Finance

American Airlines Will Cut Down Labor Force by 30%

American Airlines Group Inc. (AAL) issued a letter to its workers indicating that it must trim down its management and support employees by at least 30% for the company to come out of the plunge it has been left into by coronavirus pandemic which has significantly affected the aviation sector globally. By now all major […]

Volkswagen Finalizing Deals With Two Chinese EV Companies

German based and world leading automaker Volkswagen AG (VOWG) is in the brink of sealing deals with two Chinese electric vehicle companies namely Anhui Jianghuai Automobile Group Holding and an EV battery manufacturer Guoxuan High-tech Co Ltd (002074). Sources have revealed that Volkswagen is set to part with 3.5 billion yuan ($491 million) to acquire […]

Lenovo Soar Above Analysts’ Estimates in Quarter Reports

Hong Kong PC maker Lenovo Group Limited (HKG: 0992) has posted its results for the quarter ending March 31, the company registered declining sales and profits due to the pandemic but it largely performed better than what analysts had estimated. Net profit for the company’s fourth quarter slumped by 64% to $43 million but it […]

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 […]

BMW Slashes Financial Guideline Says Pandemic Effect Will Last Entire year

German based luxurious car manufacturer Bayerische Motoren Werke AG (BMW) has announced withdrawal from earlier released financial guidance for the year further adding effects caused by coronavirus pandemic will affect the company’s performance for the entire year. “The BMW Group still expects the spread of the coronavirus and the necessary containment measures to seriously dampen […]

Disney Cuts Profit by $1.4 Billion Withdraws Dividend Payment due to Pandemic

Entertainment Company Walt Disney Co. (DIS) has provided measures it will be taking so as to enable the company overcome the pandemic while maintaining losses at minimum levels possible. Disney has announced it will be reducing profit by $1.4 billion, the company said a large chunk of this loss will be coming from its theme […]

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 […]

Nokia Generates Some Q1 Profits Despite Pandemic

Finland based IT and telecommunications company Nokia Oyj (NOKIA) has revealed its first quarter results of the year for the three month period ended March 31. Despite the quarter being dominated by coronavirus pandemic, the tech company managed to generate some profit. In the quarter, Nokia generated profit of 1 euro cent per share, a […]

Stay at Home Orders Helps Microsoft Beat Q3 Estimates

Tech Company Microsoft Corporation (MSFT) has announced its third quarter results for the period ending March 31, in the results Microsoft surpassed profit, revenue and sales estimates by Wall Street. In the quarter, revenue of the company increased by 15% to $35.02 billion surpassing earlier Wall Street’s estimate of $33.66 billion. Microsoft generated a net […]