UK’s Next bolsters finances after coronavirus triggers 41% sales fall
British clothing retailer Next has shored up its finances to help get it through the coronavirus crisis by selling property, suspending share buybacks and dividends and cutting costs after first-quarter sales fell 41%.
AstraZeneca sticks to 2020 outlook, boosted by drug stockpiling
AstraZeneca topped analysts’ estimates for quarterly profit and reiterated its targets for the year on Wednesday, as the British drugmaker benefited from higher demand for some of its medicines during the coronavirus pandemic.
Auto supplier Bosch sees global car production down 20% in 2020
German auto supplier and technology company Robert Bosch [ROBG.UL] on Wednesday said it expected automotive production to fall by at least 20% this year, as the coronavirus pandemic slams the brakes on factory production lines and saps demand.
Volkswagen sees second-quarter operating loss over coronavirus impact
German carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday.
Geely’s Volvo Cars gives notice to 1,300 white-collar staff in Sweden
Volvo Car Group, owned by China’s Geely Holding, said on Wednesday it was giving notice of redundancy to 1,300 white-collar workers in Sweden as the impact from the pandemic raised the urgency of lowering structural costs.
Shares squeeze out gains as economies look to reopen
World shares eked out slim gains on Wednesday, with optimism over economies easing coronavirus lockdowns and oil prices clawing back ground leavened by caution over corporate earnings.
Airbus first-quarter profit plunges as coronavirus crisis starts to bite
Airbus on Wednesday posted a 49% slump in first-quarter core profit and called for an industry-wide campaign to restore confidence in flying after the coronavirus pandemic triggered the “gravest crisis the aerospace industry has ever known”.
StanChart sees key markets leading quick economic recovery after loan losses hit first quarter
Standard Chartered PLC on Wednesday said it expects its main markets to lead global economic recovery from the COVID-19 crisis as early as later this year, striking an optimistic note after increased bad loan provisions squashed quarterly profit.
Lufthansa chief to meet Austrian chancellor to discuss state aid
Austrian Chancellor Sebastian Kurz and Lufthansa boss Carsten Spohr will meet in Vienna on Wednesday to discuss urgently needed state aid for the German carrier’s Austrian business, a spokesman for Kurz said.
IAG shares fall after warning over slow recovery
Shares in airline group IAG fell 3% after the airline group launched a plan to shrink its main British Airways business, axing staff numbers by a quarter as it warned of a slow recovery from the coronavirus pandemic.
