency interest rate cut in a fortnight by the Federal Reserve.
The three major airline alliances — Star, SkyTeam and oneworld — on Monday jointly called on governments and stakeholders to extend extraordinary support to airlines to alleviate pressure caused by the coronavirus outbreak.
Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.
The owner of British Airways and easyJet, Europe’s no.3 and no.4 airlines, said they would cut capacity drastically to try to survive the coronavirus outbreak which has stopped people traveling around the world.
The owner of British Airways said it would cut its flying capacity by at least 75% in April and May and its outgoing boss Willie Walsh would defer his retirement in its fight to survive the coronavirus outbreak.
EasyJet , Europe’s fourth biggest airline, said it could ground the majority of its fleet as people stopped traveling due to coronavirus, and called for coordinated government backing to help the aviation industry survive.
Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
