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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Jul 22, 2020
Page
8
Wall Street extended its rally as the S&P 500 rose 0.2 percent while banks and energy shares led gains, offsetting tech losses on the Nasdaq. Smaller firms outperformed as European budget and relief fund signals boosted optimism for more government aid amid coronavirus concerns.
United Airlines reported a 1.63 billion dollar loss for the second quarter as revenue fell 87 percent. The Chicago based carrier will operate just over a third of capacity through September and cut daily cash burn from 40 million to about 25 million in Q3. CEO Scott Kirby said cost cuts and a reduced schedule positioned United to survive the COVID crisis and rebound when demand returns.
A Rhode Island grand jury indicted Broad Tech System Inc. chief Tao Jiang and equipment engineer Bohr Winn-Shih for conspiring to export microchip chemicals to a Chinese state linked firm in violation of export controls. The chemicals were allegedly destined for China Electronics Technology Group in Nanjing, with false documents submitted to authorities and shippers. The products were never shipped.
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