OPEC and Russia will debate record oil output cuts on Thursday to prop up prices wrought by the coronavirus pandemic but their talks are complicated by internal disagreements and the reluctance of the United States to join the action.
The world’s largest regional theme park company, Six Flags Entertainment (SIX), has announced preliminary 1Q20 revenues along with significant steps taken to both reduce expenses and boost the overall liquidity outlook.Management expects 1Q20 revenues to be $25-30M lower than the year-ago period, or roughly $98-103M, but added that a sizable portion of the decline was offset by operating expense cuts when the parks closed. SIX also agreed with lenders to suspend the regular dividend until the end of 2021 or the termination of its additional $131 million credit facility.With the timeline for park reopenings remaining unknown, management is reducing expenses …read more […]
Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices.
Swiss banks UBS and Credit Suisse will postpone paying out part of their 2019 dividends until later this year after mounting pressure from authorities over lenders’ payouts during the coronavirus epidemic.
Virgin Australia Holdings Ltd said on Thursday it would ground all domestic flights, except a single daily Sydney-Melbourne service through June 15, as it continues to seek government aid to weather the coronavirus crisis.
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. U.S. West Texas Intermediate (WTI) crude futures were up 5%, or $1.27 cents, at $26.36 a barrel, after earlier climbing by as much as 6.1%. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – a group known as OPEC+ – are set to convene a video conference meeting on Thursday. …read more […]
Nissan Motor has requested a 500 billion yen ($4.6 billion) commitment line from major lenders after sales were battered by the coronavirus outbreak, two people with knowledge of the matter told Reuters on Thursday.
Starbucks (SBUX) is expecting FQ2 adjusted earnings of $0.32 per share, almost half the $0.60 reported in the same period last year, due to the severe impact of the coronavirus pandemic. Starbucks also revealed that business disruption related to COVID-19 in China had an adverse impact to GAAP EPS for Q2 of $0.15 to $0.18.However, the coffee chain warned that worse is still to come. “Based on the late-quarter onset of COVID-19 impacts to our business results in the U.S. and other markets globally—and as the flow-through impact of lost sales in the U.S. is materially greater than the flow-through …read more […]
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures to support their economies, while expectations of a deal to cut oil production bolstered crude prices.
Nissan Motor has requested a 500 billion yen ($4.6 billion) commitment line from major lenders after sales were battered by the coronavirus outbreak, the Nikkei business daily reported on Thursday.
From Rupert Murdoch’s News UK to McClatchy’s chain of local newspapers across the United States, news publishers are attracting record numbers of readers as people in lockdown seek information about the coronavirus pandemic.
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.
A California retail developer claims the state’s coronavirus lockdown was an act of God that prevented it from completing a $4.2 million property acquisition, asking a court to prevent owner Exxon Mobil Corp from selling to any other buyers.
The number of Americans seeking unemployment benefits in the last three weeks likely totaled a staggering 15 million as tough measures to control the novel coronavirus outbreak abruptly ground the country to halt, which would cement views the economy was in deep recession.
(Bloomberg) — The coronavirus market sell-off is probably past its worst, strategists at Morgan Stanley have said. Jeffrey Gundlach sees bigger losses ahead, while Howard Marks went from bearish to more optimistic in a week.For another veteran investor, calls on whether equities have reached a bottom are nothing short of futile.“I think it’s a mug’s game,” said Hugh Young, head of Asia Pacific at the $644.5 billion manager Aberdeen Standard Investments. “Nobody has the answer.”Shares across the world have recovered some of their losses from the rout spurred by the virus. An index of global equities has risen more than …read more […]
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