Australia’s second largest bank Westpac Banking Corp on Friday said it has filed its defence in a case where it is accused of 23 million alleged breaches of anti-money laundering laws.
Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was up 39 cents, or 1.3% at $31.52 a barrel by 0333 GMT, after rising nearly 7% on Thursday. West Texas Intermediate (WTI) oil was up 19 cents, or 0.7%, at $27.75 a barrel, having jumped 9% in the previous session. …read more […]
The airline industry is not likely to recover to pre-coronavirus levels for at least the next six to 12 months, Southwest Airlines Co Chief Executive Officer Gary Kelly said on Thursday.
Asian stocks struggled to extend gains on Friday and were on course to end the week lower as deteriorating U.S.-China relations undercut optimism over the reopening of major economies.
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
(Bloomberg) — An armada of tankers filled with Saudi crude heading to American shores is raising concern that tanks may fill again just as a U.S. glut shows signs of easing.Over 30 tankers laden are set to arrive in the U.S. Gulf Coast and West Coast during May and June, according to ship tracking data compiled by Bloomberg. The more-than 50 million barrels of Saudi crude on the water threaten to disrupt a positive supply development: U.S. crude stockpiles declined for the first time since January and inventories at the Cushing, Oklahoma storage hub contracted by the most in months.“The …read more […]
Negative rates would take interest, including on home loans, into an upside-down world. …read more […]
Taiwan Semiconductor Manufacturing Co Ltd, a major supplier to Apple Inc, announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a “strong partnership” with the U.S. government.
Taiwan Semiconductor Manufacturing Co Ltd, the world’s biggest contract manufacturer of computer chips, on Friday announced plans to build an approximately $12 billion advanced chip factory in Arizona.
The U.S. Food and Drug Administration said on Thursday that Abbott Laboratories’ speedy coronavirus test, which can deliver results within minutes and is used at the White House, could potentially be inaccurate but can still be used to test patients.
(Bloomberg) — Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers cut supply and consumption recovers after a historic collapse in demand due to the coronavirus.While futures in New York edged lower in early Asian trading, prices are still up about 11% this week after closing above $27 a barrel on Thursday for the first time in over a month. Saudi Arabia has slashed supply to the U.S., Europe and Asia as OPEC and its allies reduce daily output by almost 10 million barrels. The International Energy Agency said that the …read more […]
With all the controversial headlines surrounding CEO Elon Musk, it has almost been forgotten that Tesla (TSLA) has finally been turning a profit. The EV pioneer surprised many when it followed 4Q19’s swing into the green with another beat in its recent 1Q20 report.Following an investor relations meeting with Tesla, Deutsche Bank’s Emmanuel Rosner noted, “We found Tesla’s message to be positive, reiterating that order backlog for its vehicles continues to grow due to limited ability to produce vehicles currently, and that its pace of capacity expansion will be the main driver of volume growth over the next few years.”Model …read more […]
The We Company, owner of WeWork, said on Thursday that for the first time quarterly revenue surpassed $1 billion and cash burn improved 60% sequentially, but the money-losing shared office operator did not mention profitability in an email to employees that was reviewed by Reuters.
Late last month, Sukrampal had to beg and borrow farmhands from nearby villages to gather his part of the country’s largest-ever wheat harvest in Haryana state near New Delhi.
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