Korean Air to get up to $971 million support from state-owned banks
Two state-owned banks in South Korea said on Friday they would provide up to 1.2 trillion won ($971 million) in liquidity to support Korean Air Lines Co Ltd as the aviation industry reels from the coronavirus crisis.
Stocks fall on worries over EU stimulus details, coronavirus drug
Global shares fell on Friday, spurred by delays to an agreement on divisive details of the European Union’s stimulus package and doubts about progress in the development of drugs to treat COVID-19.
Coronavirus stockpiling drives best Nestle sales growth in years
Swiss food giant Nestle reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled everything from Purina pet food to Nescafe coffee to frozen meals to prepare for coronavirus lockdowns.
Virgin Australia seeks aircraft waivers, owes $4.4 billion: administrator
Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review and will seek a three-month payment waiver from aircraft lessors, its administrators said.
Burberry to maintain employee pay through coronavirus crisis
British luxury brand Burberry will continue to pay its employees who are unable to fulfil their roles because of store or site closures during the coronavirus crisis and will not rely on government help, it said on Friday.
Ryanair may cut 10-20% of jobs in winter season, CEO tells German paper
Ryanair may have to lay off 10-20% of staff in the winter season as it will operate fewer flights due to the coronavirus crisis, Chief Executive Michael O’Leary said in a newspaper interview published on Friday.
U.S. oil firm Continental Resources halts shale output, seeks to cancel sales
The largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude after prices dived into negative territory this week, people familiar with the matter said.
Oil prices rise, capping week of historic turmoil over coronavirus
Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak.
Asian stocks fall, Europe set to follow on doubts over coronavirus drug
Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic.
Nestle first-quarter sales beat estimates as consumers hoard pet food, coffee
Nestle reported a 4.3% rise in organic sales growth for the first quarter, the food giant said on Friday, as consumers filled cupboards with Purina pet food and Nescafe coffee to prepare for lockdowns caused by the coronavirus pandemic.
