Business News
World stocks succumb to virus as cases spread, disruptions grow
Global stock markets tumbled on Friday as disruptions to business from the spreading coronavirus epidemic worsened, stoking fears of a prolonged economic slowdown.
Year: 2020
Business News
Exclusive: Tencent-backed WeDoctor invites banks to lead $1 billion Hong Kong IPO, sources say
WeDoctor will push ahead with a Hong Kong listing and invite pitches from investments banks next week to lead an IPO valuing the Chinese healthcare platform at up to $10 billion, two sources with direct knowledge of the matter said.
Business News
OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak
OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying a big move was needed to deal with the impact of coronavirus.
Business News
Peugeot CEO Tavares says China strategy needs rethink
Peugeot boss Carlos Tavares said on Friday PSA and Fiat Chrysler (FCA) will need to review their strategy in China after the closing of the merger between the two groups.
Business News
China’s first-quarter economic hit from coronavirus looking more severe: Reuters poll
The coronavirus likely halved China’s economic growth in the current quarter compared with the previous three months, more severe than thought just three weeks ago and triggering expectations for earlier interest rate cuts, a Reuters poll found.
Business News
India’s Yes Bank plunges 60%, panicked depositors rush to withdraw funds
Shares in India’s Yes Bank Ltd plunged 60% on Friday as panicky depositors rushed to withdraw funds after the central bank took control in a dramatic late-night move and limited withdrawals from the troubled lender.
Business News
EssilorLuxottica forecasts profit growth despite coronavirus impact
EssilorLuxottica expects continued profit growth this year after stronger 2019 results, saying on Friday the outbreak of coronavirus had not hit output at its Italian factories and its production in China was getting back to normal.
Trading Ideas
OPEC and Russia Face Off in High-Stakes Talks to Stem Rout
(Bloomberg) — Russia’s oil minister returns to Vienna on Friday for a tense meeting with the country’s OPEC allies, as the cartel engages in a high-stakes diplomatic gamble that risks a price crash if it backfires.OPEC ministers told Russia on Thursday that if it doesn’t join them in cutting oil output by another 1.5 million barrels a day to offset the impact of the coronavirus, then the cartel could abandon its reductions altogether. Hours later, the group raised pressure on Moscow again, emerging from an informal meeting at the Saudi delegation’s hotel with a proposal to extend the curbs for …read more […]
Business News
How Lipper Award-winning fund managers are playing coronavirus scare
Uncertainty over the economic impact of the coronavirus outbreak has prompted at least some winners of the U.S. Lipper Fund Awards to look for companies that can withstand a prolonged pullback.
Business News
Oil drops on demand doubts, fears that producer output cuts not yet agreed
Oil slid 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices.
Business News
India’s Yes Bank plunges 35% as central bank takes control
Shares in India’s Yes Bank dropped nearly 35% on Friday to their lowest in more than a decade, after the central bank took control and set a limit on withdrawals because of a serious deterioration in its financial position.
Business News
Timeline: India central bank takes control of bad loan-burdened Yes Bank
India’s central bank took control of the country’s fifth-largest private sector lender Yes Bank on Thursday and imposed limits on withdrawals, spreading confusion and fear among account holders.
Trading Ideas
Oil Extends Collapse Below $50 With Russia and OPEC Squaring Off
(Bloomberg) — Oil extended its slide from the lowest close in more than two years as investors wait for a Russian response to OPEC’s plan for deeper and longer cuts to offset the demand destruction caused by the coronavirus.Brent closed below $50 for the first time since mid-2017 on Thursday after OPEC ministers tried to force Russia into accepting a proposal for a supply cut of 1.5 million barrels a day through to year-end. Cartel members warned that a failure to join may lead to the coalition abandoning curbs altogether. OPEC Secretary-General Mohammad Barkindo struck a more conciliatory tone and …read more […]
Business News
On the brink: China’s bakers, bars and beauty spas struggle to survive coronavirus
The coronavirus outbreak in China is pushing many small businesses to the brink, as efforts to stem its spread left usually bustling streets deserted and malls shut or empty.
Business News
Facebook, Google ask San Francisco staff to work from home as coronavirus spreads
Social media giant Facebook Inc and Alphabet Inc’s Google on Thursday recommended their San Francisco Bay area employees work from home to minimize the risk of spreading coronavirus.