Oil prices rose on Tuesday, boosted by hopes for a swift recovery in fuel demand as coronavirus lockdown measures are eased across the globe, but gains were capped by the spectre of persistent oversupply in the market.
Gilead Sciences (GILD) has now filed for conditional marketing authorization (CMA) of its antiviral medicine remdesivir for the treatment of COVID-19 with the European Medicines Agency (EMA).The EMA reports that it has now formally started its evaluation of remdesivir under a reduced timeline and an opinion could be issued within weeks. The speed will depend on the robustness of the data and whether further information is required, says the EMA.Such a short timeframe will only be possible because some data have already been assessed during the first cycle of a rolling review, which started on 30 April and ended on …read more […]
Shares in Beyond Meat (BYND) soared 22% after announcing a partnership with food distributor Sinodis to further expand the reach of its famous plant-based beef in China.The news sent shares up 22% to $162.46 on Monday. The financial terms of the partnership weren’t disclosed.Sinodis, a subsidiary of French group Savencia, is a distributor of imported food products to more than 4500 wholesalers, restaurant chains, and hotels in China.”Our goal is to increase availability of plant-based meat globally, providing consumers with more choices, and access to nutritional and environmental benefits of plant-based meat,” said Beyond Meat’s chief growth officer Chuck Muth. …read more […]
Clad in black, Beijing’s city inspectors descended on street vendors this week and ordered them to clear out, just days after the Chinese premier had sparked a rush to set up curbside stalls by praising them as a creator of jobs in the coronavirus-hit economy.
British government borrowing is soaring to levels not seen since World War Two, something Prime Minister Boris Johnson and his finance minister Rishi Sunak will try to fix once the worst of the coronavirus crisis has passed.
G7 government bonds? Check. Gold? Check. But that may not be enough as the coronavirus crisis accelerates a hunt for a wider pool of assets to better balance investment portfolios during stressful times.
Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.
Cathay Pacific Airways Ltd announced on Tuesday a recapitalisation plan worth HK$39 billion ($5.03 billion) led by the Hong Kong government to help it weather the coronavirus pandemic.
(Bloomberg) — Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.Futures added 0.5% in New York after snapping a four-day rally on Monday. U.S. crude inventories probably fell for the fourth time in five weeks, according to a Bloomberg survey before government data Wednesday. Saudi Arabia said the additional supply cuts, which amounted to about 1.2 million barrels a day and included contributions from allies in the Persian Gulf, would only take effect in June as planned.Oil …read more […]
Chanel, Revlon and L’Oreal, three of the biggest brands in cosmetics, are quietly moving away from using talc in some products as U.S. cancer lawsuits and consumer concerns mount.
(Bloomberg) — Cathay Pacific Airways Ltd. announced a HK$39 billion ($5 billion) recapitalization plan that includes preference shares and a rights issue as it battles through unprecedented difficulty brought on by the coronavirus pandemic and protests in Hong Kong.The rights issue proposal is on the basis of seven rights shares for every 11 existing shares held and would raise about HK$11.7 billion, Cathay said in a statement to the Hong Kong stock exchange. The preference shares would raise HK$19.5 billion and warrants HK$1.95 billion, subject to adjustment.Aviation 2020 Ltd., a Hong Kong government-connected entity, is extending a HK$7.8 billion bridge …read more […]
Global banks are seeing renewed appetite from wealth management clients to borrow money to buy stocks as markets rebound, bankers said, which comes just months after the strategy burned some investors.
Hong Kong’s government will lead a near HK$30 billion ($3.9 billion) bailout package for Cathay Pacific Airways Ltd giving it two observer seats in the boardroom, the South China Morning Post reported on Tuesday, citing sources.
Cathay Pacific Airways Ltd announced on Tuesday a recapitalisation plan worth HK$39 billion ($5.03 billion) led by the Hong Kong government to help it weather the coronavirus pandemic.
Oil prices climbed on Tuesday as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market.
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