Tuesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Tuesday’s business headlines.

Cummins

Cummins will turn in its financial report card today.

They will reflect the slowdown of its businesses as many of its customers have shut down their factories worldwide.

Cummins recently took drastic measures as the COVID-19 pandemic continues to spread, hitting global trade and economies.

In its latest update, the engine manufacturer announced a slew of actions to “lower costs,” all of which relate to the compensation it pays to management and workers.

Wealthy loans

Wealthy homeowners who tapped government-backed loans intended to help small businesses weather the coronavirus pandemic could reportedly face a criminal investigation by the treasury department.

Some rich owners with a large staff, who previously registered their household under an independent company or LLC, applied for forgivable loans through the paycheck protection program, according to the New York Post.

Boeing

Boeing warned air travel will take years to recover.

At the shareholder meeting Monday, CEO Dave Calhoun said that air travel demand likely won’t recover for another two to three years. and when it does recover, the commercial market will be smaller.

Oil

A pandemic-led demand crunch is causing storage tanks around the world to fill up with oil that no one wants.

Today, nearly 90% of the globe’s 4.3 billion barrels of crude oil storage is full, according to the research firm Rystad Energy. The rest could fill up in as few as three weeks.

Millions of barrels are also sitting idly in supertankers off the US coasts, which have nowhere to go.