Thursday, April 15

Month: March 2020

Exclusive: American Airlines to retire more jets, including vintage 737s, in coronavirus downturn

Exclusive: American Airlines to retire more jets, including vintage 737s, in coronavirus downturn

business
CHICAGO (Reuters) - American Airlines Group Inc (AAL.O) is set to sharply increase the number of jets it is planning to retire beyond its announced plans as it accelerates a fleet transformation to respond to the coronavirus crisis, people familiar with the matter said. FILE PHOTO: American Airlines passenger planes (L) parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. REUTERS/Nick Oxford/File PhotoSome 4,700 jets have been parked globally as airlines slash operations due to travel restrictions, according to Ascend by Cirium fleet data, and American’s decision confirms industry speculation that many of those older jets will not fly again. In addition to the retirement of 34 Boe
RBI: RBI says many banks are not extending doorstep services to senior citizens

RBI: RBI says many banks are not extending doorstep services to senior citizens

Finance
Mumbai: The Reserve Bank on Tuesday said many banks are not extending doorstep services for senior citizens and differently-abled persons even after three years of it issuing advisories and asked for "strict compliance" on the same by April 30. The directions assume significance as they come amid the COVID-19 pandemic, where the senior citizens have been marked out as the most vulnerable and advised against stepping out of their homes as the country fights to limit the impact through radical measures like a three-week lockdown which is underway. In a notification, the RBI drew banks' attention to an advisory issued in 2017 where concerted efforts were asked to be taken to take banking services to those over 70 years of age and to the differently-abled. "Although banks were advised to impl...
BofA’s Keith Banks warns investors against trying to time the market

BofA’s Keith Banks warns investors against trying to time the market

investment
Investors who are seeking to capitalize on the stock market's recent steep declines must be disciplined, Bank of America Vice Chairman Keith Banks said Tuesday. "I think a lot of people are trying to get clever and time the market," Banks said on "Squawk Box." "The reality is, it's time in the market, not timing the market."Banks said the kind of coronavirus-driven market volatility seen since mid-February draws the attention of investors. But attention doesn't necessarily lead to fine-tuned decision-making, he added.  "There's this gravitational pull when the markets are gyrating around, people want to sell when the market is getting hit really bad or they think they're missing it when markets start to go up a lot, and you tend to do the wrong thing at the wrong time."Dow futures were po
Ad giant WPP pulls dividend, buyback and outlook

Ad giant WPP pulls dividend, buyback and outlook

business
FILE PHOTO: The corporate logo of WPP is seen in this picture from 2018, obtained July 12, 2019. WPP/Handout via REUTERS LONDON (Reuters) - WPP (WPP.L), the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis. The group, which has sold multiple assets as part of a program to simplify the business, said it had cash of 3 billion pounds ($3.7 billion) and total liquidity, including undrawn credit facilities, of 4.8 billion pounds. It has also launched a review of its costs to protect profitability from a fall in revenue. “The actions we have taken in the last 18 months to streamline and simplify WPP, together with raisin
Covid-19 in India: Banks wary of liquidity crunch

Covid-19 in India: Banks wary of liquidity crunch

Finance
Mumbai: How many borrowers will use the moratorium on loans? It’s a key question that many banks are grappling with. Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the moratorium on interest and loan repayment will more than offset the benefits of extra liquidity. Faced with such a situation, these banks would be reluctant to extend the moratorium to certain categories of borrowers such as government employees whose salaries have not been impacted or large companies with the wherewithal to tide over the crisis. Last week, the monetary authority lowered cash reserve ratio (CRR) — the slice of custom
Wall Street rallies, led by healthcare jump

Wall Street rallies, led by healthcare jump

business
NEW YORK (Reuters) - U.S. stocks rose on Monday, led in part by healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from efforts to stem the spread of the coronavirus. The S&P healthcare sector .SPXHC jumped 4.67%, in part due to gains in Johnson & Johnson (JNJ.N) and Abbot Laboratories. JNJ surged 8.00% on the U.S. government’s plans to help fund the creation of enough manufacturing capacity for its coronavirus vaccine, currently under development. Abbott Laboratories (ABT.N) climbed 6.41% after winning U.S. approval for a diagnostic test for COVID-19. Along with healthcare, the technology sector .SPLRCT also rose more than 4% on the day, as Microsoft (MSFT.O) shares jumped more than 7%, the biggest boost to the b
Branson’s Virgin Orbit to begin coronavirus ventilator mass production

Branson’s Virgin Orbit to begin coronavirus ventilator mass production

investment
The Virgin Orbit ventilator device.Virgin OrbitRichard Branson's California-based rocket company Virgin Orbit partnered with medical researchers and developed a ventilator device that the company plans to mass produce and send to hospitals around the United States to fight the coronavirus."[It is] a very, very simple and robust design that we can get out to the people who are in the most need, and the hospitals that are in the most need, of devices like these very, very quickly," Virgin Orbit's ventilator project leader, Kevin Zagorski, said. Zagorski manages the company's advanced manufacturing of propulsion systems, meaning that he typically spends his day building rocket engines.Virgin Orbit's device compresses medical ambu bags, which help patients with COVID-19 to breathe. Ventilator
Barclays sets 2050 ‘net zero’ carbon goal after investor pressure

Barclays sets 2050 ‘net zero’ carbon goal after investor pressure

business
LONDON (Reuters) - Barclays (BARC.L) drew cautious investor support on Monday for setting itself an ambition to reach ‘net zero’ for its own carbon emissions and the activities it finances by 2050. FILE PHOTO: People queue at Barclays Bank in St Albans, as the spread of the coronavirus disease (COVID-19) continues, in St Albans, Britain, March 23, 2020. REUTERS/Paul ChildsInvestors, politicians and activists are increasingly turning their focus to the role of the banking system in helping accelerate the transition to a low-carbon economy. “We wanted to see leadership from Barclays on this critical issue and their proposed ambition is a significant first step,” said Diandra Soobiah, Head of Responsible Investment at NEST. A group of investors plans to file a resolution at the British bank
Punjab National Bank unveils new logo

Punjab National Bank unveils new logo

Finance
NEW DELHI: Punjab National Bank (PNB) has unveiled a new logo as it merges United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders. With this, PNB is set to become the second largest lender in the country. "#PunjabNationalBank is here with #OrientalBankofCommerce & #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking," PNB said in a tweet on Monday. Assuaging concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger. "Together we are bigger, stronger & faster. People & Banking will now be closer than ev...
Major airlines urge U.S. Treasury to disburse assistance quickly

Major airlines urge U.S. Treasury to disburse assistance quickly

business
WASHINGTON (Reuters) - Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money. FILE PHOTO: Airplanes are seen parked through a rain soaked window at their gates during a winter nor'easter at LaGuardia Airport in New York, U.S., March 2, 2018. REUTERS/Shannon StapletonIn a letter dated Saturday and seen by Reuters, carriers wrote that “given the urgent and immediate need, it is essential that these funds be disbursed as soon as possible.” The letter was signed by the chief executives of American Airlines (AAL.O), Delta Air Lines (DAL.N), United Airlines, Alaska Air Group (ALK.N), JetBlue Airways Corp (JBLU.O), Southwest Airlines Co (LUV.N), Hawaiian Airlines (HA.O) and Atlas Ai