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(Bloomberg) -- China will impose unspecified sanctions on defense contractor Lockheed Martin Corp. after the U.S. approved a possible $620 million deal to supply missile parts to Taiwan, marking the latest in a volley of punitive actions by the superpowers as relations grow colder.“China firmly opposes U.S. arms sales to Taiwan,” Chinese Foreign Ministry spokesman Zhao Lijian said at a briefing in Beijing on Tuesday. “We will impose sanctions on the main contractor of this arms sale, Lockheed Martin,” he said, without elaborating on what form the sanctions may take.The move comes as tensions grow between the U.S. and China on a number of fronts, from the trade war and territorial claims in the South China Sea to the coronavirus pandemic and new security law Beijing imposed on Hong Kong. Zhao, the Foreign Ministry spokesman, called on the U.S. to cut military ties with Taiwan -- which China considers part of...
Shares in AMC Entertainment Holdings Inc. (AMC) jumped almost 7% in pre-market trading after the cash-strapped U.S. theater chain said it reached an agreement with bondholders to reduce its debt pile by as much as $630 million.The stock rose to $4.55 in Tuesday’s pre-market trading as the world’s largest theater operator announced that the accord reached with about 73% of a group of lenders of its $2.3 billion in senior subordinated bonds would cut its total debt by between $460 million and $630 million. In addition, AMC’s noteholders have agreed to invest $200 million in new AMC first lien notes.Separately, AMC said it has also reached an agreement to restructure some $600 million of convertible notes issued in 2018 to Silver Lake. Upon the closure of the private debt exchange, Silver Lake will provide AMC with $100 million in additional cash in the form of incremental first lien financing.AMC expects the...
"Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy," Chief Executive Officer Jamie Dimon said. Dimon also said the bank will continue to pay dividend unless "the economic situation deteriorates materially and significantly"....
Delta Air Lines on Tuesday reported an adjusted pre-tax loss of $3.9 billion in the second quarter, as the COVID-19 pandemic that’s hammered the airline industry ravaged the company’s revenue....
JPMorgan boosts its credit reserves as the coronavirus crisis worsens worldwide....
