Business

McDonald’s pulls 2020 outlook as quarterly comparable sales fall 3.4%

McDonald’s Corp (MCD.N) global comparable sales tumbled 22.2% in March and the burger chain pulled its full-year forecast as coronavirus-related lockdowns forced it to shutter stores and stick to delivery or take-out. The company, one of the first major quick-service chains to provide a glimpse into the economic impact of the health crisis, said on […]

Business

Spirit AeroSystems halts production for Boeing jets indefinitely

Spirit AeroSystems Holdings Inc (SPR.N), Boeing’s top supplier, said on Wednesday it had stopped production for the planemaker for an indefinite period and would furlough workers supporting Boeing programs in Kansas and Oklahoma. Spirit’s announcement comes days after Boeing suspended production of its 787 Dreamliner airplane, citing the impact of the coronavirus pandemic. Boeing has […]

Business

U.S. pushes back on call by OPEC+ to join big oil output cuts

Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the U.S. Department of Energy noted in a statement […]

Business

UK fashion retailer ASOS raises 247 million pounds in placing

British online fashion retailer ASOS Plc (ASOS.L) said it had raised 247 million pounds ($304 million) via a placing, to help it shore up its finances in case of a prolonged business downturn from the coronavirus pandemic. ASOS, which said on Tuesday it was planning the equity raising, said on Wednesday it had placed 15.8 […]

Business

Video service Zoom taking security seriously

Video conferencing company Zoom has been responsive to concerns over its software, the U.S. Department of Homeland Security (DHS) said in a memo recently distributed to top government cybersecurity officials. The memo – drafted by DHS’s Cybersecurity and Infrastructure Security Agency and the Federal Risk and Authorization Management Program, which screens software used by government […]

Business

U.S. Treasury wants details on airline debt, liquidity, loyalty programs

U.S. Treasury officials have asked airlines seeking government payroll support to provide additional detailed information on capital structure, liquidity and loyalty programs. Airlines’ daily cash burn rates, when they expect to run out of cash and their best estimates for projected wages and benefits between April 1 and Sept. 30 are among details Treasury has […]

Business

GM, Philips to supply 73,000 U.S. ventilators in $1.1 billion effort

The U.S. Health and Human Services Department (HHS) on Wednesday awarded two contracts worth more than $1 billion to make ventilators needed to treat severely sick coronavirus patients and plans to announce five additional contracts later this week. HHS awarded automaker General Motors Co (GM.N) a contract for $489 million to produce 30,000 ventilators, while […]