A growing body of scientific research linking tyre wear to microplastic pollution, as well as increasing scrutiny from lawmakers in the European Union (EU), has led the $180 billion-a-year tyre industry to fight back.
(Bloomberg) — Facebook Inc. will invest $5.7 billion in the digital assets controlled by India’s richest man, the U.S. social-networking giant’s biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market.The U.S. company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, Reliance Industries Ltd. said in a statement Wednesday. Separately, Facebook said the deal would bring together JioMart, an ecommerce venture of Mukesh Ambani and its WhatsApp platform to enable people to connect with businesses.Shares of Reliance Industries jumped as much as 12% on Wednesday in Mumbai, …read more […]
Troubled fashion retailer Ted Baker on Wednesday named easyJet Chairman John Barton as its non-executive chairman, less than a month after appointing Rachel Osborne to the permanent role of chief executive officer.
Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.
Asian share markets were on the defensive on Wednesday as the floor fell out from under crude prices, sparking worries about further turmoil in the energy sector, already reeling from the heavy blow from global shutdowns.
United Airlines (UAL) has announced an underwritten public offering of 39.25 million shares of its common stock in a bid to raise around $1 billion,as it seeks to further boost liquidity in these challenging times. The offering will be priced at $26.50 per share.The company has also granted to the underwriters a 30-day option to purchase up to 3,925,000 additional shares. According to the statement, the proceeds from the offering will be used for general corporate purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on April 24, 2020.UAL stock, which dropped 1.7% in after-hours …read more […]
Private equity and distressed situation specialists Apollo Global Management, Oaktree Capital Management and BGH Capital are among those that have expressed interest in restructuring Virgin Australia Holdings Ltd , five sources said.
(Bloomberg) — Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.Brent futures for June delivery lost 12% to trade near $17 a barrel while New York’s West Texas Intermediate fell 4% having lost almost half its value on Tuesday. Prices continue to crash amid fears the massive glut that sent May WTI to as low as minus $40.32 a barrel on Monday is only going to get worse.With global demand crushed by coronavirus lockdowns, concerns that …read more […]
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.
Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.
Roche’s diagnostic business has moved out of the shadows of its main medicines unit during the coronavirus epidemic, as the Swiss drugmaker confirmed its 2020 sales and profit outlook amid rising demand for its new COVID-19 tests. Basel-based Roche still expects full-year sales to grow in the low- to mid-single-digit percentage range, with core earnings per share growing broadly in line with sales at constant exchange rates, the company said on Wednesday. Group sales in the first-quarter rose 7% to 15.1 billion Swiss francs ($15.57 billion), with drugs business revenue up 7% and diagnostics rising 5% at constant …read more […]
(Bloomberg) — Ericsson AB said Europe risks falling further behind on fifth-generation networks as phone carriers postpone upgrades to the latest cellular technology due to coronavirus lockdowns.The pandemic is already making it harder for the communications equipment supplier to deliver its services, though this had only a limited effect on operating income and cashflow during the first quarter, the company said in a statement.Key InsightsEricsson and peers such as Nokia Oyj are seen as relatively insulated from the virus pandemic as demand for communication services is holding up with the shift to home working and schooling.However, the pandemic has led …read more […]
(Bloomberg) — U.S. stocks are likely to see new lows if VIX patterns from yesteryear hold sway, according to Bank of America Corp.The current bear-market rally most closely resembles what occurred in 2008, and suggests there’s limited further upside before a turn that drags the S&P 500 to fresh lows, strategists led by Benjamin Bowler wrote in a note Tuesday. They drew that conclusion by measuring from the peak of volatility in the three most recent major sell-offs and comparing those with the present one.Volatility markets are “underpricing the risk of a secondary market shock,” they wrote.If the S&P 500, …read more […]
Facebook will buy a 10% stake in the digital business of India’s Reliance Industries for $5.7 billion, as the social media firm looks to leverage its highly popular WhatsApp chat service to offer digital payment services.
The social media giant becomes a shareholder in cut-price Indian mobile internet company Reliance Jio. …read more […]
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