American Airlines Group Inc is in advanced talks to hire Guggenheim Securities co-chairman James Millstein for advice on tapping a $50 billion industry relief package available from the U.S. Treasury Department to cope with the coronavirus pandemic, people familiar with the matter said.
British budget airline easyJet has grounded its fleet of 344 planes and has no clear idea when it might resume flights, it said on Monday, highlighting the strain on airlines trying to survive the coronavirus pandemic.
The Federal Reserve has offered more than $3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from seizing up, but it has not yet directly helped large swaths of the real economy: companies, municipalities and other borrowers with less than perfect credit.
China's central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic.
British low cost airline easyJet said it had grounded its entire fleet of over 330 aircraft and had no visibility on when it could restart flights, highlighting the heavy strain on airlines trying to survive to fly again after coronavirus.
Troubled fashion retailer Ted Baker on Monday named Chief Financial Officer Rachel Osborne to the permanent role of chief executive officer, replacing Lindsay Page who stepped down last year.
China's largest state banks said the impact of restrictions on movement imposed to slow the spread of the coronavirus could pull down asset quality as borrowers struggle to repay loans, though they are likely big enough to weather any fallout.
"As dramatic as this has been, I do believe that the economy will recover steadily," Fink says.
Asian shares slipped on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks' best efforts.
Commerzbank said on Monday that it will not propose a dividend for 2019.
The U.S. Air Force announced on Monday an additional deficiency in the KC-46 Pegasus aerial fuel system built by Boeing , classifying it at the Category I level, meaning it is a major technical issue that may endanger the aircrew and aircraft.
Virgin Australia Holdings Ltd said on Tuesday it is seeking a government loan of A$1.4 billion ($862.68 million) and exploring other options to get through the coronavirus crisis.
Yum Brands Inc , owner of Pizza Hut, KFC and Taco Bell restaurant chains, sold $600 million in bonds on Monday, reopening the U.S. market for junk-rated debt issues after its longest lull since the 2008 financial crisis.
The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a shortage of the U.S. currency before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis showed no signs of abating.
Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps.