The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns.
Saudi Arabia said on Friday it was not in talks with Russia to balance oil markets despite rising pressure from Washington to stop a price rout amid the coronavirus pandemic and an attempt by Moscow to fix a rift with the de facto OPEC leader.
Stocks across the globe fell on Friday after a historic three-day run-up, with indexes poised to close the month and quarter with starkly negative performances, while the dollar was on track for its biggest weekly decline in over a decade.
Despite the House passing a $2T relief bill, markets broke their 3-day winning streak. iQ Capital Managing Partner and CEO Keith Bliss joins joins Seana Smith to discuss. …read more […]
(Bloomberg) — Carnival Corp. is in talks to raise as much as $7 billion as the cruise ship operator seeks to shore up its finances amid a halt on global travel, according to people with knowledge of the matter.The company, looking to raise cash to improve liquidity as the Covid-19 pandemic upends its business, is being advised by lenders including JPMorgan Chase & Co., said the people, who requested anonymity because the matter is private.Carnival is discussing issuing a mix of debt and equity, the people said. Options include issuing $3 billion to $7 billion in senior secured first-lien debt, …read more […]
Wall Street fell on Friday, ending a massive three-day surge as doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.
More than 100 British companies have postponed or ditched dividend payments in a bid to preserve cash for what could be a lengthy enforced shutdown of large parts of the UK and global economy due to the coronavirus pandemic.
The plight of airlines commands much focus, as their businesses have all but come to a stand-still amid the coronavirus pandemic. But a vast number of the nation’s small businesses as well as larger hotel chains are fighting for survival, too. …read more […]
General Motors Co and Ford Motor Co got dragged into the political war over much-needed ventilators for coronavirus patients Friday as U.S. President Donald Trump lashed out at the automakers for moving too slowly just hours before GM said it would build medical equipment at an Indiana plant.
Auto companies and suppliers around the world are ramping up production of critical healthcare products and machines – everything from cloth face masks to sophisticated ventilator systems – to meet a critical shortage of those items at hospitals and care facilities in North America, Europe and Asia.
U.S. Treasury Secretary Steve Mnuchin said on Friday that taxpayers will “compensated” for providing up to $25 billion in direct grants to the airline industry.
Alphabet Inc will donate more than $800 million in funds towards producing medical supplies used to fight COVID-19, and in ad credits to government and health organizations and businesses, Chief Executive Officer Sundar Pichai said on Friday.
European airlines waiting in line for coronavirus bailouts want to tap another source of interest-free loans: their customers.
Wall Street’s historic three-day bounce was stalled on Friday as doubts about the fate of the U.S. economy resurfaced with the number of coronavirus cases in the country skyrocketing.
The global economic shutdown due to the coronavirus was a potential nightmare for Aurora Cannabis (ACB). The Canadian cannabis company is in the middle of cutting capacity and costs for the new reality in the market while trying to avoid running out of cash. A complete shutdown of cannabis stores would’ve crushed any remaining hope in financial improvements at the business, but the market has seen the opposite effect of the shutdown actually lead to a boost to cannabis sales as consumers stay at home.Booming SalesOn March 17, Canopy Growth (CGC) announced the closure of all 23 of their retail …read more […]
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