Big Oil Companies Lose Billions, Prepare for Prolonged Pandemic
Big oil companies endured one of their worst second quarters ever and are positioning themselves for prolonged pain as the coronavirus pandemic continues to sap global demand for fossil fuels.
EU Approves Acquisition of Bombardier by Alstom
The European Commission said it has cleared the acquisition by Alstom of Bombardier's train unit under certain conditions, after Alstom proposed divesting some assets in response to the Commission's concerns.
Under Armour, Like Rivals, Hit by Pandemic Store Closures
Athletic apparel brand said sales declined significantly in the second quarter because of the coronavirus pandemic but weren't as bad as the sportswear retailer was expecting.
Caterpillar Prepares for Prolonged Sales Hit
Caterpillar said its revenue in the U.S. dropped more than 40% in the second quarter, and that demand from final customers fell around 22%. The company said it expects a similar decline for its third quarter.
Fintech Varo Money Gets Green Light to Become Bank
Financial-technology firm Varo Money said it had received a national bank charter, clearing the final hurdle in its quest to become a bank
Fiat Chrysler Swings to Loss, Adding Pressure Ahead of Peugeot Deal
The results raised pressure on the Italian-American car maker to improve its performance or risk a renegotiation of the terms of its merger with Peugeot maker PSA Group.
Detroit Passes Its Covid Road Test, Volkswagen Flunks
To test a car, there are off-road tracks, tight bends and steep hills. To test a car maker, there are financial crises, pandemics and technology transitions.
China Moves to Punish Luckin Coffee For Fabricating Sales
Chinese regulators are preparing punitive action against Luckin Coffee, less than four months after the company revealed that it had fabricated hundreds of millions of dollars in sales.
British Airways Parent Posts Record Loss
British Airways owner IAG posted its biggest loss on record and outlined lower capacity plans for the remainder of the year, as expectations for a recovery in passenger demand deteriorate.
BNP Paribas Outshines Rivals as Trading Prospers
Shares in BNP Paribas rose as much as 6% as the French lender's earnings suggested it is navigating the coronavirus pandemic better than several other European banks, driven by a boom in its trading businesses.
