Business & Finance News
Boeing Co said on Wednesday it took in 18 new orders for widebody planes in February but saw more customers cancel orders of its grounded and previously best-selling 737 MAX jet, as it faced another blow to demand from the coronavirus outbreak.
PepsiCo Inc on Wednesday made its biggest bet in the energy drinks market with a $3.85 billion deal to buy Rockstar Energy Beverages, opening a new front in its long-running battle with Coca-Cola Co .
Boeing Co is planning a full drawdown of a $13.8 billion loan as early as Friday, as the U.S. based plane-maker struggles with worldwide travel disruptions from the coronavirus, Bloomberg reported on Wednesday, citing unnamed sources.
German sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.
The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices.
Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) cut oil demand forecasts because of the coronavirus outbreak.
The top U.S. securities regulator has increased its scrutiny of private funds that make higher-risk loans over the last two years, according to a Reuters review of SEC actions and industry and regulatory sources — just as fears of a global recession hit the booming private credit market.
U.S. stock indexes dropped sharply on Wednesday after attempting a rebound in the previous session, on skepticism around President Donald Trump’s stimulus plan to combat the coronavirus outbreak.
The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices.
Goldman Sachs said on Wednesday the S&P 500 bull market, the longest on record, is likely to end soon, forecasting a 28% slump from its February peak as the fast-spreading coronavirus is seen taking a toll on corporate profits.
(This March 10 story corrects to show Telefonica Brasil and TIM plan joint bid for Oi’s mobile business, not whole company)
U.S. stock index futures were down 2% on Wednesday after strong gains in the previous session, with investors growing frustrated about the lack of details on fiscal stimulus floated by President Donald Trump to combat the coronavirus epidemic.
As U.S. President Donald Trump touted the signing of a U.S.-China trade deal in January, he told cash-strapped farmers they would soon need bigger tractors and “a little more land” to meet additional Chinese demand for U.S. agricultural goods.
There is no reason why the coronavirus outbreak should damage Britain’s economy as badly as the financial crisis did in 2008, Bank of England Governor Mark Carney said on Wednesday.
The deep declines in the U.S. stock market over the last three weeks has left a dent in retirement portfolios and brokerage accounts, costing on average each person in the United States around $16,000 as of Monday’s close before a rebound Tuesday erased some of those losses.
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