Year: 2020

(Bloomberg) — Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet.Avianca, which counts United Airlines Holdings Inc. and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. It listed as much as $10 billion in liabilities and the same amount in assets. The company said it will not make bond payments due Monday.The carrier grounded planes in late March after governments across Latin America sealed borders to …read more […]

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May.10 — Vice President Mike Pence is self-isolating away from the White House following his press secretary’s diagnosis of Covid-19 on Friday, according to three people familiar with the situation. Yvonne Man reports on “Bloomberg Daybreak: Australia.” …read more […]

The aviation watchdog says it could take action if plane companies don’t give customers their money back. …read more […]

(Bloomberg) — Oil eased in Asia after two weeks of gains, with escalating production cuts around the world starting to reduce the glut hanging over the market.Futures in New York fell 1.4%, after climbing 25% last week. Qatar Petroleum cut its official selling prices for April crude sales by 51%, the official Qatar News Agency reported, setting both grades at the lowest in more than twenty years. Oil prices have tumbled around 60% this year as Covid-19 lockdowns caused the biggest demand shock in a generation.Economic restrictions are starting to be eased around the world, offering some hope that a …read more […]

Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Global oil demand has plummeted by about 30% as the coronavirus pandemic curtailed movement across the world. “Oil companies are dealing with a plethora of challenges due to the sudden decline in demand,” Haseeb Ahmed, oil and gas analyst at GlobalData, said in a note. …read more […]

Stock futures opened lower Sunday evening as Wall Street took a pause after last week’s rally, as a growing number of countries and states planned or began the process of phasing out stay-in-place measures. …read more […]

(Bloomberg) — Asian stocks looked set for a mixed open, while U.S. futures drifted, as investors eyed continued moves to re-open economies amid the threat of further coronavirus outbreaks. Oil retreated.Futures ticked higher in Japan and were little changed in Australia. S&P 500 contracts slipped after the gauge closed higher Friday. The New Zealand dollar gave up gains to trade flat and moves elsewhere in currency markets were largely muted in early trading on Monday. As governments around the world give more details on how economies will gradually restart, equities have continued to grind higher from their March lows. That …read more […]

As the coronavirus pandemic continues to chip away at global fuel demand, the Big Corn vs. Big Oil showdown is heating up once again …read more […]

May.10 — Jenny Zeng, Co-Head of Asia Pacific Fixed Income at AllianceBernstein, discusses her outlook for the Asian bond market and strategy. She speaks with Tom Mackenzie and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]

Uber Technologies Inc. (UBER) posted a $2.9 billion loss in the first quarter as the coronavirus pandemic curtailed demand for ridership.The ride-hailing company said the $2.9 billion loss included a $2.1 billion pretax writedown of the value of some of Uber’s minority investments. Excluding the writedown, Uber posted a loss of 64 cents per share, compared with analysts’ expectations of an 88-cent loss. Total revenue in the first three months increased 14% to $3.54 billion year-on-year.“While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, …read more […]

Insider buying can be an encouraging signal for potential investors.A red-hot cult stock saw a beneficial owner adding to its stake this week.Some insiders were making purchases in the wake of earnings reports.Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty.Insiders continued to add shares despite overall market volatility and global economic gloom. Here are some of the most noteworthy insider purchases …read more […]