SBA watchdog probes small business loans as scrutiny intensifies
In his letter, Ware said the SBA inspector general's office started reviews of the PPP and the Economic Injury Disaster Loan program on April 24. “The Criminal Division’s Fraud Section is working with our law enforcement partners, the Small Business Administration and banks processing loans under the Paycheck Protection Program to identify outliers in the data," DOJ spokesperson Peter Carr said.
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Boeing Goes From Bad to Worse as Coronavirus Crushes Air Travel
Between compensation payments related to the 737 MAX grounding, delayed aircraft deliveries resulting from customers' distress, and Boeing's need to support its supply chain, cash burn will likely continue to exceed reported losses for most if not all of 2020. While Boeing is doing its best to cut costs, dramatically lower production rates will put pressure on profit margins
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Netflix Plans to Raise $1 Billion Through Debt Offering
Because nearly all of Netflix’s original productions are currently on hold, that will “shift out some cash spending on content to future years,” the company said in the Q1 letter.With its current outlook and balance sheet, Netflix said it has more than 12 months of “liquidity and substantial financial flexibility.” The company ended Q1 with $5.2 billion in cash and equivalents and maintains an untapped $750 million line of credit.
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Airbus decides to settle allegations of bribery and corruption
Airbus, Europe's largest planemaker, has agreed to a settlement with the British, French and American governments due to allegations of corruption and bribery. The company was also accused of violating the U.S. International Traffic in Arms Regulations. It is currently unknown if the company will face any other penalties or what the settlement amount is.
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Reuters
New Boeing chief sends teams back to the drawing board
Dave Calhoun, the newly appointed CEO of Boeing, has stated that the company will go back to the drawing board amid the deepening MAX 737 crisis which is set to cause the company billions of dollars in losses. The new plane will be midsize, designed for seating 220-270 passengers. Calhoun believes digital technology will help massively speed up the design and production of the plane.
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Reuters