Month: June 2020

(Bloomberg) — Yet another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for U.S. crude.Buckeye Partners LP expects to start loading ships with oil for export in the second half of July, after receiving crude at its South Texas Gateway terminal in the Port of Corpus Christi about a month earlier than planned.At least 15 other terminals have started exporting U.S. crude in recent years, encouraged by record shale production and growing demand for barrels in Asia. In April, Mercuria Energy Group-backed Pin Oak Terminals became one of the latest to start …read more […]

The firm expects prices to be lower as plans to cut carbon emissions are sped up in the wake of coronavirus. …read more […]

“China Unicom has chosen Nokia to support the buildout ofits 5G SA Core network in China, marking an expansion of Nokia’s existing 4G working relationship with the Chinese communication service provider,” Nokia said in a statement, adding the deal corresponded to a 10% share. At the end of April, Nokia’s Suri told Reuters in an interview that Nokia had won a 10% share of China Unicom’s 5G core network, alongside rivals Huawei and ZTE. …read more […]

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BP PLC (BP) said it expects to incur up to $17.5 billion in non-cash impairment charges and write-offs in the second quarter, as the enduring impact of the coronavirus pandemic on the global economy is poised to lead to weaker energy demand for a sustained period.Shares fell 5.6% to $23.36 in Monday’s pre-market trading.The charge, which is estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax, comes after BP lowered its investment appraisal long-term price assumptions by an average of about 30% and extended the period covered to 2050.The revised long-term price assumptions are now …read more […]

Field Programmable Gate Arrays (FPGAs) — for its 5G equipment that customers could reprogramme but high costs and supply hurdles last year forced it to change course. “We still stand by the decision of going with FPGAs because it was the right thing to do at that time,” Sandro Tavares, Nokia’s head of mobile networks marketing, told Reuters. Nokia, which competes with Sweden’s Ericsson and China’s Huawei [HWT.UL], had said its 5G products could not reach the market in time due to delays by one supplier, identified by analysts as Intel. …read more […]

Extraction Oil & Gas (XOG) has announced that it has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Shares are now falling 30% in Monday’s pre-market trading.“After months of liability management and careful analysis of our strategic options, we determined that a voluntary chapter 11 filing with key creditor support provides the best possible outcome for Extraction,” said Extraction CEO Matt Owens.At the same time, XOG revealed that it has obtained a committed $125 million debtor-in-possession financing facility, with $50 million in new money, …read more […]

Jun.15 — Retail outlets in England selling non-essential items are opening today for the first time since March, as the government eases restrictions put in place to curb the coronavirus. Kyle Monk of the British Retail Consortium assesses the outlook for the sector in an interview on “Bloomberg Markets: European Open.” …read more […]

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(Bloomberg) — U.S. stock index futures dropped alongside shares in Europe and Asia as worries over a potential second wave of Covid-19 led to deepening concerns over the global economy.Contracts on the S&P 500 declined 3% as of 8:27 a.m. in London. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average fell 2.4% and 3%, respectively. On Friday, U.S. stocks rallied from the biggest rout in 12 weeks as dip-buyers emerged for firms that bore the brunt of Thursday’s selling.“Despite Wall Street stabilizing and finishing the week with a positive session, it appears that the FOMO, fast-money, peak-virus, …read more […]

Israel is in advanced talks to buy Moderna Inc.’s (MRNA) experimental coronavirus vaccine candidate, the country’s news portal Ynet reported.The talks come after Moderna last week announced that it is commencing with the late-stage testing of its COVID-19 vaccine candidate, mRNA-1273, according to the report, which cited unnamed officials at Israel’s Health Ministry. Additional details weren’t provided.The biotech company, which has already finalized the Phase 3 study protocol for the vaccine candidate is expected to start a trial of 30,000 participants enrolled in the U.S. in July. The trial’s primary endpoint will be the prevention of symptomatic COVID-19 disease, while …read more […]