Cathay Pacific to cut 30% of capacity due to coronavirus
Hong Kong’s Cathay Pacific Airways Ltd plans to cut around 30% of its capacity over the next two months, including around 90% of its flights to mainland China, as it grapples with the coronavirus epidemic, its CEO said on Tuesday.
Glencore’s 2019 cobalt up, copper down; share price rises
Glencore said its 2019 copper output fell 6% and battery mineral cobalt rose 10% as it boosted production at its Katanga mine in the Democratic Republic of Congo, offsetting the impact of the early closure of another operation.
Oil prices rebound on hopes for OPEC+ supply cuts
Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
BP boosts dividend as profit tops forecast and CEO bows out
BP raised its dividend and said it had completed a $1.5 billion share buyback program in a sign of confidence in its growing oil and gas business on the last day in office for Chief Executive Bob Dudley.
Carlsberg beer sales hit by China’s shuttered karaoke bars
Empty Chinese streets and karaoke bars will hit short-term sales in Carlsberg’s biggest market, but the Danish brewer said on Tuesday it was not changing its forecast or strategy for China as a result of the coronavirus outbreak.
Hedge funds hold their nerve on China, seek opportunities
Hedge funds are holding their nerve on China’s ability to rebound quickly from a coronavirus outbreak that has rattled global markets, but many are also adding caveats as they try to predict the potential economic fallout.
MUFG reports first quarterly loss in decade on writedown at Indonesian unit
Mitsubishi UFJ Financial Group Inc (MUFG) , Japan’s largest lender by assets, reported a net loss in the third quarter, for the first time in nearly a decade, as its banking unit booked a one-off charge on an Indonesian subsidiary.
Hyundai to halt South Korea output as virus disrupts China parts supply
Hyundai Motor said it will suspend production in South Korea due to the coronavirus outbreak disrupting parts supply, becoming the first major automaker to do so outside of China.
Exclusive: As virus fallout widens, China readies more measures to stabilize economy – sources
Chinese policymakers are readying measures to support an economy jolted by a coronavirus outbreak that is expected to have a devastating impact on first-quarter growth, policy sources said.
Sony raises outlook on strong sensor demand, warns of virus risks on supply chain
Sony Corp raised its annual profit outlook on strong sales of smartphone image sensors after reporting a smaller-than-expected decline in quarterly profit, but it warned of an impact from the Wuhan coronavirus on its global supply chain.
