BNP Warns Profits May Fall 20% 
 

BNP Paribas vowed to continue to cut costs after its first-quarter profit fell by a third to EUR1.28 billion, and the French bank warned that profits this year may fall 20% due to the coronavirus pandemic .

 
Infineon Warns of 5% Sales Fall 
 

Infineon warned it expects a 5% year-on-year decline in 2020 revenue to around EUR7.6 billion, excluding Cypress, as the German chip maker feels the full impact of the coronavirus on the global economy.

 
United Airlines to Cut Management Ranks by 30% 
 

United Airlines expects to shrink its management and administrative ranks by at least 30% starting in October, according to a memo sent to employees, as the coronavirus pandemic wreaks havoc on the airline industry.

 
IBM CEO Lays Out New Initiatives in Cloud, AI 
 

As he addresses the need for growth, Arvind Krishna must drive into the headwinds of a global economic crisis triggered by the coronavirus pandemic.

 
WeWork Co-Founder Adam Neumann Sues SoftBank Over Failed $3 Billion Deal 
 

WeWork's co-founder and former chief executive Adam Neumann sued SoftBank, accusing the Japanese technology group of breaking a key provision of a deal that gave SoftBank control of the shared-office-space company.

 
Juul Is Moving Base From San Francisco to Washington, D.C. 
 

The e-cigarette maker seeks to repair its ties with regulators and distance itself from Silicon Valley's growth-at-all-costs culture.

 
Intel Acquires Israeli Mobility App Moovit 
 

The chip maker has purchased transportation-technology company Moovit for $900 million, as it looks to build out its business tied to mobility.

 
Some Shipping Lines May Not Survive Downturn, Hapag-Lloyd Chief Says 
 

Some container shipping companies may collapse if the global trade downturn stemming from coronavirus lockdowns extends to the end of the year or beyond, Hapag-Lloyd AG CEO Rolf Habben Jansen said.

 
L Brands, Sycamore Agree to Scrap Victoria's Secret Deal 
 

L Brands and Sycamore Partners have agreed to scrap their plans to take Victoria's Secret private, dropping a pact that was reached just weeks before coronavirus forced the lingerie retailer to shut its stores.

 
Rental-Car Industry Gets Crushed by Coronavirus 
 

Avis posted a loss and lower revenue for its latest quarter as the pandemic clamped down on travel. Meanwhile, car-rental rival Hertz prepared to file for bankruptcy.

(END) Dow Jones Newswires

May 05, 2020 03:15 ET (07:15 GMT)