An investment of $250 million in Vir Biotechnology Inc., along with collaboration, will be made by British drugmaker GlaxoSmithKline for the development of possible treatment for Covid-19, the disease caused by the novel coronavirus. Following this announcement by the companies, there was a 35 per cent jump in the shares of Vir while a 1…
Dutch brewer Heineken has announced temporary closure of production of its beers at its seven plants in Mexico in order to comply with the containment measures for coronavirus pandemic which has caused concerns about shortage of beer in the country. Heineken’s rival in the Mexican market – Modelo, had also announced similar measures earlier. The…
The largest maker of respirator masks – 3M, is willing to comply with the order of the United States president Donald Trump of manufacturing and supplying of more needed N95 masks that are critically needed in the country, the company said on Sunday. However the company also sounded a caution about not being allowed to…
Following the backing down of Japan’s investment firm SoftBank from an agreement to buy $3bn of WeWork shares, the office space company’s founder and former chief executive, Adam Neumann, has now threatened to sue the Japanese firm – which is incidentally also the biggest investor in WeWork. The deal would have helped Neumann himself sell…
According to the CEO of United States based aircraft maker Boeing has warned that the global airline and the aerospace industry will take years to recoup from the bit of the coronavirus pandemic and has therefore offered its employees buyouts. Voluntary layoff packages with pay and benefits for exiting employees is being offered by the…
There is increasing pressure on Amazon and other delivery companies to implement more secure safety measures for workers who are worried about getting infected with coronavirus. A walkout from work over inadequate protection was staged by some workers at the United States food delivery firm Instacart and US and Italian workers at Amazon. Concerns over…
The air travel curbs imposed globally because of the coronavirus pandemic has forced global airlines to ground their planes and this is likely to force British aero-engine maker Rolls-Royce to slash its 2020 cash flow target, said analysts. Rolls forecast 2020 free cash flow of 1 billion pounds, excluding any material impact from COVID-19 during…
Barclays Bank has announced it would reduce its carbon footprint to net zero by 2050 as it conceded to investor pressure over its climate track record. The London headquartered bank had promised to align all of its financing activities with the goals and timelines of the Paris agreement. It will start with rethinking of its…
The coronavirus pandemic bringing down global demand for oil as well as the breakdown of the production pact between the oil cartel OPEC and Russia and other oil producers earlier this month has crashed global oil prices to its lowest since 2002. At one point on Monday, the Brent crude fell to $22.58 a barrel…
More than $800 million to support businesses, organizations and healthcare workers has been committed by Google, to help the in the fight against the coronavirus pandemic and most of that amount will be in the form of free advertising. A total of $250 million in ad grants — an increased amount compared to the $25…
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