Virgin Australia Holdings Ltd’s administrators said they will hold a first meeting of creditors on April 30 and have retained Houlihan Lokey to advise them on restructuring the airline.
Asian share markets slipped to two-week lows on Wednesday as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis.
Revenue, which Snap earns mainly by selling advertising on the app, increased 44% from a year earlier to $462.47 million. Direct response advertising is now more than half of Snap’s total revenue. Small and medium-sized businesses have been hard-hit during the pandemic, but represent a smaller portion of Snap’s direct response ad business, which has helped protect revenue, said Jeremi Gorman, Snap’s chief business officer, on the earnings call. …read more […]
Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk – because whatever is left is spoken for by firms sending oil to the hub right now. Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars. …read more […]
The Trump administration on Tuesday gave Chevron Corp , the last major U.S. oil company still operating in Venezuela, until Dec. 1 to “wind down” its business in the OPEC member-nation and will allow it to conduct only severely limited operations there until then.
Virgin Galactic Holdings Inc Chairman Chamath Palihapitiya on Tuesday raised $720 million for a new blank-check company, 20% more than its original target, after the coronavirus crisis upended plans last month.
U.S. House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer welcomed a bipartisan deal reached on small business loan support, along with money for hospitals and testing, and said the U.S. Congress would aim to pass it this week.
Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak. West Texas Intermediate was up $2.05, or 18%, at $13.62 a barrel by 0034 GMT. Brent crude , which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier. …read more […]
Facebook Inc announced a $5.7 billion investment in Reliance Industries Ltd’s telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited.
Global business leaders are preparing for a drawn-out U-shaped recession due to the impact of coronavirus and many fear their companies won’t survive the pandemic, a survey of thousands of chief executives showed on Wednesday.
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector’s biggest companies report quarterly results following the historic collapse in oil prices.
Online travel services company Expedia Group Inc is in advanced talks to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management Inc for about $1 billion, the Wall Street Journal reported on Tuesday.
Asian share markets were set to tumble on Wednesday as the floor fell out from under U.S. crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.
As Detroit’s automakers shut production in March due to the coronavirus pandemic, South Korea’s Hyundai Motor cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world’s fifth-largest auto group.
Activist investor ValueAct Capital Partners LP has built a stake of over $1.1 billion in Nintendo , according to a letter seen by Reuters, a bet that digital software distribution and the development of new entertainment products will fuel growth at the Japanese consumer electronics company.
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