Category: Business

Virgin Atlantic’s creditors on Tuesday voted in favor of a 1.2 billion pound ($1.6 billion) rescue plan, moving the airline a step closer to completing a restructuring deal designed to secure its future beyond the coronavirus crisis. “Today, Virgin Atlantic has reached a significant milestone in safeguarding its future, securing the overwhelming support of all […]

J.M. Smucker Co (SJM.N) on Tuesday raised its full-year targets after beating Wall Street estimates for first-quarter earnings and revenue on strong demand for its coffee, frozen sandwiches and peanut butter from stuck-at-home consumers. Shares rose as much as 9% as the Jif peanut butter maker posted a 23% jump in sales at its U.S. […]

General Dynamics Corp (GD.N) said on Tuesday its joint venture along with Spanish defense contractor Santa Bárbara Sistemas had won a contract worth $870 million for wheeled combat vehicles from the Spanish Ministry of Defense. The deal, a part of a larger contract valued at $2.06 billion to deliver 348 wheeled combat vehicles to the […]

Alphabet Inc’s life sciences division Verily is partnering with reinsurer Swiss Re to launch a unit to provide stop-loss insurance, a financial product purchased by employers to cover unexpected and large employee healthcare costs. The subsidiary, Coefficient Insurance Company, will be backed by the commercial insurance arm of Swiss Re, which is also making a […]

Ant Group, Alibaba’s fintech arm and China’s dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market on Tuesday and could raise as much as $30 billion in what would be the world’s largest IPO. Ant’s initial public offering would be the first simultaneous listing in Hong […]

Facebook Inc said on Tuesday it plans to launch its news service in the United Kingdom, Germany, France, India and Brazil in the coming months, after having introduced the feature in the United States last year. The social media giant’s news service currently pays U.S. publishers for content and has original reporting from more than […]

U.S. consumer confidence fell for second straight month in August as households worried about the economic outlook. The Conference Board said on Tuesday its consumer confidence index dropped to a reading of 84.8 this month from 91.7 in July. Economists polled by Reuters had forecast the index edging up to a reading of 93 in […]