Airlines cut fares to help boost May traffic: IATA
Airlines cut domestic fares by an average 23% last month as traffic picked up from April lows, global airline body IATA said on Wednesday – warning that post-coronavirus discounting posed a further threat to profitability.
3M names General Electric exec Monish Patolawala as CFO
U.S. industrial conglomerate 3M Co on Wednesday appointed General Electric Co executive Monish Patolawala as the company’s chief financial officer, effective July 1.
Wall St. set for higher open on optimism over economic revival
Wall Street’s major indexes were set to open higher on Wednesday, with Nasdaq inching closer to a record high, as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest.
U.S. private payrolls fall less than expected in May
U.S. private payrolls fell less than expected in May, with employers laying off another 2.76 million workers.
Saudi, Russia reach deal on oil cuts, raising pressure for compliance
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.
TUI strikes compensation deal with Boeing, delays 737 MAX deliveries
Europe’s biggest travel company, TUI Group , said it has struck a deal with Boeing for compensation and deferred deliveries of the grounded 737 MAX jet, boosting its finances as it seeks to survive the coronavirus pandemic.
Oil falls from $40 on doubts over early OPEC meeting
Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.
SoftBank launches $100 million fund investing in ‘people of color’
SoftBank Group Corp is launching a $100 million fund to invest in “companies led by founders and entrepreneurs of color”, in the latest corporate action as protests roil the United States.
Coty in talks to collaborate with Kim Kardashian for cosmetics line
Coty Inc is in talks with reality TV star Kim Kardashian West over a potential collaboration for a beauty line, the cosmetics maker disclosed in a regulatory filing on Wednesday.
Saudi, Russia reach deal on oil cuts, raising pressure on laggards
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters.
