In response to cratering sales and uncertainty over the coronavirus pandemic, many brands have followed a similar playbook: Cut expenses to the bone and hunker down till the storm passes.
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One such risk that companies seem to be underestimating is the damage that this strategy, or lack of a strategy, could do to their brand value. If companies no longer protect, define and promote their brands, they could emerge on the other side of the pandemic with significantly weaker brand values.
Check out this next:
COVID-19 Recovery Plan, City Budget On 'Weekend In Wyoming'
The Laramie County COVID-19 Recovery Plan and the 2020 Cheyenne City Budget will be among the topics discussed on the ''Weekend in Wyoming" program on Saturday, May 9th.
The program runs from 11 a.m. until 1 p.m. on AM 650, KGAB. The show will start out with an interview with Greta Morrow, about this year's virtual '' Day of Giving'' , which is already underway. At 11:30 a.m., we'll speak with Cheyenne city councilman Rocky Case about the city finances which he says are extremely poor shape as officials try to compile a budget for the new fiscal year that gets underway on July 1.
Targa Resources slashes budget again after historic 1st-quarter loss - HoustonChronicle.com
Houston natural gas pipeline operator Targa Resources is cutting its budget further after posting the largest loss in the company's 17-year history.
Targa said Thursday that it lost $1.8 billion in the first quarter compared with a $69.7 million loss one year earlier. The company's first quarter revenue of $2 billion was an 11 percent drop from the $2.3 billion of revenue during the first quarter of 2019.
The company specializes in gathering pipelines that move natural gas and natural gas liquids from oil wells to processing plants and larger pipelines.
Hess reduces 2020 exploratory budget to $1.9bn from $3bn
Energy company Hess has further trimmed its exploration and production (E&P) capital and exploratory budget for 2020 to $1.9bn, which is down by 37% from the company’s original $3bn budget. The estimated E&P capital and exploratory expenditures were $631m for the first quarter this year (Q1 2020), compared with $542m in the corresponding period last year (Q1 2019).
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STREICHER Drilling Technology designs and manufactures offshore rigs, as well as providing individual components and after-sales services such as asset maintenance and blowout preventer (BOP) recertification.
While you're here, how about this:
How to Market Your Website on a Shoestring Budget - business.com
I am going to show you a few tricks you can use to market your website on a shoestring budget. You can pick and choose the techniques that work best for your brand based on your industry and audience size.
First, let's talk about social media. You know that social media is one of the best ways to generate new leads for your business. The best part about platforms like Facebook, YouTube and Instagram is you can promote your brand without breaking the bank.
Avis Budget Plans for Summer Start of Recovery: Business Travel News
Uber during the past few weeks has seen a rebound in ride bookings, particularly in markets that are...
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In line with preliminary first-quarter results it released in April, Hilton Worldwide's first-quarter...
Sports budget crunch: $4M deficit at Minnesota, $5M at W.Va. | WPEC
Albemarle pulls 2020 forecast, cuts budget due to coronavirus - Reuters
(Reuters) - Albemarle Corp ( ALB.N ), the world’s largest producer of lithium for electric vehicle batteries, cut its 2020 budget and pulled its annual forecast on Wednesday as sales drop amid the global spread of the coronavirus.
Albemarle and the broader lithium industry had already faced concerns about market oversupply, worries now compounded by the pandemic.
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Albemarle said it is cutting its annual budget by about $150 million, now planning to spend $850 million to $950 million this year, and drawing $250 million on a line of credit. The company also plans to cut costs by $25 million to $40 million per quarter.
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