U.S. SEC’s Clayton says companies seeking bailouts must disclose plans, communicate with investors
The head of the U.S. Securities and Exchange Commission (SEC) said on Tuesday that companies in discussions about bailouts resulting from the economic impact of the coronavirus outbreak should disclose to investors where they stand.
Cineworld suspends dividend, defers pay to cushion virus hit; shares soar
Cineworld’s shares soared 36% on Tuesday after it suspended its dividend and said it was in talks with landlords, film studios and major suppliers to offset the impact of the closure of all its 787 cinemas due to the coronavirus pandemic.
Japan’s SoftBank to invest $48 million in Brazil pet products site Petlove
Japan’s SoftBank Group Corp reached an agreement to invest 250 million reais ($48 million) in pet products online retailer Petlove, the companies said in a statement on Tuesday.
Millions of aviation jobs at risk, airlines beg for govt support: IATA
Global airlines said 25 million jobs across the world could be at risk from the coronavirus travel downturn, as the industry’s representative body launched a plea for urgent government support amid warnings that carriers are running out of cash.
WeWork special committee files lawsuit against SoftBank after tender offer falls through
The special committee on the board of The We Company, which operates office-sharing startup WeWork, filed a lawsuit against its largest shareholder SoftBank Group Corp on Tuesday, challenging its decision to terminate a $3-billion tender offer.
Last but not least: Exxon chops spending by 30%
Exxon Mobil Corp on Tuesday throttled back a multi-year investment in shale, LNG and deep water oil production and will cut planned capital spending by 30% this year as the coronavirus pandemic saps energy demand and oil prices.
In a first, China knocks U.S. from top spot in global patent race
China was the biggest source of applications for international patents in the world last year, pushing the United States out of the top spot it has held since the global system was set up more than 40 years ago, the U.N. patent agency said on Tuesday.
Honda furloughs U.S. workers until May 1 as coronavirus suspends operations
Honda Motor Co on Tuesday said that it had furloughed workers at its U.S. plants which will be closed until May 1 as demand for cars in the country has plummeted due to the spread of the coronavirus.
Graphic: Oil majors cut 2020 spending by 22% after prices slump
The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
Macy’s finance chief Paula Price to step down in May
Department store chain operator Macy’s Inc said on Tuesday Chief Financial Officer Paula Price would step down from the role next month after nearly two years on the job.
