Month: March 2020

Some investors are betting that markets will stay turbulent in the coming weeks, after an avalanche of selling in U.S. stocks sent volatility to levels not seen since the financial crisis. The Cboe Volatility Index, known as “Wall Street’s fear gauge,” climbed by more than 20 points above its Friday closing level to peak at 62.12, its highest level since December 2008. The VIX ended Monday’s session at 54.46. …read more […]

(Bloomberg) — Goldman Sachs Group Inc. asset managers cut borrowing for two energy funds, which saw their top holdings fall by one-third in two days amid “unprecedented” volatility in commodity prices, resulting in a “material impact” on their net asset value.The bank has decided to “effectively eliminate the net leverage” of its MLP Income Opportunities Fund and MLP and Energy Renaissance Fund, its asset management arm said in separate statements. The funds had combined assets of about $590 million at the end of January, mainly in master limited partnerships that operate U.S. oil and gas pipelines and terminals, according to …read more […]

Tesla Inc plans to increase its production capacity for certain car parts at its $2 billion factory in China, according to a government document seen by Reuters, as it pushes to localize its supply chain in the world’s biggest auto market. The U.S. automaker, which started delivering Model 3 electric sedans from its Shanghai factory in December, plans to add lines to make more battery packs, electric motors, and motor controllers, according to the document submitted by Tesla to Shanghai government. Tesla, which as of end-December used about 70% imported parts for the cars it made in …read more […]

(Bloomberg) — President Donald Trump promised “very dramatic” actions to support the U.S. economy as the World Health Organization said the threat of a pandemic is “very real.”Infections climbed across Europe, prompting a nationwide lockdown across Italy, but signs of improvement emerged in Asia. China announced only 19 new cases, the lowest since Jan. 18 according to official figures, while South Korea also saw a slowing trend. In a sign China sees the virus under control, President Xi Jinping visited the city of Wuhan for the first time since the disease emerged.Trump said he will seek a payroll tax cut …read more […]

The drivers, three individuals and a couple, are among some 350 people who opted out of a $10 billion U.S. class action settlement with the German automaker which agreed to buy back hundreds of thousands of its cars after it admitted to using illegal software to cheat U.S. pollution tests in September 2015. The five were part of an initial trial of 10 plaintiffs, aimed at setting a pattern to resolve the remaining claims. The jury had earlier this month awarded the five a total of $5,747 in compensatory damages. …read more […]

(Bloomberg) — At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according to people familiar with the matter.The so-called nominations show how the price war that’s broken out between the world’s biggest crude producers is having an immediate impact on global oil flows. Taking additional Saudi crude would mean the buyers make significantly fewer purchases in the spot market, potentially devastating markets in which companies traditionally sell their crude via tenders and spot transactions, including West Africa and some …read more […]

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