The company also said it would temporarily suspend its share buyback program and take steps to cut costs, but would maintain its quarterly dividend. Starbucks said it now expects to report second-quarter earnings of about 28 cents per share, reflecting the impact of lost sales for the period as well as higher costs. Like most other restaurants, Starbucks had to close its cafe areas and move operations to drive-thru, carry out and delivery only in response to customer concerns and government mandates to help stop the spread of the deadly virus by limiting social contact....
(Bloomberg) -- Global cases of the coronavirus topped 1.5 million, less than a week after surpassing the 1 million mark. New York, the U.K. and Belgium reported their deadliest days so far. Spain’s fatalities and new cases rose to the highest in four days. U.K. Prime Minister Boris Johnson is stable and responding to treatment at a London hospital.U.S. Democrats are seeking at least $500 billion in the next stimulus bill, and Hong Kong announced a fresh package valued at about $18 billion. European Union finance ministers failed to agree on a $543 billion recovery plan for the bloc.The World Health Organization cautioned countries against lowering their guards.Key Developments:Global cases top 1.5 million; deaths pass 87,000: Johns HopkinsTrump team prepares plans to reopen economy that depend on testingFederal medical aid to states falls short, House report saysGenome researchers find most NYC cases came from EuropeU.S. recession model at 100% confirms downturn...
U.S. comparable sales rose 10.7% for five weeks ended April 5, while e-commerce sales surged 48.3%, Costco said in a statement. "Costco's March sales results reflect the impact of the various safety measures the company has put in place in reaction to the coronavirus," Moody's lead Costco analyst Charlie O'Shea said. The company saw a 34.7% rise in traffic in the second week of March from a year earlier, just as Sam's Club, Target Corp and Walmart Inc clocked double-digit jumps, according to foot traffic analytics company Placer.ai....
Goldman Sachs wrote April 8 that the coronavirus-related shut down appears similar to the "man-made" recession of 1981-1982, leaving open the possibility of "multi-million job gains" in the recovery....
(Bloomberg) -- A popular investment among Asia’s wealthy in the years of rock-bottom interest rates has been upended in the recent market rout, leaving investors facing losses estimated to be in the billions of dollars.Structured products called fixed coupon notes attracted scores of private banking clients in Hong Kong and Singapore in recent years, according to half a dozen bankers and advisers Bloomberg spoke with. Promised regular coupons even in turbulent times, some put 20% or more of their portfolios into the instruments, they said. One catch: the principal was tied to swings in assets like stocks, and losses could mount quickly during deep market declines.About 5%, or more than $80 billion, of Asian private banking assets outside mainland China is probably tied to such notes, estimates University of Hong Kong Professor Dragon Tang. They worked smoothly until Covid-19 struck. The promised payouts have since been dwarfed by capital losses as...
Dana named Ryan Laskey to lead the company's commercial vehicle drive and motion systems business, succeeding Mark Wallace, who has accepted a CEO position outside the company. ...
