FRANKFURT (Reuters) – Lufthansa vowed to step up up restructuring measures after posting a first-quarter net loss of 2.1 billion euros ($2.35 billion), days after agreeing a state bail-out amid the fallout from the coronavirus pandemic. The German carrier’s pledge to slash costs comes as it braces for a significant decline in 2020 earnings. “In […]
WASHINGTON (Reuters) – The National Transportation Safety Board (NTSB) on Tuesday urged six major manufacturers to equip turbine-powered helicopters with crash-resistant systems to record data, audio and images, after former NBA star Kobe Bryant and eight others were killed in a helicopter crash in January. The NTSB asked Airbus Helicopters (AIR.PA), Bell – a unit […]
WASHINGTON (Reuters) – The U.S. Commerce Department said on Tuesday it was opening an investigation into whether imports of vanadium, a metal used in aerospace, defense and energy applications, impair U.S. national security. The “Section 232” probe is similar to ones that resulted in broad tariffs on steel and aluminum in 2018 and a probe […]
(Reuters) – U.S. stock index futures hit a three-month high on Tuesday as hopes of a rebound from a coronavirus-led economic slump prevailed over fears of disruption from widespread protests over race in the country. Some of the worst-hit stocks in the travel sector, including American Airlines Group Inc (AAL.O), United Airlines (UAL.O), Norwegian Cruise […]
NEW YORK/WASHINGTON (Reuters) – Well-timed trades in Gilead Sciences Inc’s (GILD.O) options ahead of good news on the biopharmaceutical company’s COVID-19 drug treatment may draw regulatory scrutiny, experts said. On April 17, Gilead’s shares jumped nearly 10% following a media report detailing encouraging partial data from trials of the U.S. company’s experimental drug remdesivir in […]
SINGAPORE – Local banks have cut their interest rates on savings accounts amid the coronavirus outbreak this year, with OCBC Bank being the first to announce another reduction since May. The Business Times reported on Monday (June 1) that OCBC will reduce the salary credit bonus interest for customers on the OCBC 360 savings account […]
LONDON/TOKYO (Reuters) – European manufacturers may be over the worst of a coronavirus-driven downturn, but Asia’s pain deepened in May due to a slump in global trade, with export powerhouses Japan and South Korea seeing the sharpest falls in activity in over a decade, surveys showed. The new coronavirus pandemic – which has killed more […]
SINGAPORE (THE BUSINESS TIMES) – Amid a weakened interest rate environment and the challenging macro climate, OCBC will reduce the salary credit bonus interest for customers on the OCBC 360 savings account from July 1. For balances up to $35,000, the salary credit bonus interest will be halved to 0.6 per cent, down from the […]
NEW YORK (Reuters) – Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June. Riots over the weekend engulfed major U.S. cities on Saturday night, and more violence was feared Sunday […]
BERLIN/FRANKFURT (Reuters) – Lufthansa’s (LHAG.DE) management board accepted a more favourable set of demands made by the European Commission in exchange for approval of a 9 billion euro ($10 billion) government bailout, the carrier said on Saturday, paving the way for its rescue. The agreement comes after Lufthansa’s supervisory board on Wednesday rejected an initial […]