U.S. oil futures traded in negative territory on Tuesday, after sinking nearly $40 the previous session in their first ever dive below zero, as concern grew the sector will run out of storage for a glut caused by the coronavirus lockdown.
Beyond Meat (BYND) is teaming up with Starbucks (SBUX) to bring its famous plant-based beef to China for the first time. From Wednesday, Starbucks will offer a new menu to Chinese customers featuring BYND’s ‘beef’ in pastas and lasagna, as well as non-dairy milk and fake pork products.To help boost the appeal of alternative meat products in China, Beyond Meat will create a dedicated Chinese website, and ramp up its presence on social media sites Weibo and WeChat.On April 20, Yum China’s KFC also announced that it will begin its first Chinese trial of a plant-based version of its popular …read more […]
Huawei Technologies’ revenue growth slowed sharply in the first quarter but the world’s top telecoms equipment supplier labeled the performance as “resilient” in light of pressure from the United States and the impact of the COVID-19 pandemic.
A California regulator has asked PG&E Corp for governance and oversight changes in its reorganization plan, while also proposing penalties of about $2 billion on the San-Francisco based utility for its role in causing the devastating 2017 and 2018 wildfires in California.
The proposal from the regulator “will require PG&E to modify its governance structure, submit to an enhanced oversight and enforcement process if it fails to improve safety, and create local operating regions”, the California Public Utilities Commission (CPUC) said late on Monday. Separately, CPUC Commissioner Clifford Rechtschaffen proposed imposing $1.94 billion in penalties on PG&E for the utility’s role in the 2017 and 2018 wildfires. …read more […]
Daimler and Volvo Trucks have agreed to join forces to develop, produce and sell fuel cell systems for heavy-duty vehicles, in a sign that the coronavirus crisis is accelerating consolidation.
Virgin Australia Holdings Ltd on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia’s second-biggest airline the Asia-Pacific region’s biggest victim of the coronavirus crisis gripping the industry.
(Bloomberg) — Sasol Ltd.’s shares, down more than 80% in 2020, are trading as if the market expects years of bad news around oil and that the South African fuel and chemicals giant will struggle to escape its balance sheet constraints.Old Mutual Investment Group doesn’t share that pessimism, said Meryl Pick, a money manager who helps oversee the firm’s 10 billion rand ($533 million) Investors Fund.“Our view is that the market is pricing Sasol as if the prevailing oil prices are going to continue for the next three to five years, and are pricing in that the balance sheet constraints …read more […]
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
U.S. oil prices hobbled back into positive territory on Tuesday after sinking below $0 for the first time ever, but international benchmark Brent dipped as the global coronavirus crisis severely reduces demand for crude.
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.
Swedish truck maker Volvo said on Tuesday it had signed a deal with German rival Daimler to set up a joint venture to develop and produce fuel cell systems for heavy-duty vehicles.
General Electric (GE) has entered into a $15 billion senior unsecured credit facility with 32 banks.This senior unsecured credit facility refinances and terminates GE’s prior $20 billion back-up revolving syndicated credit facility that was scheduled to mature in May 2021.The credit facility matures on April 17, 2023, although GE can pay any amounts of the facility back before this date without premium or penalty.According to the filing, extensions of credit under the credit facility can be used by GE for general corporate purposes.The closing of this new facility also terminated GE’s $4 billion revolving syndicated credit facility that was scheduled …read more […]
Workers at Ferrari are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production.
U.S. oil prices recovered on Tuesday to trade in positive territory after sinking below $0 for the first time ever, but international benchmark Brent dipped as demand for crude slumps amid the coronavirus pandemic.
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