New stimulus package saves 13,000 jobs at American Airlines, company says

Bumble quarterly revenue jumps more than 31%

FILE PHOTO: The Bumble Inc. (BMBL) app is shown on an Apple iPhone in this photo illustration as the dating app operator made its debut IPO on the Nasdaq stock exchange February 11, 2021. REUTERS/Mike Blake/Illustration

(Reuters) – Bumble Inc reported a 31.1% rise in fourth-quarter revenue on Wednesday, as people bored at home turned to online dating apps during the pandemic.

Opinion | What Can Biden’s Plan Do for Poverty? Look to Bangladesh.

As that nation turns 50, its surprising success offers lessons about investing in the most marginalized.

By Nicholas Kristof

Opinion Columnist

Oracle Corp. Q3 adjusted earnings Beat Estimates

Oracle Corp. (ORCL) revealed earnings for its third quarter that increased from last year.

The company’s earnings came in at $5.02 billion, or $1.68 per share. This compares with $2.57 billion, or $0.79 per share, in last year’s third quarter.

Excluding items, Oracle Corp. reported adjusted earnings of $3.49 billion or $1.16 per share for the period.

Analysts had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.0% to $10.09 billion from $9.80 billion last year.

Oracle Corp. earnings at a glance:

-Earnings (Q3): $3.49 Bln. vs. $3.16 Bln. last year.
-EPS (Q3): $1.16 vs. $0.97 last year.
-Analysts Estimate: $1.11
-Revenue (Q3): $10.09 Bln vs. $9.80 Bln last year.

Bumble quarterly revenue jumps more than 31%

March 10 (Reuters) – Bumble Inc reported a 31.1% rise in fourth-quarter revenue on Wednesday, as people bored at home turned to online dating apps during the pandemic.

Crude Oil Futures Settle Higher

Despite data showing a rise in U.S. crude inventories in the week ended March 5, crude oil futures closed higher on Wednesday, rebounding from recent losses.

West Texas Intermediate Crude oil futures for April ended up $0.43 or about 0.7% at $64.44 a barrel.

Brent crude futures settled at $67.90 a barrel, gaining $0.46 or 0.6% in the session.

According to the data released by the Energy Information Administration (EIA), crude inventories were up by 13.8 million barrels last week, compared with expectations for a build of 816,000 barrels.

Gasoline inventories dropped by 11.869 million barrels last week, nearly 3 times the expected fall. Meanwhile, distillate stockpiles were down 5.5 million barrels last week, more than 1.5 times higher than an expected drop.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 12.8 million barrels for the week ended March 5.

Dow ends at record after Congress approves US stimulus package

NEW YORK (AFP) – The Dow rocketed to a fresh record on Wednesday (March 10) after Congress approved a US$1.9 trillion (S$2.5 trillion) economic relief package, the last hurdle before President Joe Biden signs it into law.

The Dow Jones Industrial Average jumped 1.5 per cent to 32,297.02.

The broad-based S&P 500 gained 0.6 per cent to 3,898.81, while the tech-rich Nasdaq Composite Index slipped less than 0.1 per cent to 13,068.83.

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Watch live: President Biden meets with CEOs from J&J and Merck

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President Joe Biden is holding a meeting Wednesday at the White House with Kenneth Frazier, chairman and CEO of Merck, and Alex Gorsky, chairman and CEO of Johnson & Johnson.

Earlier Wednesday, the Biden administration announced that it plans to buy 100 million additional doses of J&J's Covid-19 vaccine. The deal would double the nation's supply of the J&J vaccine as the company already has a deal with the government to provide 100 million doses by the end of June.

Last week, Biden announced that Merck would help make J&J's Covid vaccine. Under the arrangement, Merck will dedicate two facilities in the U.S. to make the doses. One will make the vaccine and the other will provide "fill-finish" services, when the vaccine is placed in vials.

Read CNBC's live updates to see the latest news on the Covid -19 outbreak.

New stimulus package saves 13,000 jobs at American Airlines, company says

  • American Airlines said Wednesday the new $1.9 stimulus package is saving 13,000 jobs.
  • The company had been planning to furlough the workers on April 1.
  • Those furloughs “are happily canceled,” the airline said in a message.
  • See more stories on Insider’s business page.

American Airlines said Wednesday the $1.9 trillion stimulus package, passed on a party line vote by Democrats this week, will save the company from needing to furlough some 13,000 workers.

In a message to employees, first reported by CNN, executives at the company said those furloughs “are happily cancelled.”

“We are grateful for the support of our government leaders and their continued acknowledgement of all you do,” American Airlines CEO Doug Parker and President Robert Isom said.

In total, the package will prevent 27,000 airline workers from being furloughed, The Washington Post reported, thanks to some $8 billion in direct support.

Airlines have been slashing prices in order to attract wary travelers, with some experts predicting a return to a pre-pandemic “normal” as early as this summer.

Under the new stimulus, employee pay and benefits will be covered by the federal government through the end of September 2021.

President Joe Biden will sign the package into law on Friday.