Business & Finance News
U.S. stocks gave up early gains on Wednesday, as a spate of disappointing earnings reports offset strong gains in Apple and Boeing, while investors assessed the economic impact of a fast-spreading coronavirus.
Oil prices were mixed on Wednesday as worries about the impact of the coronavirus outbreak on demand were offset by talk that OPEC could extend oil output cuts.
Warren Buffett’s Berkshire Hathaway Inc agreed to sell its newspaper business to Lee Enterprises Inc for $140 million in cash, abandoning an industry the billionaire investor had long defended even as its financial prospects deteriorated.
Boeing Co on Wednesday swung to its first annual loss since 1997 on mounting 737 MAX costs and indicated it would again cut production of its bigger 787 Dreamliner aircraft, currently its main source of cash.
Wall Street analysts were smitten by a rebound in sales of Apple Inc’s iPhones after a year of decline. So much, in fact, that they looked past a weaker-than-expected rise in services revenue, the company’s growth driver.
Goldman Sachs Group Inc on Wednesday set aggressive targets to grow many of its businesses, as the Wall Street powerhouse tries to make meaningful inroads in areas dominated by larger rivals JPMorgan Chase and Bank of America
The U.S. Federal Reserve is expected to keep interest rates unchanged when it wraps up its first policy meeting of the year on Wednesday.
Wall Street opened higher on Wednesday as a surge in shares of Apple, Boeing and General Electric after their results overshadowed concerns over the economic impact of a fast-spreading coronavirus.
Warren Buffett’s Berkshire Hathaway Inc said on Wednesday it is selling its newspaper operations to Lee Enterprises Inc , abandoning an industry the billionaire investor had long supported and defended even as its financial prospects deteriorated.
Boeing Co on Wednesday swung to its first annual loss since 1997 on mounting 737 MAX costs and indicated it would again cut production of its bigger 787 Dreamliner aircraft, currently its main source of cash.
The BBC said on Wednesday it will cut around 450 jobs from its news division as part of an 80 million pound savings drive and modernisation programme.
Wall Street was set to extend its recovery on Wednesday as a surge in shares of Apple and Boeing after their results overshadowed concerns over the economic impact of a fast-spreading coronavirus.
Large options trades some people have attributed to the mysterious investor known as “50 Cent” have become more profitable in recent days, as fears of the economic impact of the coronavirus injected volatility back into stock markets.
Boeing Co expects nearly $19 billion in costs related to the grounding of its 737 MAX jets, the U.S. planemaker said on Wednesday as it swung to its first annual loss since 1997 and indicated it would again cut production of its bigger 787 Dreamliner aircraft.
HSBC is considering exiting Turkey as part of broader cost-cutting measures under interim Chief Executive Noel Quinn, sources familiar with the matter said.
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