Rolls-Royce to ditch targets and suspend dividend due to coronavirus: FT

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FILE PHOTO: A man looks at Rolls Royce’s Trent Engine displayed at the Singapore Airshow in Singapore February 11, 2020. REUTERS/Edgar Su

(Reuters) – British aero-engine maker Rolls-Royce (RR.L) will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday.

Rolls-Royce is also aiming to announce new credit facilities in excess of 1 billion pounds ($1.22 billion) to bolster liquidity, the newspaper said on.ft.com/2ULsL7q.

Rolls-Royce, which makes engines for large civil and military planes, has been hit

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Fed’s Bullard says another coronavirus economic relief bill may not be needed

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WASHINGTON (Reuters) – A top official at the U.S. Federal Reserve said on Sunday the $2.3 trillion economic relief bill approved by Congress was appropriately sized and that a further relief effort may not be needed if support efforts are well executed.

FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su/File Photo

“I felt like this one was well-sized for the situation,” St. Louis Federal Reserve Bank President James Bullard told CBS’ “Face the Nation” when asked if further legislation would be needed.

“I think you’ve got

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U.S. banks to defend dividend payments in stress tests: FT

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FILE PHOTO: The U.S. Federal Reserve Building is pictured in Washington, March 18, 2008. REUTERS/Jason Reed/File Photo

NEW YORK (Reuters) – U.S. banks are expected to defend their dividend payments when they submit their annual capital plans to the Federal Reserve on Monday for the upcoming stress tests, the Financial Times reported on Sunday, citing people familiar with the situation.

U.S. lenders face growing pressure to follow their European counterparts and non-financial companies and cut dividends, as the coronavirus crisis puts a record number of people out of work, which could make it harder for borrowers to repay loans. Banks

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Oil drops 9% following a record surge last week, as OPEC meeting on a production cut is delayed

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Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles.

U.S. West Texas Intermediate crude fell 9.2% to trade at $25.72 per barrel, while international benchmark Brent crude dipped 8.7% to $31.15 per barrel.

Oil surged last week — WTI and Brent are both coming off their best week on record — as Saudi Arabia called a meeting between between OPEC and its allies, known as OPEC+, signalling there could be progress on a production cut. The organization’s

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