Trading Ideas
Month: April 2020
Business News
EasyJet founder continues battle over $5.5 billion Airbus order
EasyJet founder Stelios Haji-Ioannou continued his battle to force the British airline to cancel an order for 107 Airbus planes, making a new demand on Wednesday for a shareholder vote and threatening to sue its directors.
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India to Buy Up Middle Eastern Oil for Strategic Reserves
(Bloomberg) — India, the world’s third biggest oil consumer, is set to snap up millions of barrels of Middle East crude for its strategic reserves, signaling its support for global efforts to rescue the energy market.The purchases are aimed at taking advantage of low prices, according to officials with knowledge of the matter. But two of them said they’re also a signal of solidarity for the campaign to stabilize markets after Oil Minister Dharmendra Pradhan spoke with his U.S. and Saudi Arabian counterparts and the head of the International Energy Agency.While India’s storage capacity is relatively small, the purchases are …read more […]
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China’s Streaming Platform iQIYI Retaliates Against Short Seller Report
Chinese online entertainment service iQIYI Inc (IQ) has issued a statement denying allegations made in a short report by Wolfpack Research.In its April 7 report, Wolfpack alleges that “IQ was committing fraud well before its IPO in 2018 and has continued to do so ever since.” It estimates that IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%, by overstating its user numbers by approximately 42%-60%.According to the report, IQ inflates its expenses, the prices it pays for content, other assets, and acquisitions to “burn off fake cash to hide the fraud from its auditor and investors.” …read more […]
Business News
Oil holds near $32 ahead of OPEC-led talks on output cuts
Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.
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Business News
Britain’s Tesco warns coronavirus costs could top $1 billion
Britain’s biggest retailer Tesco estimated a hit of up to 925 million pounds ($1.1 billion) from the costs of dealing with the coronavirus pandemic and warned it couldn’t give profit guidance for the current financial year.
Business News
Honda back to work in China’s Wuhan with temperature checks and masks
Temperature checkpoints and posters telling workers to keep more than a metre apart at Japanese automaker Honda Motor Co’s reopened plant in the Chinese city of Wuhan show how the coronavirus has created a new normal on the factory floor.
Business News
BMW to start producing face masks
German carmaker BMW will start producing face masks to help protect its own staff and the public against the spread of the new coronavirus, Chief Executive Oliver Zipse said on Wednesday.
Business News
Dollar gains on rising coronavirus crisis concerns
The dollar firmed on Wednesday as optimism that the coronavirus crisis was slowing waned, increasing investor concerns over the economic impact of the pandemic.
Business News
BAE Systems to raise $1.3 billion in debt to fund pension deficit
Britain’s BAE Systems is looking to raise $1.3 billion in debt to fund its pension deficit and repay related loans, the company said on Wednesday, as it prepares to deal with the fallout of the coronavirus outbreak.
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Two Accounting Scandals in China in One Week Burn Investors
(Bloomberg) — China’s second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country’s fastest-growing companies.TAL Education Group, a tutoring business whose success turned founder Zhang Bangxin into one of China’s richest people, delivered the latest bombshell on Tuesday after saying a routine internal audit found an employee had inflated sales by forging contracts. The company’s American depositary receipts sank as much as 18% in late U.S. trading.The sell-off follows the 83% slump in Nasdaq-listed Luckin Coffee Inc. since the company announced that its chief operating officer and some underlings may …read more […]
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Trump Forced by Oil War Into Unthinkable Push for Higher Prices
(Bloomberg) — Donald Trump is trying to do something no U.S. president has dared to do in decades: Drive up the price of oil.For more than three decades, U.S. presidents proclaimed cheap fuel as an almost God-given right for American motorists and homeowners, shaping the country’s foreign policy in pursuit of lower prices. As president, Trump didn’t just back cheap crude, he was its biggest supporter, frequently attacking OPEC and celebrating the shale boom’s deliverance of “energy dominance.”Now, the Russia-Saudi price war and a killer pandemic have caused prices to plunge, putting Trump in the awkward position of begging those …read more […]
Business News
Figure of $6.5 billion in loans for Air France KLM ‘not unrealistic’: minister
A figure of 6 billion euros ($6.5 billion) in loans to help Air France KLM amid the coronavirus crisis is “not unrealistic”, French junior transport minister Jean-Baptiste Djebbari said on Wednesday.
Business News
French carmaker PSA sets up fund for staff and new health check measures
French carmaker and Peugeot owner PSA announced on Wednesday the creation of a solidarity fund to help staff affected by the closures of plants due to the COVID-19 outbreak, and new steps to protect the health of its workers.