The outbreak of coronavirus COVID-19 could provoke a wave of bankruptcies among companies in the Asia-Pacific region (APR), which have increased their debt over the years of low interest rates, writes the Financial Times, citing analysts. According to Moody's, from the time of the global financial crisis of 2008 to 2019, the amount of outstanding debt of companies in the region has doubled and...

The Norwegian oil and gas group Equinor (formerly Statoil) has suspended the buyback program due to coronavirus, the company said in a press release. “We are now taking action to remain stable during a period of low prices, volatility and market uncertainty, in accordance with our contingency plans. In this situation, due to the spread of Covid-19 and low commodity prices, we suspend the buyback...

ExxonMobil, a US oil company, is cutting production at its Baton Rouge refinery in the United States due to low demand, Reuters reported citing sources familiar with the plant. "ExxonMobil has reduced production at the Baton Rouge, Louisiana refinery, as low demand resulted in an increase in stocks and tank filling," Reuters notes. It is indicated that the volume of production at the Baton...

Boeing may reduce dividends and begin to lay off employees of its enterprises, writes Dow Jones, citing informed sources. The American aircraft manufacturing concern is now in an extremely difficult situation due to a sharp drop in air traffic as a result of the spread of the coronavirus: airlines around the world have reduced flights, a significant portion of their aircraft remains on the...

One of the world's largest energy companies, the Italian Eni SpA withdrew the offer to buy back shares worth €400 million because of the COVID-19 pandemic and the collapse of the OPEC + deal, the company said. “In light of recent market events caused by the spread of the COVID-19 pandemic and recent decisions made by OPEC +, Eni’s board of directors has decided... to withdraw the offer to...

The New York Stock Exchange (NYSE) is closing the trading room to switch to electronic trading completely from Monday, March 23, after tests on the employee and trader COVID-19 coronavirus showed a positive result. "Trading and regulatory oversight of all securities listed on the NYSE will continue without interruption," reads a statement from Intercontinental Exchange Inc., the exchange’s...

Net profit of the Spanish Inditex Group, one of the largest clothing and footwear retailers in the world (Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho brands), grew by 5.7% for the 2019-2020 financial year (ended January 31), reaching €3.639 billion, the company said. Inditex revenue for the reporting period also increased by 8.2%, amounting to €28.286 billion. Comparable...

Boeing advocates for the US government to provide at least $ 60 billion to support the aerospace industry, a statement the organization’s website reads. In particular, the support should be implemented in the form of loan guarantees, the company noted. “This will be one of the most important ways to help airlines, airports, suppliers and manufacturers recover (amid falling passenger traffic due...

The after tax profit of the largest European automobile concern Volkswagen Group increased by 15.4% in 2019 compared to the previous year - up to €14.03 billion, according to the financial statements of the manufacturer. The car giant's revenue for the reporting period grew by 7.1% to €252.6 billion. Operating profit reached €16.96 billion, an increase of 21.8% compared with a year ago....