Coronavirus Pandemic Pushes Intelsat into Bankruptcy

Luxembourg based satellite company Intelsat Corp SA. (I) announced that it had filed for chapter 11 bankruptcy earlier in the week. The tech company says coronavirus pandemic is the main reason it decided to seek bankruptcy protection. The bankruptcy was filed in the U.S. Bankruptcy Court for the Eastern District of Virginia. Under the filling, […]

Nissan to Trim Financial Guidance by $2.8 Billion in Restructuring Plans

Japan based automaker Nissan Motor Co (7201) is looking forward on holding meeting to restructure financial guidance of the company for the year citing unavoidable disruptions caused by coronavirus pandemic which has resulted to reduced demand due to restricted movement of individuals. This information was first published on Bloomberg News indicating Nissan is planning to […]

Shanghai Disneyland Reopens Without Much Pomp

Following a three months closure period after global breakout of deadly coronavirus finally Disneyland lovers in China have a reason to smile since Walt Disney Co. (DIS) reopened doors Shanghai Disneyland to the public once again. Despite that the re-opening was less popped and without much fuss thousands of visitors found their way into Shanghai Disneyland […]

Columbia Removes Contact Tracing Feature from Official App

Columbia has dropped the contact tracing feature from its official app used to inform country’s residents about developments on coronavirus pandemic. The country says main reason behind the move is technical hitches in the contact tracing feature. Government officials told reporters that they will be engaging tech firms Apple Inc. (AAPL) and Alphabet Inc’s. (GOOGL) […]

Sinclair to Pay $48 Million for Abandoning Acquisition Deal

U.S based Telecommunication and Media Company Sinclair Broadcast Group Inc. (SBGI) has been directed by the Federal Communications Commission (FCC) to pay $48 million as a civil penalty for abandoning an acquisition deal in which it was to purchase Tribune Media. This is the largest ever civil penalty imposed by the agency, the penalty is […]

Apple Taps Into Federal Reserve’s Cheap Debt

IPhone manufacturer Apple Inc. (AAPL) has decided to tap into emergency measures provided by the Federal Reserve to cushion the United States economy against plunge inflicted by breakout of coronavirus pandemic. Under the measures, Apple tapped into these cheap debt measures by issuing cheaper bonds in the markets with an aim of using the cash […]

Norwegian Air to Convert Debts into Equity to Help Airline Survive Pandemic

Undoubtedly the airline industry around the globe is among the worst hit by coronavirus pandemic. The pandemic has seen reduced air traffic hence all airlines have most of their aircrafts grounded. Norway’s national carrier, Norwegian Air (NWC) will be converting its debts to equity as a measure to help the airline survive plunge caused by […]

Silver Lake to Acquire Stake Worth $750 Million in Reliance

American private equity company Silver Lake has announced that it will be purchasing stake worth $750 million in the digital unit of India based Reliance Industries Ltd (RELI). This announcement comes barely two weeks after tech company Facebook Inc. (FB) invested $5.7 billion in the same business. The digital unit of Reliance Industries is known […]

Mirae Asset Sued for Missing Deadline to Buy U.S Hotels from Chinese Insurance

South Korea based asset management firm Mirae Asset Global Investment has been sued for failing to purchase 15 U.S. hotels from China’s Anbang Insurance Group under the stipulated time frame in the deal. This was announced by Mirae’s spokesperson after time elapsed for the purchase, Mirae was set to acquire these hotels at a cost of […]

LG Reports Losses in Fifth Consecutive Quarterly Reports

Undoubtedly, business hasn’t been as usual for worldwide known South Korean tech company LG Display Co Ltd (KRX: 034220) the firm posted net losses in the first quarter of the year bringing its quarterly results to five consecutive quarterly net losses. In the first quarter ended March 31, LG reported net operating losses of 362 […]