American Airlines CFO on post-pandemic balance sheet fix
FORT WORTH, Texas (AP) — Derek Carr may have the toughest job in aviation. He is the Chief Financial Officer of American Airlines. So his job is to fix the debt-battered balance sheet so American Airlines can weather the pandemic. American Airlines has the largest debt of any U.S. airline and has a credit rating several notches below investment grade. Kerr recently told The Associated Press that American is navigating a bumpy recovery that has boosted earnings but also raised costs such as fuel and labor.
Wall Street ends flat as investors wait for inflation update
Wall Street stocks ended flat as investors prepare for a busy week with updates on inflation. The S&P 500 gave up early gains and on Monday he closed down 0.1%. Meanwhile, the Dow Jones Industrial Average rose slightly and the Nasdaq fell slightly. Small business stocks outperformed the broader market as a sign of investor confidence in the economy. He was one of the biggest winners for retailers and telecom stocks. Clean energy companies, including First Solar, surged after the Senate approved a big Democratic election-year economic package. The government is due to release its July report on consumer and wholesale prices later this week.
Pfizer Acquisition Continues in $5.4 Billion Hematology Deal
Pfizer is acquiring sickle cell drug maker Global Blood Therapeutics in a deal of about $5.4 billion in a bid to accelerate growth after revenue surged during the pandemic. On Monday, it said its latest acquisition would boost research in rare hematology. Global Therapeutics makes his Oxybryta tablets to treat sickle cell disease. Pfizer has been cash-rich since his Comirnaty, a COVID-19 vaccine, and Paxlovid, a treatment, hit the market. The company has now announced deals totaling about $19 billion, including debt, since late last year.
BioNTech Reports Strong First Half, Expects Increased Demand
BERLIN (AP) — BioNTech, which worked with Pfizer to develop a potent COVID-19 vaccine, reports higher revenue and net profit in the first half of the year. The German pharmaceutical company said on Monday it expects demand to increase as it releases its latest vaccine targeting the new Omicron strain.BioNTech said the dynamic nature of the pandemic has caused changes in orders and earnings The company expects to release an improved vaccine for the latest Omicron variant in October 2022, which it hopes will lead to an improved version of the Omicron variant in October 2022. It said it could lead to a fall booster campaign.
FAA allows Boeing to resume 787 Dreamliner deliveries
WASHINGTON (AP) — Federal safety officials have confirmed that Boeing can resume deliveries of the 787 Dreamliner jet. The Federal Aviation Administration said Monday that Boeing will begin shipping long-shelf planes in the coming days. American Airlines plans to get one of its new planes as early as Wednesday. Production has been marred by several issues, including gaps between panels in the 787’s carbon composite skins. As such, Boeing has been blocked from delivering aircraft for most of the past two years, with about 120 stalled while Boeing attempts to fix its production process. Once shipments resume, Boeing will regain an important source of funding.
Japanese tech giant SoftBank posts $23 billion loss in quarter
TOKYO (AP) — Japanese technology company SoftBank Group Corp posted a $23 billion loss in the April-June quarter as investment values fell amid global concerns about inflation and interest rates. His ¥3.16 trillion loss for SoftBank Group was a reversal from his ¥762 billion profit in the same period last year. The company said Monday that quarterly sales were up 6% from his. SoftBank’s portfolio has not been directly exposed to the war in Ukraine, but the company warned that global uncertainty, inflation and rising energy costs will hurt profitability. gave. President Masayoshi Son apologized and admitted that “things are really bad.”
Axios Media purchased by Cox Enterprises
NEW YORK (AP) — Axios Media has been acquired by Cox Enterprises. Cox Enterprises says it plans to expand its online news provider into new markets and expand its coverage. Axios reported on Monday that the deal is worth $525 million to him, citing sources. Cox, the conglomerate that owns media companies such as The Atlanta Journal-Constitution and Dayton Daily News, made its first investment in Axios last year. Axios co-founders and former Politico journalists Jim VandeHei, Mike Allen, and Roy Schwartz will continue to own shares in the company and lead editorial and day-to-day business decisions.
US Imposes Sanctions on Second Cryptocurrency Mixing Company
WASHINGTON (AP) — The Treasury Department has imposed sanctions on cryptocurrency mixer Tornado Cash, which has allegedly helped launder more than $7 billion worth of cryptocurrency since its inception in 2019. The Treasury Department’s Office of Foreign Assets Control said the Tornado Cash system was used. To launder over $96 million withdrawn from June Harmony Blockchain Bridge theft and August Nomad crypto company robbery. Mixing services combine various digital assets, including potentially illegally obtained funds and legally obtained funds, to allow fraudulent actors to mask the origin of stolen funds. increase.
First major trial of Lyme vaccine in 20 years begins
DUNCANVILLE, Pennsylvania (AP) — Researchers are seeking thousands of volunteers across the United States and Europe to test a potential vaccine against Lyme disease for the first time in 20 years. Developed by Pfizer and French biotech Valneva, the shot aims to stop ticks from spreading lime while they bite. Test the first dose, then test the booster dose a year later.
Colombian leftist president presents ambitious tax plan
BOGOTA, Colombia (AP) — Colombia’s first left-wing president has presented an ambitious tax plan aimed at raising up to $11 billion a year for anti-poverty programs. Gustavo Petro took an oath of office on Sunday, pledging to fight economic inequality and invest in rural areas long plagued by drug-related violence. Less than 24 hours after taking the oath of office , the Petro introduced a tax reform bill to Congress that would raise income taxes on wealthy individuals and impose a 10% tax on oil exports. The bill also includes an annual property tax for individuals whose net worth exceeds his $750,000.
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