Berkshire takes big writedown for Precision Castparts, operating profit falls

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Saturday its quarterly operating profit fell 10%, and it took a big writedown for its Precision Castparts Corp unit, which has had struggles during the coronavirus pandemic. Second-quarter operating profit fell to $5.51 billion from $6.14 billion a year earlier. Berkshire also said quarterly net income […]

Apollo joins mission to secure £3bn takeover of debt-laden AA

The American investment firm Apollo Global Management is weighing a £3bn takeover bid for the AA, Britain’s biggest roadside recovery service. Sky News has learnt that Apollo, co-founded by Leon Black, one of Wall Street’s financiers, has joined a trio of rival bidders in approaching the debt-laden company. Sources said this weekend that Apollo had […]

More businesses will tap Fed loan program if economy worsens, Rosengren says

(Reuters) – A key Federal Reserve official told a congressional watchdog on Friday that participation in a $600 billion loan program meant to carry small and medium-sized firms through the coronavirus crisis would expand rapidly if the pandemic or economy worsened. American businesses have tapped only a fraction of the funds available through the Main […]

Wall St. retreats on slowing jobs growth, U.S.-China friction

(Reuters) – The S&P 500 retreated from a near six-month high in choppy trading on Friday with data showing a sharp slowdown in U.S. employment growth, while U.S.-China tensions escalated with President Donald Trump’s move to ban WeChat and TikTok. With the benchmark index now about 1% below its record high, gains were led by […]

Delta asks 3,000 flight attendants to take unpaid leave: CNBC

(Reuters) – Delta Air Lines Inc (DAL.N) will need at least 3,000 of its roughly 20,000 flight attendants to take unpaid leave of four to 12 months, or consider other options, to avoid involuntary furloughs due to weak air travel, CNBC reported here on Friday. U.S. airlines are struggling with overstaffing as the coronavirus pandemic crushes […]

Dollar gains, stock rally ebbs after labor report

NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted a march toward a record high on Friday as slightly better-than-expected data on U.S. job growth in July also snapped big rallies in gold and the euro. The Labor Department report showed employment growth slowed considerably from […]

U.S. earnings recovery may be faster than in previous crises

(Reuters) – U.S. companies’ profit growth forecasts for the next five years are still intact, according to Refinitiv data, suggesting that the impact inflicted on companies by the coronavirus pandemic is likely to be more fleeting than that in previous crises. According to consensus estimates data available on Refinitiv, companies in the MSCI United States […]

U.S. job growth decelerates in July, casts shadow on recovery's strength

WASHINGTON (Reuters) – U.S. employment growth slowed considerably in July amid a resurgence in new COVID-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the pandemic was faltering. The Labor Department’s closely watched employment report on Friday piles pressure on the White House and Congress to reach an […]

More than 10,000 British Airways workers being made redundant

More than 10,000 British Airways workers are being made redundant, it has been confirmed. It is understood that 6,000 of the redundancies are voluntary and trade union Unite says a further 4,000 are compulsory. A spokesperson for British Airways said: “Our half-year results, published last week, clearly show the enormous financial impact of COVID-19 on […]