Tycoon Running 500 Hotels Says Virus Crisis Is Worst He’s Seen
Bill Heinecke thought he’d seen it all in a decades-long career running hotels: the Asian and global financial crises, SARS, and military coups in his adopted home, Thailand. But the…
Coronavirus: US Companies Already Facing Bankruptcy
A growing number of companies will file for bankruptcies in 2020 as businesses remain shuttered due to the coronavirus. Airlines, retail stores and restaurants are among some of the industries…
MTN Group To Reduce Stake In Nigeria
MTN Group Ltd will push on with the plan to reduce its majority stake in the wireless carrier’s business, it was learnt on Thursday. But the turmoil caused by the…
Gap Stops Paying Rents, Warns It Might Not Have Enough Cash For Operations
Gap warned on Thursday it may not have enough cash flow to sufficiently fund its operations as stores remain shut because of the coronavirus pandemic. The apparel retailer said in…
Why A ‘Return To Normal’ Could Mean Disaster For The Stock Market
It’s hard to deny, although some do, that the stock market, pre-coronavirus, was pushing the limits of what it means to be in a bubble. Of course, bubbles come and…
Target’s Shares Tumble As Retailer Says First-Quarter Profits Will Be Hurt By Higher Costs
CEO Brian Cornell said Thursday the retailer has benefited from a surge in online shopping, but warned it will have lower profits this quarter due to higher costs. The news…
Netflix To Borrow Another $1 Billion Despite Record High Cash Balance
Netflix Inc. is selling new junk bonds, even as the company sits on a record high cash balance and turned its first quarter of positive cash flow in six years.
Coronavirus Propel Netflix To Huge Subscriber Gains
Netflix added a stunning 16 million subscribers in the first quarter of 2020, as the coronavirus pandemic led people to stay at home and binge on hit docuseries, such as…
Aston Martin To Focus On Production Of SUVs
Aston Martin’s (AML.L) immediate priorities will be restarting manufacturing and launching production of its crucial first sport utility vehicle, the luxury carmaker’s new boss, Formula 1 team owner Lawrence Stroll,…
Volkswagen Settles Emission Class Actions With Three-Quarters Of Claimants
Volkswagen has reached settlements with 200,000 of the 260,000 claimants participating in a class action lawsuit brought by German consumer group VZBV over the carmaker’s rigging of diesel emissions tests,…
Nigeria Report: Investment-led Strategy Critical for Economic Recovery – Bismarck Rewane
The Managing Director, Financial Derivatives Company Limited and a member of President Muhammadu Buhari’s Economic Advisory Council (EAC), Mr. Bismarck Rewane, has said an investment-led strategy is critical to stimulate…
Nigeria: How To Access N50bn COVID-19 Intervention Fund – CBN
The Central Bank of Nigeria says interested stakeholders must meet its set criteria to access its N50bn intervention loans for small and medium scale enterprises. The CBN introduced the N50bn…
Cash Is king As U.S. Quarterly Reporting Season Gains Steam
As the U.S. quarterly earnings season picks up steam next week, investors will get an early glimpse of how companies are weathering the coronavirus outbreak, including the strength of their…
Airbus Furloughs 3,000 French Aerospace Workers
Airbus (AIR.PA) will furlough some 3,000 French aerospace workers by tapping a government-backed scheme for four weeks starting from Monday, the planemaker said on Friday, in its latest effort to…
P&G Profit Beats Estimates As Shoppers Stock Up On Diapers And Toilet Rolls
Procter & Gamble Co (PG.N) beat Wall Street expectations for quarterly profit on Friday as consumers stockpiled on everything from diapers and detergent to toilet rolls amid sweeping lockdowns to…
Nigerian Government Orders Removal Of Trucks From Port Roads
The Federal Government has issued fresh guidelines aimed at stemming the spread of the novel coronavirus. This is coming against the backdrop of the extension of the lockdown in Lagos…
Coronavirus: Netflix And Amazon Investors Reap Reward Of Lockdown
The past few weeks have brought market turmoil of historical proportions, but investors in Amazon and Netflix are reaping notable gains. The two names are top performers among large-cap tech…
What To Watch Out For As Netflix Reports Q1 Results
Netflix has been a star performer in the coronavirus pandemic, and investors are looking for signs that the company can reap lasting gains from the stay-at-home movement. The streaming giant…
Procter & Gamble Raises Dividend By 6%
Procter & Gamble Co. said it has raised its quarterly dividend by 6% and moved up its scheduled fiscal third-quarter earnings report date to Friday, April 17. The consumer products…
Airbnb Secures New $1 billion Loan On Top Of $1 Billion Bond Deal
Airbnb, whose home rental business is suffering as the coronavirus pandemic freezes global travel, has secured a new $1 billion loan just days after closing a $1 billion debt deal,…
80,000 Apply For Central Bank Of Nigeria’s Coronavirus Intervention Fund
Three weeks after the Central Bank of Nigeria released the guidelines for the N50bn targeted credit facility, over 80,000 applications have so far been received from businesses and individuals. The…
Apple Shipped 2.5 Million iPhones In China In March Following Virus Slump: Government Data
Apple Inc (AAPL.O) shipped roughly 2.5 million iPhones in China in March, a slight rebound after one of its worst months in the country ever, according to government data published…
Asia Shares Hit One-Month High On Chinese Trade Data, Easing Pandemic Worries
Asian equities extended gains on Tuesday after China’s trade data came in better than expected and as some nations tried to restart their economy by partly lifting restrictions aimed at…
Exxon Raises $9.5 Billion To Load Up On Cash Ahile Debt Market Still Open To New Deals
Exxon Mobil Corp on Monday raised $9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals.…
Disney+ Surpasses 50M Paid Subscribers Globally
Disney+ (DIS) has gained momentum in the streaming fight — announcing this week that the platform topped 50 million subscribers worldwide since its launch last fall. The new update helped…
Dealmakers Are Turning to Drones To Help Complete Transactions
Coty’s beauty unit bidders may use drones for due diligence. Latest innovation for salvaging deals in social-distancing age
Tesla’s China Sales Hit Record High In March
Tesla Inc sold 10,160 vehicles in China in March, its highest ever monthly sales in the world’s largest auto market, according to the China Passenger Car Association (CPCA). CPCA secretary…
Increased Chip Sales Unlikely To Cushion Samsung’s Virus Hit Quarter Profit
The coronavirus-driven global shift to working from home is set to have boosted demand for Samsung Electronics’ memory chips from laptop makers and data centres, but first-quarter profits are likely…
Hotel Lobbies Go Quiet As Demand Drops During Coronavirus Pandemic
Travel stops as government impose lockdowns ahead of usually busy Easter weekend
Nigerian Breweries To Raise More Funds Via CP
Barely two months after brewery giant, Nigerian Breweries Plc launched series 5 and 6 Commercial Paper (CP) to raise N45 billion to support its short-term funding needs, the multinational firm…