Any final agreement for how much OPEC and its allies, a group know as OPEC+, will cut during their talks on Thursday would depend on the volumes that other producers such as the United States, Canada and Brazil are willing to reduce, an OPEC source said on Tuesday.
World stock markets enjoyed a second day of sharp gains on Tuesday as signs of progress against the coronavirus in both Europe and the United States and more liberal helpings of stimulus kept investors charging back in.
Luckin Coffee’s app has rocketed to become the second most popular in China as consumers rushed to claim a free drink that it has long offered for downloading, worried the chain might collapse after it said much of its sales last year were fabricated.
Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market, industry sources said on Tuesday. Front-month Brent crude prices have jumped since Friday on expectations that Saudi Arabia and Russia may strike a deal to cut output and support prices. “Demand has collapsed and supply is gushing,” said Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore. …read more […]
Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.
Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
British cinema operator Cineworld said on Tuesday it has shut all its 787 cinemas across 10 countries due to the coronavirus pandemic and that it was in talks with its lenders for ongoing liquidity requirements.
(Bloomberg) — Megvii Technology Ltd. for the first time revealed the stunning growth fueled by a nation’s obsession with security.The Alibaba Group Holding Ltd.-backed startup tripled revenue to 949 million yuan ($133 million) in the first half. It generated more than 73% of those sales from AI services for major clients like government agencies, hospitals and real estate developers, the company said in a filing to the Hong Kong Stock Exchange.Seven-year-old Megvii is said to be angling to raise as much as $1 billion in its initial public offering, becoming the first of China’s fast-rising AI stars to debut and …read more […]
French airports operator ADP is losing more than 3 million euros ($3.25 million) in sales a day due to the coronavirus crisis, Chief Executive Augustin de Romanet said on Tuesday.
British cinema operator Cineworld said on Tuesday all its 787 cinemas across 10 countries have been shut due to the coronavirus pandemic and that it was in talks with its lenders for ongoing liquidity requirements.
Asian firms appear better equipped to pay stable dividends compared with their western counterparts that are constrained by highly levered balance-sheets and a need to preserve cash during the coronavirus outbreak.
(Bloomberg) — U.S. and European stock futures advanced along with sovereign bond yields on continuing optimism that the deadly coronavirus outbreak may be waning in some key epicenters.The dollar, a key barometer of funding strains, retreated the most since late March. In another sign of easing stress, Indonesia mounted a record dollar bond sale. The MSCI Asia Pacific Index climbed almost 2% after advancing nearly 3% Monday. Futures on the U.S. S&P 500 rose after the index yesterday closed at its highest since March 13.China’s stocks climbed and the yuan edged up as markets there reopened in the wake of …read more […]
Employees at Valero Energy Corp’s Port Arthur, Texas, refinery expressed worries about the company’s slow response to keep the coronavirus from spreading there after two workers tested positive, four people familiar with the matter said.
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