U.S. Stocks Set to Slump After Tech Earnings: Live Updates

May 01, 2020
Business

China and Singapore are exploring how to set up a similar arrangement, Mr. Geng said.

Catch up: Here’s what else is happening.

Ryanair, the Irish discount carrier that has been grounded since mid-March, said on Friday that it planned to cut up to 3,000 jobs, nearly 20 percent of its work force. The airline said that it expected to return to service in July and that it would take two years for passenger demand to return to pre-pandemic levels.
Boeing said on Thursday that it had raised $25 billion in a bond offering in an effort to inject liquidity into its business. As a result, the aerospace giant said that it would not seek additional funding through capital markets or aid from the federal government.
United Airlines reported a net loss of $1.7 billion in the first quarter and said it had about $9.6 billion in cash on hand to weather the crisis. The airline expects to burn through cash in the second quarter at an average daily rate of $40 million to $45 million, on par with its peers.

Reporting was contributed by Tamir Kalifa, Clifford Krauss, Amy Haimerl, Kevin Granville, Alexandra Stevenson, Su-Hyun Lee, Austin Ramzy, Keith Bradsher, Jack Nicas, Karen Weise, Gregory Schmidt and Niraj Chokshi.

Article source: https://www.nytimes.com/2020/05/01/business/stock-market-today-coronavirus.html