Saudi Arabia’s energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves.
U.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day (bpd), a figure that appeared to include a wider group of producers, including the United States.
AutoNation Inc , the largest U.S. auto dealership chain, said on Monday Chief Executive Officer Cheryl Miller has been granted a leave of absence for health reasons.
Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus pandemic pummeled its operations, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.
Toyota Motor Co on Monday said it was suspending auto production in its Brazil plants until at least June 22, joining General Motors Co which also expects to resume production in the same month.
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U.S. stock indexes fell at the open on Monday after a strong rally last week, with investors bracing for an expected slide in quarterly earnings and signs of the long-term damage of the coronavirus outbreak on Corporate America.
Dish Network Corp has cut staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic, the U.S. satellite TV provider told Reuters, without disclosing the number of employees laid off.
Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
Wall Street was set to open lower on Monday after a strong rally last week, with investors bracing for an expected slide in quarterly earnings and signs of the lingering impact of the coronavirus outbreak on Corporate America.
Employees at global fashion giant Inditex’s 10 logistics centres in Spain – from where it sends garments to its stores worldwide – returned to work on Monday but only to less than half their normal levels of activity, workers said.
U.S. food distributor Performance Food Group Co said on Monday it had signed agreements with 13 new retail partners and would have over 1,000 of its employees helping out at grocery stores as retailers try to keep their shelves stocked during the coronavirus pandemic.
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