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The CFO of American Airlines is adjusting the balance sheet after the pandemic
FORT WORTH, Texas (AP) — Derek Kerr may have a tough job in the airline business. He’s the chief financial officer of American Airlines, and that means it’s his job to fix American’s debt-ridden balance sheet so it can survive the pandemic. American has the most debt of any US airline, and its credit rating is several notches below investment grade. Kerr spoke to The Associated Press as he tries to bail out a difficult situation where American incomes are rising, but so are costs like gas and energy.
Wall Street ends flat as investors expect inflation
Stocks closed lower on Wall Street as investors braced for a busy week on inflation. The S&P 500 gave up early gains and closed up 0.1% on Monday, while the Dow Jones Industrial Average rose and the Nasdaq fell slightly. Shares of smaller companies outperformed the broader market, showing investors’ confidence in the economy. Retailers and telecommunications stocks were among the big winners. Clean energy companies, including First Solar, have risen in the wake of Senate Democrats’ passage of a major election-year economic package. The government will release the July reports for consumer prices and wholesale prices this week.
Pfizer acquisition continues with $5.4B blood treatment deal
Pfizer is buying sickle cell drug maker Global Hematology for an estimated $5.4 billion in an effort to accelerate growth after revenue surged during the pandemic. Pfizer said Monday that its latest acquisition will boost its rare blood treatment business. Global Therapeutics manufactures Oxybrita tablets to treat sickle cell disease. Pfizer has been flush with cash since its Covid-19 vaccine Komirnati and treatment Paxlovide hit the market. It has now announced deals worth nearly $19 billion since the end of last year, counting debt.
BioNTech reports strong first half, expects demand to grow
BERLIN (AP) — BioNTech, which is partnering with Pfizer to develop a powerful Covid-19 vaccine, reported higher revenue and net profit in the first half of the year. A German pharmaceutical company said on Monday that demand is growing as it releases updated vaccines to target new Omicron strains. BioNTech said it expects a strong end to the year despite the fluctuating nature of the pandemic affecting orders and revenue changes. It said it plans to release updated vaccines with the latest Omicron variants by October 2022, which could lead to a failed booster campaign.
The FAA has approved Boeing to begin delivery of the 787 Dreamliner
WASHINGTON (AP) — Federal safety officials have confirmed they will allow Boeing to resume deliveries of the 787 Dreamliner jet. The Federal Aviation Administration said Monday that it expects Boeing to begin shipping the long-delayed planes in the coming days. American Airlines expects to receive one of the new planes as early as Wednesday. The production was marred by various problems, including gaps between panels in the 787’s carbon-composite skin. That has prevented Boeing from delivering any of the planes over the past two years, with about 120 on hold as Boeing tries to streamline its production process. If shipments continue, Boeing will regain a critical source of funding.
Japanese tech giant SoftBank posted a quarterly loss of $23 billion.
TOKYO (AP) — Japanese technology company SoftBank Group posted a $23 billion loss in the April-June quarter as the value of its investments fell amid global concerns over inflation and interest rates. SoftBank Group’s loss of 3.16 trillion yen changed from a profit of 762 billion yen in the same quarter a year earlier. The company said Monday that quarterly sales rose 6 percent. Although SoftBank’s portfolio is not directly exposed to the war in Ukraine, the company has warned that global instability, as well as inflation and higher energy costs, will hurt profitability. Foreign exchange losses also dented earnings a bit. CEO Masayoshi Son apologized and said: “Things are very bad.”
Axios Media purchased by Cox Enterprises
NEW YORK (AP) – Axios Media is being bought by Cox Enterprises, which says it plans to expand its coverage and push the online news provider into new markets. Axios, citing sources, reported Monday that the deal is worth $525 million. Cox, whose other media companies include The Atlanta Journal-Constitution and Dayton Daily News, became an investor in Axios last year. Axios co-founders and former Politico reporters Jim Vandehey, Mike Allen and Roy Schwartz will continue to hold majority stakes in the company and lead editorial and day-to-day business decisions.
The US has imposed sanctions on the 2nd virtual currency mixing firm.
WASHINGTON (AP) — The Treasury Department has It also sanctioned Tornado Cash, a virtual currency that has helped mine more than $7 billion in virtual currency since its creation in 2019. for misappropriating more than $96 million collected from the June Harmony blockchain bridge heist and the August Nomad crypto firm heist. Blending services can obscure the origin of stolen funds from illegal actors by combining various digital assets, including illicit funds and legitimate funds.
The first major trial of a possible Lyme vaccine in 20 years has begun
DUNCANVILLE, Pa. (AP) — Researchers are seeking thousands of volunteers in the U.S. and Europe to test the first vaccine against Lyme disease in 20 years. The shot, developed by Pfizer and French biotech Valneva, aims to stop the spread of Lyme through tick bites. The new study will test three primary vaccinations between now and next spring, and then a booster dose a year later. The only human Lyme vaccine made by another company was pulled from the US market in 2002. Pfizer and Valneva say the threat from Lyme is growing, it’s time to try again.
Southwest’s assistant suffers a broken back on a hard landing
DALLAS (AP) — A Southwest Airlines flight attendant suffered a compression fracture in her back during a hard landing in California last month. Federal safety investigators said the wheel was so strong that the flight attendant thought the plane had crashed. The National Transportation Safety Board has concluded its investigation without saying what happened to the serious crash. None of the 141 people on board were injured in the July 1 crash at John Wayne Airport in Santa Ana, California, the safety board said. The airport has a relatively short runway. The security board has not made the documents from the investigation public.
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