Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
(Bloomberg) — BP Plc will write down the value of its business by as much as $17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new Chief Executive Officer Bernard Looney. Shares fell 5% to 307 pence as of 8:15 a.m. in London.“BP now sees the …read more […]
BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels.
A second straight day of record new COVID-19 cases in Beijing and a spike in infections across a swathe of the United States has dented investor sentiment and sent stocks sharply lower on Monday.
The number of publicly accessible charging points for electric vehicles (EV) jumped 60% in 2019, the biggest increase in three years and outpacing sales of battery-powered cars, according to the International Energy Agency (IEA).
H&M , the world’s second-biggest fashion retailer, on Monday reported a sharp but slightly smaller than expected drop in second-quarter sales as measures to slow the COVID-19 pandemic slammed the sector.
Italian bank Intesa Sanpaolo has increased the number of branches and amount of assets it will sell to rival BPER if its proposed takeover of UBI Banca goes through in an effort to overcome antitrust objections to the deal.
Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.
Jun.15 — To spur the restart of the French economy, President Emmanuel Macron announced a quicker end to restrictions put in place to contain the coronavirus. Bloomberg’s Maria Tadeo reports on “Bloomberg Daybreak: Europe.” …read more […]
Jun.15 — U.K. Prime Minister Boris Johnson makes a direct intervention into the Brexit talks today. He’ll hold a video call with three EU presidents in a bid to rejuvenate attempts to find a deal. Negotiations have struggled to make progress since March with neither side shifting dramatically from their starting positions. Bloomberg’s Maria Tadeo reports on “Bloomberg Daybreak: Europe.” …read more […]
Washington state is investigating whether Amazon (AMZN) abuses its powers over sellers on its e-commerce site, people involved with the inquiry have revealed to The New York Times.According to correspondence viewed by the paper, the Washington attorney general’s office is also looking into whether Amazon makes it harder for sellers to list their products on other websites.However, the sources added that the inquiries do not yet appear to be in advanced stages.Similarly, California is also investigating how Amazon treats sellers in its online marketplace, people familiar with the matter told The Wall Street Journal earlier this month.In particular, California state …read more […]
Stock market gains have further to run and investors are still under-pricing the scale of the world’s coronavirus recovery, investment bank Morgan Stanley said in an outlook note. “While the last four months have been exceptional, we think that this cycle has been, and will be, more ‘normal’ than appreciated,” said Andrew Sheets, the bank’s chief cross-asset strategist. The call, made in a note dated Sunday and distributed on Monday, comes as global markets pull back from a sharp rally that has lifted world stocks about 36% from March lows. …read more […]
Stock market gains have further to run and investors are still under-pricing the scale of the world’s coronavirus recovery, investment bank Morgan Stanley said in an outlook note.
Stock market gains have further to run and investors are still under-pricing the scale of the world’s coronavirus recovery, investment bank Morgan Stanley said in an outlook note. “While the last four months have been exceptional, we think that this cycle has been, and will be, more ‘normal’ than appreciated,” said Andrew Sheets, the bank’s chief cross-asset strategist. The call, made in a note dated Sunday and distributed on Monday, comes as global markets pull back from a sharp rally that has lifted world stocks about 36% from March lows. …read more […]
Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said.
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