Earnings season. Costco Wholesale, Merck KGaA, Henkel, Vonovia, Kroger, Aviva, JCDecaux, Stadler Rail and Hugo Boss are among companies reporting their earnings today.
Facebook hit by the virus. Facebook announced today that it will close its Seattle office until March 9 due to the contamination of one of its subcontractors with the coronavirus.
Slowing down. Airbus is reportedly considering reducing the production rate of the A330neo to adapt to the difficulties of the airline industry, which has been hit hard by the coronavirus, Bloomberg has learned. It must also be said that with less than 350 aircraft ordered, the neo version of the A330 is not a huge commercial success.
Chaos in the air. Joining other airlines, United Airlines is reducing its flight schedule in the United States (by 10%) and internationally (by 20%). The American carrier is also going to freeze its hiring and salaries. In the sector, the British regional airline Flybe has gone bankrupt, having already been weakened before the global epidemic. Southwest Airlines also warned today that its first-quarter revenue would be impacted to the tune of $300 million due to the coronavirus outbreak.
Starbucks is getting cleaner. Starbucks is training its employees in new hygiene measures to combat the coronavirus. This major clean-up at the end of winter was decided to reassure customers who had been burned by the coronavirus epidemic.
GM on the offensive in the electrical sector. General Motors presents its plan for the electrification of vehicles. The American manufacturer has notably unveiled a battery capable of covering 645 km in a single charge, which could help it catch up with its rivals. GM wants to invest $20 billion over the next five years in electric vehicles. The Ultium battery is supposed to considerably reduce the cost of this technology. The four brands, Cadillac, Chevrolet, GMC and Buick, will be included.
Virus Impact. JCDecaux, Hugo Boss, PageGroup, ITV have suggested that their results will be affected by the coronavirus. Merck KGaA expects an impact limited to 1% on its revenues in 2020. Henkel has confirmed its targets.
In other news. A Carnival liner, the Grand Princess, is shortening a cruise after a former passenger on a previous voyage died of coronavirus. ViacomCBS is seeking to sell its publishing house Simon & Schuster for $1.2 billion, Reuters has learned. Telecom Italia is signing a major deal with Google Cloud to become Italy's number one in the sector. Burckhardt Compression buys the compressor business of Japan Steel Works. Onex sells 11% of SIG Combibloc.