Norwegian Air has secured vital funding from shareholders as it battles to survive the novel coronavirus pandemic that drove down April passenger volumes by 98.7%, the budget carrier said on Thursday. The deeply-discounted share issue of up to 400 million Norwegian crowns ($39 million), central to the airline's plan of qualifying for state credit guarantees, has been oversubscribed by investors, it added. Shareholders, bondholders and lessors agreed this week on a plan to convert nearly $1 billion of debt into equity and raise up to 400 million crowns from the sale of new shares....
(Bloomberg) -- U.S. futures rose, European contracts traded flat and Treasuries halted a three-day slide as investors mull moves to ease lockdowns alongside mixed economic and earnings data.China’s yuan advanced offshore after a surprise gain in Chinese exports that economists don’t expect to last. Asian stocks were mostly lower, while the yen slipped. The pound held a modest drop after the Bank of England kept its policy settings unchanged. Crude oil stabilized around $24 a barrel in New York. Futures on the S&P 500 rose after the index slumped on Wednesday.A Wednesday report showing U.S. companies cut a record 20.2 million jobs in April showcased the economic damage of the coronavirus outbreak, before Friday’s official payrolls report. On the virus front, California reported its largest one-day jump in new cases, while Germany, the U.K., Denmark and the Netherlands are planning additional steps to ease their restrictions.As for earnings, signals from drug...
Planemakers Airbus and Boeing have asked Air France to delay taking some wide-body jets after a manufacturing slowdown caused by the coronavirus crisis, the head of parent Air France-KLM told Reuters. "We have some A350s for the end of the year that will be pushed into next year, and then we have some A350s for next year that will be pushed into the year after," Chief Executive Ben Smith said, adding that this was at Airbus's request. Air France has also been notified by Boeing that a 787 due to arrive in June will not be delivered on schedule, he said....
(Bloomberg) -- Anheuser-Busch InBev NV, the world’s largest brewer, warned that the second quarter will be much worse than the first three months of the year as April shipments drop 32% due to bars and restaurants closing during the Covid-19 pandemic.Earnings fell 14% on an adjusted basis before interest, taxes, depreciation and amortization in the first quarter. Analysts expected a 15% decline.Key InsightsThe plunge in April shipments compares to a 9.3% drop in the first quarter, illustrating how quickly the situation is deteriorating. The setback is especially acute in Mexico, South Africa and India, where the Budweiser maker has suffered a total halt in production.AB InBev joins rivals Heineken NV and Carlsberg A/S in reporting a collapse in revenue of its brands as the impact of shuttered bars offset any of the gains from the effect of drinkers stocking up at retail outlets. However, for AB InBev the crisis is particularly...
(Bloomberg) -- Anheuser-Busch InBev NV, the world’s largest brewer, warned that the second quarter will be much worse than the first three months of the year as April shipments drop 32% due to bars and restaurants closing during the Covid-19 pandemic.Earnings fell 14% on an adjusted basis before interest, taxes, depreciation and amortization in the first quarter. Analysts expected a 15% decline.Key InsightsThe plunge in April shipments compares to a 9.3% drop in the first quarter, illustrating how quickly the situation is deteriorating. The setback is especially acute in Mexico, South Africa and India, where the Budweiser maker has suffered a total halt in production.AB InBev joins rivals Heineken NV and Carlsberg A/S in reporting a collapse in revenue of its brands as the impact of shuttered bars offset any of the gains from the effect of drinkers stocking up at retail outlets. However, for AB InBev the crisis is particularly...
