U.S. firms may face probes over payroll loans, Treasury, DOJ officials warn
U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that companies that received coronavirus rescue money intended for small businesses could be investigated if it appears...
Kinder Morgan cuts 2020 core profit outlook, spending on coronavirus hit
U.S. pipeline operator Kinder Morgan Inc on Wednesday reported a smaller-than-expected quarterly profit and cut its adjusted core earnings forecast for the year, following a...
Daimler preliminary quarterly profit falls 78% on virus impact
German luxury carmaker Daimler AG on Wednesday reported preliminary first-quarter earnings before interest and tax that slumped 78% to 617 million euros, following disruptions caused...
Battered U.S. oil ETF to diversify investment in later-dated oil contracts
The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, is moving to spread out its investments in oil futures...
Sycamore Partners backs out of coronavirus-stricken deal for Victoria’s Secret
Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after...
CSX pulls financial forecasts as profit and U.S. railroad volumes fall
U.S. railroad operator CSX Corp on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns triggered by the COVID-19...
Boeing is sued for $336 million over canceled 737 MAX order
Boeing Co was sued for $336 million on Wednesday by a Kuwaiti leasing company that accused it of wrongly refusing to return advance payments on...
Boeing 737 program chief to oversee commercial programs
The head of Boeing’s 737 program has been tapped to oversee the planemaker’s commercial programs as the company works to win approval to return the...
Global air traffic could drop by up to 1.2 billion passengers: ICAO
International air passenger traffic could drop by as many as 1.2 billion travelers, or two-thirds, by September 2020, as the coronavirus pandemic weighs on demand,...
TechnipFMC cuts executive pay and dividend as pandemic fallout bites
Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its...