CMA CGM taps French loan scheme to boost cash in coronavirus crisis
Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.
Mitsubishi slashes SpaceJet budget, drops variant
Mitsubishi Heavy Industries (MHI) said it was more than halving the annual development budget for its SpaceJet regional jet as the coronavirus pandemic squeezes profit, and will suspend plans for a possible variant seen as key to winning future orders…
EasyJet, Germanwings lose legal fight against EU’s Italian airport ruling
Easyjet and Lufthansa’s Germanwings on Wednesday lost their challenge against an EU ruling ordering Italy to recover illegal state aid granted to airlines serving Sardinia.
Maersk sees drop in global ship container demand this year
Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.
TUI to cut jobs and costs as it prepares for July holiday restart
Travel group TUI will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday.
Futures rise ahead of Fed Chair Powell’s address
U.S. stock index futures edged higher on Wednesday, a day after Wall Street’s main indexes fell, as investors kept an eye out for Federal Reserve Chairman Jerome Powell’s address.
Sony braces for lowest profit in four years, hit broadly by coronavirus
Sony Corp expects operating profit to drop at least 30% this financial year to its lowest in four years as the company anticipates a hit to demand for its TVs, cameras and smartphone image sensors from the coronavirus outbreak.
Tesla’s California fight heats up competition for jobs
Tesla Inc Chief Executive Elon Musk’s fight with local authorities over the reopening of its California plant has gotten the attention of those who scout sites for new factories and corporate offices, as well as economic development officials hungry f…
Fed’s Powell to assess next phase of pandemic economy
Federal Reserve Chair Jerome Powell, having overseen the rapid creation of the central bank’s massive network of pandemic-era programs, turns his attention Wednesday morning to where things stand on the cusp of what may be a risky reopening occurring d…
Korean Air to issue $817 mln in new shares as virus strains industry
South Korea’s largest airline, Korean Air , plans to sell around 1 trillion won ($816.55 million) in new shares in its biggest rights issue in 20 years to raise funds amid mounting strains in the industry due to the pandemic.
