Ford warns of $5-bln loss for Q2
Ford has warned it will book a loss of $5 billion for the current quarter because of the coronavirus crisis. Ben Klayman and Nick Carey reported the news for Reuters: Ford Motor Co (F.N) said on Tuesday its second-quarter loss would more than double to over $5 billion from $2 billion in the first quarter […]
Diamond Offshore files for bankruptcy
Diamond Offshore Drilling has become the latest oil company to seek bankruptcy protection amid havoc on oil markets. David Wethe and Jeremy Hill had the news for Bloomberg: Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration […]
Tyson Foods closes largest pork processing plant
Tyson Foods closed its largest pork processing plant after pressure from local officials that the plant is a hotbed of Covid-19. Ryan J. Foley reported the news for the AP: Tyson Foods suspended operations Wednesday at an Iowa plant that is critical to the nation’s pork supply but was blamed for fueling a massive coronavirus […]
Netflix adds 16 million subscribers
Netflix added 16 million new subscribers in the first quarter, with the total now at almost 183 million. Lisa Richwine and Akanksha Rana reported the news for Reuters: Netflix Inc (NFLX.O) more than doubled its own projections for new customers as quarantined audiences binged on series such as “Tiger King,” but the company predicted a […]
Shake Shack will return small business loan
Burger chain Shake Shack will return the $10-million loan it was granted under the Paycheck Protection Program. Aakriti Bhalla reported the news for Reuters: Shake Shack Inc (SHAK.N) will return the small business loan it received from the U.S. government, the burger chain’s chief executive said on Monday, making it the first major firm to […]
Apple unveils affordable iPhone
Apple has launched a new iPhone that starts with a price tag of $399. Stephen Nellis reported the news for Reuters: Apple Inc (AAPL.O) on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company’s smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus […]
Smithfield shuts down pork plant, warns of grocery shortages
Smithfield said it will shut down a pork processing plant for the observable future amid a Covid-19 outbreak among workers and warned the U.S. may be coming close to grocery shortages. Tom Polansek reported the news for Reuters: Smithfield Foods, the world’s biggest pork processor, said on Sunday it will shut a U.S. plant indefinitely […]
Tesla cuts salaries, furloughs workers
Tesla has told employees it would cut salaries by 10-30% and furlough workers as Covid-19 cripples demand for cars. Tina Bellon reported the news for Reuters: Tesla Inc (TSLA.O) told employees on Tuesday it would furlough all non-essential workers and implement salary cuts during a shut down of its U.S. production facilities because of the […]
Airbnb raises $1 bln in private equity funding
Airbnb has raised $1 billion in debt and equity from private equity investors to weather the coronavirus storm. Deirdre Bosa and Laura Batchelor reported the news for CNBC: Airbnb is raising $1 billion, even as the coronavirus crisis hits the travel and hospitality industries especially hard. In a press release, Airbnb says that private equity […]
Boeing extends factory shutdown
Boeing has extended the shutdown of its Seattle manufacturing site until further notice. Leslie Josephs reported the news for CNBC: Boeing is extending production shut down at its Seattle-area airplane factories “until further notice” because of the coronavirus pandemic, the company said Sunday. The manufacturer last month said it would pause production for two weeks […]
