Selasa, 24 Maret 2020

Dow Jones Leads Market Rally Amid Hopes For $2 Tril Coronavirus Aid Deal - Investor's Business Daily

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  1. Dow Jones Leads Market Rally Amid Hopes For $2 Tril Coronavirus Aid Deal  Investor's Business Daily
  2. Live Market Watch: Dow surges on hopes of coronavirus stimulus deal | 3/24/2020  Fox Business
  3. Stocks soar as Congress works toward $1.6T stimulus package  Fox Business
  4. Rally in U.S. Futures Reaches Limit-Up Bands Amid Global Rebound  Bloomberg
  5. Liquidation wave sinks markets as Senate bickers  Asia Times
  6. View Full Coverage on Google News

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2020-03-24 18:03:48Z
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Dow Jones Surges 1700 Points As Stocks Rally On Coronavirus Stimulus Deal Hopes - Investor's Business Daily

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  1. Dow Jones Surges 1700 Points As Stocks Rally On Coronavirus Stimulus Deal Hopes  Investor's Business Daily
  2. Live Market Watch: Dow surges on hopes of coronavirus stimulus deal | 3/24/2020  Fox Business
  3. Stocks soar as Congress works toward $1.6T stimulus package  Fox Business
  4. Rally in U.S. Futures Reaches Limit-Up Bands Amid Global Rebound  Bloomberg
  5. Coronavirus live updates: Italy deaths jump by 743 in a day, details of massive stimulus bill emerge  CNBC
  6. View Full Coverage on Google News

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2020-03-24 17:43:08Z
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Dow Jones Surges 1700 Points As Stocks Rally On Coronavirus Stimulus Deal Hopes - Investor's Business Daily

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  1. Dow Jones Surges 1700 Points As Stocks Rally On Coronavirus Stimulus Deal Hopes  Investor's Business Daily
  2. Live Market Watch: Dow surges on hopes of coronavirus stimulus deal | 3/24/2020  Fox Business
  3. Stocks soar as Congress works toward $1.6T stimulus package  Fox Business
  4. Rally in U.S. Futures Reaches Limit-Up Bands Amid Global Rebound  Bloomberg
  5. Global stocks rise after US Fed promises economic support amid coronavirus pandemic  syracuse.com
  6. View Full Coverage on Google News

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2020-03-24 16:36:11Z
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Boeing CEO: No Government Equity Stake for Taxpayer Aid - The Wall Street Journal

Boeing Chief Executive David Calhoun expressed support for taking out taxpayer-funded loans and repaying them with interest.

Photo: lindsey wasson/Reuters
By
Andrew Tangel

Boeing BA 16.67% Co. Chief Executive David Calhoun suggested he would decline taxpayer aid if lawmakers require the government to take an equity stake in the beleaguered aerospace giant.

“I don’t have a need for an equity stake,” Mr. Calhoun said in a Tuesday interview on Fox Business Network. “If they forced it, we’d just look at all the other options, and we have got plenty.”

Mr. Calhoun’s comments came as Congress was negotiating details of an aid package of more than $1.6 trillion aimed at blunting the economic fallout from the worsening novel coronavirus outbreak. The package could benefit businesses including Boeing and U.S. airlines and provide support for workers.

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U.S. airlines consider shutting down passenger flights in the country, the White House discusses easing social-distancing measures, and China plans to lift the mass quarantine on Wuhan. WSJ’s Jason Bellini has the latest on the coronavirus pandemic. Photo: Nick Oxford/Reuters

The Treasury Department took equity stakes in banks as part of the Troubled Asset Relief Program during the banking crisis in 2008.

Instead of the government taking an equity stake in Boeing, Mr. Calhoun expressed support for taking out taxpayer-funded loans and repaying them with interest.

“I want them to support the credit markets, provide liquidity, allow us to borrow against our future, which we all believe in very strongly,” Mr. Calhoun said.

To ease its cash crash, Boeing has suspended its dividend and drawn down a credit line. It is seeking at least $60 billion in public and private aid for itself, its suppliers and the broader aerospace industry. On Monday, Boeing said it would halt production in the Seattle area for two weeks to curb the spread of the virus.

Mr. Calhoun acknowledged air travel is already virtually grinding to a halt, but expressed confidence the aviation industry would recover more quickly than more dire forecasts predict.

Major U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S., according to industry and federal officials, The Wall Street Journal reported.

Government agencies also are considering ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion. No final decisions have been made by the carriers or the White House, these officials said

On Tuesday, the International Air Transport Association offered its latest forecast for global airline traffic, saying it would fall 38% in 2020 and cost carriers $252 billion in revenue. That is double its prior estimate of the impact of the coronavirus as it intensifies efforts to persuade governments to provide financial support for the industry.

The near-grounding of many airlines’ service as demand collapsed has forced them to park thousands of planes and left many carriers running out of cash, triggering job cuts as governments continue to expand travel restrictions.

“We need a full-speed rescue package now,” Alexandre de Juniac, IATA’s chief executive said on a call with reporters. Industrywide, airlines are looking for around $200 billion in support to cover their fixed costs.

—Doug Cameron contributed to this article.

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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2020-03-24 14:57:00Z
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Boeing CEO says it will take 'a few years' to get balance sheet back to pre-Max levels - CNBC

Dave Calhoun, Chairman of Boeing.

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun said it will take "a few years" for the company to get its balance sheet back to the levels it was at before the 737 Max crisis and the coronavirus pandemic.

The Chicago-based airplane manufacturer is seeking $60 billion in government aid for itself and its suppliers as the industry faces the fallout from the outbreak.

Lawmakers haven't yet reached a deal on what aid to the industry and the rest of the country will look like.

"The simpler, the shorter term in nature, the better," Calhoun said in an interview on CNBC's "Squawk Box."

Boeing has $15 billion in liquidity, and Calhoun expressed confidence that the company will make it through the crisis but said credit markets need to be open.

The company is burning a lot of that cash by continuing to pay its suppliers and employees without much revenue as its 737 Max is still grounded and airlines are now deferring orders since the virus has brought global travel to a near standstill.

"If there is no government support and the credit markets don't reopen, it will be fairly quick, but we can still make it to the other side," Calhoun said when asked what the company's cash burn rate is. "Now if this goes on for eight months, probably not."

The aviation industry are "at the point of the spear" of the virus and its impact, Calhoun said. Government aid would "keep our industry and people warm so when the recovery comes we're ready to go." 

Boeing has shut down production at its Seattle-area facilities, which make up the majority of its aircraft manufacturing, amid cases of the virus in the area with several cases among Boeing workers.

The company is a major defense contractor and said that the U.S. Department of Defense is working on accelerating payments, Calhoun said.

The company last week announced that it would suspend its dividend and said that Calhoun would forgo his pay, measures other companies have taken to save cash, while they wait for government aid.

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2020-03-24 14:27:34Z
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Ford says it's ramping up production to combat coronavirus: 'We're going like hell' on masks, ventilators - Fox News

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As the private sector is getting involved in combatting the coronavirus outbreak, Ford Motor Company executive chairman Bill Ford said on Tuesday that the automobile company is working with General Electric and 3M to “gear up production” on essential medical equipment.

“We are going like hell, yes we are,” Ford told “Fox & Friends.”

Ford said that his company is collaborating with 3M in making “air-purifying respirators, face shields, and 3-D printing N95 respirator masks.”

FORD USING F-150 PARTS TO DESIGN RESPIRATORS FOR CORONAVIRUS FIGHT

“We got four different work streams going and we’re going as fast as we can,” Ford said.

Meanwhile, GM, Ventec Life Systems and StopTheSpread.org, coordinated private-sector response to COVID-19, are collaborating so that Ventec can increase its production of respiratory care products as hospitals across the U.S. face a potential ventilator shortage.

3M has doubled its production of N95 respirator masks since the coronavirus outbreak to a rate of nearly 100 million a month, Street Insider reported.

Ford said that the medical equipment will be ready “soon.”

US WAS MORE PREPARED FOR PANDEMIC THAN ANY OTHER COUNTRY, JOHNS HOPKINS STUDY FOUND

“We’re testing face shields this week in Detroit-area hospitals to make sure they work and then we can ramp up pretty quickly,” Ford said.

Ford said that his company is trying to “dramatically increase” the production of N95 respirators.

“We’d like to do it by a factor of six to 10 times of what they’re already doing.”

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Ford went on to say, “And on the ventilator with GE, we’re helping them prototype, we’re using our engineers and manufacturing people and then as soon as we get that right, we’re going to go like crazy.”

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2020-03-24 14:01:43Z
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Dow Jones Today, Futures Rally As Senate Nears Stimulus Deal To Aid 120 Million Americans On Lockdown - Investor's Business Daily

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  1. Dow Jones Today, Futures Rally As Senate Nears Stimulus Deal To Aid 120 Million Americans On Lockdown  Investor's Business Daily
  2. Rally in U.S. Futures Reaches Limit-Up Bands Amid Global Rebound  Bloomberg
  3. US Indexes Close Lower Monday  Yahoo Finance
  4. The Fed is running out of options to stave off a coronavirus depression  The Guardian
  5. S&P 500: The Nation's Biggest Employers Hold Up In Coronavirus Crash  Investor's Business Daily
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2020-03-24 14:13:31Z
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