AirAsia to halt Airbus deliveries and review orders
AirAsia Group , one of Europe’s top five corporate export customers, will stop taking deliveries of Airbus jets this year and review its remaining orders as the coronavirus crisis heaps pressure on the Malaysian carrier.
Futures jump after Gilead’s COVID-19 drug meets main goal
U.S. stock index futures jumped on Wednesday after Gilead Sciences said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.
Coronavirus hammered U.S. economy in first quarter
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.
General Electric says cut 700 jobs in power unit in first quarter
General Electric Co said on Wednesday it had cut 700 jobs in its power division in the first quarter, and that it was on track to reduce capital expenditure by 25% this year.
Anthem profit beats on IngenioRx strength; backs 2020 earnings forecast
Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans.
Samsung’s phone fortunes wane as COVID-19 hits 5G phones in Europe and U.S.
When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing.
VW, Daimler urge Germany to boost car demand as profits plunge
VW and Daimler on Wednesday urged the German government to help boost demand for cars as the coronavirus pandemic hammered first-quarter profits and forced both carmakers to drop their outlooks for the year.
Renault may cut sub-contractors to save up to 200 million euros: sources
Renault is considering cutting the number of sub-contractors it uses to develop car models in its engineering division potentially saving the carmaker between 100 million to 200 million euros, two sources close to the company said.
BA parent bets on cost cuts, not government, to survive coronavirus crisis
IAG’s move to axe up to 12,000 jobs at its main British Airways business reflects boss Willie Walsh’s preference to slash costs rather than seek a state bailout to survive what is expected to be the worst downturn in aviation history.
Next shores up finances as sales crash in British lockdown
Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.
