American Airlines seeks $3.5 billion in new financing to improve liquidity

American Airlines

American Airlines Group Inc stated on Sunday it prepares to secure US$3.5 billion in new financing, to improve the airline’s liquidity as it deals with travel restrictions led by the coronavirus crisis. The company prepares to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline stated. Furthermore, the airline said […]

Japanese automakers brace for US sales as coronavirus impacts clients

Toyota Motor, Nissan Motor, Honda Motor

As the U.S. auto industry braces for the biggest slump since the 2008 financial crisis because of the coronavirus crisis, analysts are counting the cost for Japan’s automakers — whose fortunes depend largely on the US, which is the world’s second-largest car market. To reflect declining U.S. demand, Goldman Sachs cut its combined operating profit estimate for […]

Daimler and Geely are setting up ride-hailing joint venture in China

daimler denza ev

Germany’s Daimler is forming a ride-hailing joint venture in China with Geely Group, in an indication the Chinese firm is making progress in its drive for closer relations with the German automaker. Geely Chairman Li Shufu took a 9.69 percent stake in Daimler previously this year, rekindling worries in Germany about its highly-prized expertise entering […]

JP Morgan and Ford cancel plans to attend Saudi investor event

Photos of Ford Eco sport

JP Morgan & Chase Chief Executive Jamie Dimon and Ford Motor Chairman Bill Ford dropped plans to attend a Saudi investor conference, the companies stated on Sunday, the recent such high-profile announcements following the disappearance of Saudi journalist Jamal Khashoggi. The cancellations could increase pressure on other U.S. companies such as Goldman Sachs Group Inc, […]