Luckin Coffee delays annual filing amid accounting probes
Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales.
Top Boeing shareholder Vanguard says it voted against chair Kellner
Top Boeing Co shareholder Vanguard Group voted against the company’s chairman Lawrence Kellner, citing “control failures” under its audit committee after two 737 MAX plane crashes, according to a stewardship report issued on Wednesday that will furth…
McConnell says business protection a condition for next COVID bill
U.S. Senate Majority Leader Mitch McConnell on Wednesday doubled down on his demand that Congress protect businesses from coronavirus-related liabilities in its next legislative package for combating the pandemic.
Boeing to cut workforce, seek liquidity as coronavirus leads to quarterly loss
Boeing Co said on Wednesday it would cut its workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as the coronavirus pandemic drove the planemaker to a net loss for the second straight quarter.
Fed likely to renew pledge to use all tools to brace economy
The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world’s largest …
Wall Street jumps on hopes of potential coronavirus drug
U.S. stocks opened higher on Wednesday after Gilead Sciences gave an encouraging update on a potential COVID-19 treatment, while upbeat earnings reports from Boeing and Google-parent Alphabet added to the sentiment.
KFC operator Yum’s same-store sales, profit as lockdowns bite
Yum Brands Inc reported a 7% fall in quarterly comparable store sales on Wednesday, as many restaurants across its brands were closed or limited to delivery and take-away due to lockdowns to curb the spread of the novel coronavirus.
Coronavirus savages U.S. economy in first quarter; worse still to come
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history.
GE warns of more pain ahead as pandemic deals $1 billion cash hit
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three mo…
Boeing to cut workforce by 10% and reduce 787 production due to pandemic
Boeing Co said on Wednesday it would cut its workforce by about 10% and further reduce 787 Dreamliner production after reporting a loss for the second straight quarter as the coronavirus pandemic hits global travel demand.
