Brazilian mills are expected to make a sharp switch from ethanol to sugar production in the new season kicking off in the world's largest sugarcane producer, as falling gasoline prices and a weak currency reduce the biofuel's appeal, analysts said.
General Electric Co's aviation unit plans to cut its total U.S. workforce by about 10%, Chief Executive Officer Larry Culp said on Monday, as airlines delay purchases and ground planes amid the coronavirus pandemic.
South Africa reported a sharp jump in confirmed coronavirus cases on Monday to 402, from less than 50 just over a week ago, as the army prepared to deploy in each of the country's nine provinces, according to an official document seen by Reuters.
Abu Dhabi's Etihad Airways told staff on Monday it was temporarily cutting management wages by 50% and other staff salaries by 25% due to the impact on its business by the coronavirus, two sources familiar with the matter told Reuters.
Only a few weeks ago, Turkey seemed a better bet than many other emerging markets to withstand a global economic slowdown over the coronavirus. Its economy was roaring back from a recession on the strength of surging domestic lending and state support for the lira, able to shrug off market mayhem abroad and even benefit from tumbling prices for imports.
German aircraft engine maker MTU Aero Engines on Monday said it would temporarily suspend work at several of its European factories in response to the coronavirus pandemic.
The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe.
The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe.
China's soymeal futures rose to hit their trading limit on Monday as many crushers suspended operation because of a soybean shortage and coronavirus outbreaks in South America further disrupted exports of the oilseed.
Britain is still working to develop a package of government support for its airlines, with the most likely outcome a range of measures to suit the carriers' different needs, the head of the country's pilots union BALPA said on Monday.
Plus-sized fashion retailer N Brown has maxed out its main credit facilities and may need further funds under a downside scenario for the coronavirus shutdown, the company said on Monday.
Russian state-controlled VTB bank, which has been expanding its grain business, has bought a half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel, it said on Monday.
Plus-sized fashion retailer N Brown has maxed out its main credit facilities and may need further funds under a downside scenario for the coronavirus shutdown, the company said on Monday.
Primark is closing all of its stores, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.
Primark is closing all of its stores around the world, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.
Planemaker Airbus announced new steps on Monday to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros ($16.1 billion).
The coronavirus pandemic amid an economic slowdown has hit revenue at Indian retailers selling non essential items like clothes and jewelry by 75% so far and is likely to cause widespread job losses, an industry body said on Monday.
Reuters
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