U.S. oil prices hobbled back into positive territory on Tuesday after sinking below $0 for the first time ever, but international benchmark Brent dipped as the global coronavirus crisis severely reduces demand for crude.
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.
Swedish truck maker Volvo said on Tuesday it had signed a deal with German rival Daimler to set up a joint venture to develop and produce fuel cell systems for heavy-duty vehicles.
General Electric (GE) has entered into a $15 billion senior unsecured credit facility with 32 banks.This senior unsecured credit facility refinances and terminates GE’s prior $20 billion back-up revolving syndicated credit facility that was scheduled to mature in May 2021.The credit facility matures on April 17, 2023, although GE can pay any amounts of the facility back before this date without premium or penalty.According to the filing, extensions of credit under the credit facility can be used by GE for general corporate purposes.The closing of this new facility also terminated GE’s $4 billion revolving syndicated credit facility that was scheduled …read more […]
Workers at Ferrari are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production.
U.S. oil prices recovered on Tuesday to trade in positive territory after sinking below $0 for the first time ever, but international benchmark Brent dipped as demand for crude slumps amid the coronavirus pandemic.
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
Nissan Motor Co said on Tuesday it will shut its global headquarters in Japan for 16 days through early May to contain the spread of the coronavirus, even though the government has permitted keeping workplaces open to get the economy running.
The coronavirus pandemic brought a six-month experiment in dual leadership at SAP to an abrupt end as the German business software group named Christian Klein as its sole CEO to provide clarity to its 400,000 clients.
The stimulus payout timeline has some seniors and others getting money the week of April 20 and later. Many who didn’t get cash yet continue to worry. …read more […]
Fast Retailing Co , the owner of casual clothing chain Uniqlo, is ready to re-open two stores in Berlin this week, the company said on Tuesday, the first in Europe to reopen its doors since closing over the coronavirus outbreak.
(Bloomberg) — Virgin Australia Holdings Ltd. became Asia’s first airline to fall to the coronavirus after the outbreak deprived the debt-burdened company of almost all income.Administrators at Deloitte, who have taken control of the Brisbane-based carrier, aim to restructure the business and find new owners within months. More than 10 parties have expressed an interest, Deloitte said Tuesday.Virgin Australia joins FlyBe — the U.K.’s biggest domestic airline before it collapsed last month — among the industry’s corporate casualties of the virus. Airlines have been pummeled by domestic and international travel bans that forced them to seek government aid.Alaska’s Biggest Regional …read more […]
(Bloomberg) — U.S. stock index futures dropped after reports that North Korea’s Kim Jong Un underwent a medical procedure.Contracts on the S&P 500 slid as much as 1.2%, before paring their loss to 0.6% as of 12:22 p.m. in Tokyo. Futures dropped 0.5% on the Nasdaq 100 Index and 0.7% on the Dow Jones Industrial Average.The U.S. has information that Kim was in a critical situation after cardiovascular surgery last week, an official said. South Korean media reports suggested that Kim was recovering.North Korean “succession risk is causing global equity markets to buckle,” Stephen Innes, chief global market strategist at …read more […]
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