Reuters Business News

General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.

General Electric Co said on Wednesday it had cut 700 jobs in its power division in the first quarter, and that it was on track to reduce capital expenditure by 25% this year.

Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans.

When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing.

U.S. stock index futures rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy.

VW and Daimler on Wednesday urged the German government to help boost demand for cars as the coronavirus pandemic hammered first-quarter profits and forced both carmakers to drop their outlooks for the year.

German carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday.

Boeing Co reported a loss for the second straight quarter and said on Wednesday it would cut its workforce by about 10% as the planemaker further reduces 787 Dreamliner production against a slump in global travel demand.

Daimler on Wednesday warned the carmaker faces a difficult second quarter as it hiked credit risk provisions to anticipate rising delinquencies among customers who leased or bought Mercedes-Benz passenger cars.

Daimler said it expected the full-year operating profit of its Mercedes-Benz Cars & Vans division to be above the prior-year level but warned that the coronavirus pandemic will push the group to an operating loss in the second quarter.

Renault is considering cutting the number of sub-contractors it uses to develop car models in its engineering division potentially saving the carmaker between 100 million to 200 million euros, two sources close to the company said.

IAG's move to axe up to 12,000 jobs at its main British Airways business reflects boss Willie Walsh's preference to slash costs rather than seek a state bailout to survive what is expected to be the worst downturn in aviation history.

Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.

Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic.

Austria will not help Lufthansa and its Austrian Airlines operation without receiving something in exchange and is looking to secure jobs within its borders, Chancellor Sebastian Kurz said shortly before a meeting with the German group's chief executive.

As the government issues a second round of aid for small business owners, some U.S. senators, community banking groups and minority-owned banks said they are worried businesses owned by people of color may miss out on receiving much-needed loans.

Boeing Co reported a loss for the second straight quarter and said on Wednesday it would further reduce production of 787 Dreamliner to seven jets a month amid a slump in travel demand.

World shares eked out slim gains on Wednesday, with optimism over economies easing coronavirus lockdowns and rebounding oil prices leavened by a mixed picture on corporate earnings.

U.S. stock index futures rose on Wednesday after Google-parent Alphabet reported upbeat quarterly results, while investors braced for data that could show a sharp contraction in the domestic economy.

Bentley will make wearing face masks compulsory at its British car factory and has redesigned the site to introduce a two-metre distance between workers which will see output halved over the first couple of weeks of production, its boss told Reuters.