Carnival Corp (NYSE: CCL) has announced the temporary cancelation of cruise operations.What Happened Carnival announced Monday it was canceling all cruises through June 26, 2020. Ships leaving San Francisco are canceled through 2020. Carnival Sunrise, Legend, and Radiance ships are canceled through Oct. 19, Oct. 30 and Nov. 1, respectively.The company thanked customers for their "patience and understanding." For customers who have booked cruises of more than six days in length, Carnival is offering a 100% future cruise credit, as well as $600 onboard credit per stateroom, if the tickets are booked by Dec. 31, 2020, for a sail departing by Dec. 31, 2022.Alternatively, all customers are eligible for a 100% refund of what they paid. For those who have booked a cruise of less than five days, similar terms apply, except they will only receive $300 in onboard credit per stateroom.Benzinga is covering every angle of how the coronavirus affects...
Carnival Corp (NYSE: CCL) has announced the temporary cancelation of cruise operations.What Happened Carnival announced Monday it was canceling all cruises through June 26, 2020. Ships leaving San Francisco are canceled through 2020. Carnival Sunrise, Legend, and Radiance ships are canceled through October 19, October 30, and November 1, respectively.The company thanked customers for their "patience and understanding." For customers who have booked cruises of more than six days in length, Carnival is offering a 100% future cruise credit, as well as $600 onboard credit per stateroom, if the tickets are booked by December 31, 2020, for a sail departing by December 31, 2022.Alternatively, all customers are eligible for a 100% refund of what they paid. For those who have booked a cruise of less than five days, similar terms apply, except they will only receive $300 in onboard credit per stateroom.Why It Matters In March, Carnival suspended its Princess Cruises...
(Bloomberg) -- Stocks in Europe edged lower while American equity-index futures retreated as investors scoured corporate earnings to gauge the impact of the coronavirus outbreak. The dollar ticked higher and Treasuries rose.The Stoxx Europe 600 index declined for the first time in five trading days. ASML Holding NV, a crucial supplier to Samsung Electronics Co., reported a 40% drop in first-quarter earnings and refrained from providing guidance for the next three months amid uncertainty caused by the pandemic. Contracts on all three major U.S. gauges fell after the S&P 500 closed at a one-month high on Tuesday, following earnings from Johnson & Johnson, JPMorgan Chase & Co. and Wells Fargo & Co. that provided a mixed picture. Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. are up next.Shares in Tokyo erased earlier losses to finished little changed. Chinese and Hong Kong stocks slipped, while Australian equities fell as...
Covanta (CVA) has cut its annualized dividend by 68% while announcing a number of cost reduction measures. Amid headwinds related to COVID-19, the waste management company also withdrew FY20 guidance.Beginning with the dividend expected to be declared in the second quarter, Covanta plans to lower the annualized payout to $0.32 per share from $1 per share previously.According to Covanta’s calculations, this move will increase cash retention for other uses by $90 million on an annual basis.“Regarding the dividend, the payout already exceeded 100% of the FY20 guidance midpoint before the crisis, and given the organic growth investment opportunities, a rebalancing of capital allocation has logic” commented Oppenheimer’s Noah Kaye following the update.However, the analyst added that he was surprised by the timing (almost a month before the next scheduled board meeting) and the magnitude of the cut.Covanta also revealed that all its waste-to-energy facilities remain in operation with minimal disruption. It is also...
(Bloomberg) -- Gold traded near the highest close in more than seven years, supported by predictions for the deepest global recession in generations; expectations for prolonged, debt-fueled intervention by central banks and governments; and another charge by investors into bullion-backed funds.Spot bullion held its ground after a four-day surge, with the International Monetary Fund twinning a warning that the pandemic-induced global recession will be the deepest since the Great Depression with a plea for more even more stimulus. Later Wednesday, U.S. retail sales data for March will add more detail on the damage from the outbreak as earnings season rolls on.“Gold is the ultimate hedge against too much debt in the world,” said Rainer Michael Preiss, chief investment officer, equity, at The Global CIO Office in Singapore. Bullion will go on to hit a record, he said, citing balance-sheet expansions by central banks and large-scale fiscal stimulus.The precious metal has rallied...
Tesla (TSLA) has now settled a lawsuit with California-based robotics company Zoox, Reuters reports. In March 2019, Tesla lawyers filed a lawsuit against four former employees and Zoox.The company claimed that these employees stole proprietary information and trade secrets for developing warehousing, logistics and inventory control operations.“Zoox acknowledges that certain of its new hires from Tesla were in possession of Tesla documents pertaining to shipping, receiving, and warehouse procedures when they joined Zoox’s logistics team,” Zoox said.According to the settlement, Zoox will now pay Tesla an undisclosed amount and undergo an audit checking that none of its employees have retained or are using Tesla’s confidential information.At the same time, Credit Suisse analyst Dan Levy upgraded TSLA from sell to hold while boosting his price target from $415 to $580. Levy believes that Tesla now “competitively has more edge in the transition to EV [electric vehicles] as coronavirus disruption will make it more difficult...
