Year: 2020

The bank is yet to say if it will shed more jobs beyond the 35,000 it flagged earlier this year. …read more […]

(Bloomberg) — BP Plc narrowly avoided a third-quarter loss, but warned there are many challenges ahead as the pace of recovery in oil demand remains uncertain.The company defied analyst expectations to eke out a small profit as a rebound in earnings from fuel marketing offset “extremely weak” refining margins. Yet the positive surprise may do little to change the gloomy outlook for Big Oil amid the coronavirus pandemic.While crude prices have recovered from historic lows seen in April, BP’s profit was down 96% from a year earlier as restrictions put in place to slow the spread of the coronavirus in …read more […]

Oct.27 — The U.S. Treasury Department has sanctioned Iran’s Minister of Petroleum as well as some of the entities related to the country’s oil production and that comes as tensions rise between the two countries ahead of the U.S. election next week. Bloomberg’s Simone Foxman reports on “Bloomberg Daybreak: Middle East.” …read more […]

(Bloomberg) — Li Ka-shing, Hong Kong’s richest man, is unwinding a bet he placed on oil more than three decades ago by paring his group’s stake in Husky Energy Inc., a Canadian asset dealing with mounting losses.The tycoon’s CK Hutchison Holdings Ltd. and a Li family trust, which together own almost 70% of Husky, agreed over the weekend to sell a part of their stakes to Cenovus Energy Inc. in an all-stock deal. The $2.9 billion merger of two of Canada’s biggest oil-sands players would reduce Li’s and CK Hutchison’s combined holdings in the new entity to 27%.By cutting their …read more […]

(Bloomberg Opinion) — No one ever said that the casino industry didn’t involve risky bets. Sheldon Adelson, the billionaire founder of Las Vegas Sands Corp., is considering a $6 billion sale of the Nevada casinos that made his fortune, people familiar with the matter told Gillian Tan and Christopher Palmeri of Bloomberg News.That’s a gutsy move. The casino industry is in the grip of a record slump. Gaming revenues on the Las Vegas Strip were down 39% from a year earlier in August. In Macau, where Sands China Ltd.’s resorts accounted for 61% of its parent’s operating income last year, …read more […]

(Bloomberg) — Jack Ma’s Ant Group Co. is planning to stop taking investor orders for the Hong Kong leg of its initial public offering a day earlier than scheduled as the record stock sale has already been heavily subscribed, according to people familiar with the matter.Demand has been so great the Hangzhou-based firm is set to close the institutional investor order book on Wednesday, said the people, requesting not to be identified because the matter is private. The company was initially planning to close the Hong Kong book at 5 p.m. Thursday for each region globally, according to terms of …read more […]

Tesla Inc (NASDAQ: TSLA) has ended a controversial practice where it paid its CEO Elon Musk to provide Directors and officers (D&O) liability insurance, the electric vehicle maker revealed in a filing with the U.S. Securities and Exchange Commission.What Happened: The automaker said it paid Musk $3 million for 90 days worth of coverage — up to a total of $100 million — but didn’t further extend the agreement.”Following the lapse of the 90-day period, we did not extend the term of the indemnification agreement with our CEO and instead bound a customary directors’ and officers’ liability insurance policy with …read more […]

(Bloomberg) — There’s no shortage of superlatives for Ant Group Co.’s initial public offering. Here’s a look at some of the key metrics, and why billionaire Jack Ma seems to be such a fan of the number eight.IPO: $34.5 BillionAnt’s $34.5 billion IPO blows past the previous record, set last year by Saudi Aramco at $29 billion. Ant’s money raise will likely jump another $5.2 billion once bankers sell additional shares to meet demand in what’s known as the greenshoe option. This chart of the 10 biggest IPOs also reflects the growing economic clout of Asia. The top five are …read more […]

(Bloomberg) — Jack Ma, the former English teacher who co-founded Alibaba Group Holding Ltd. with $60,000, is poised to become the world’s 11th richest person after Ant Group Co. priced shares for a record initial public offering.Ma’s 8.8% stake is worth $27.4 billion based on the stock pricing in Hong Kong and Shanghai. That will take the 56-year-old’s fortune to $71.6 billion on the Bloomberg Billionaires Index, exceeding that of Oracle Corp.’s Larry Ellison, L’Oreal SA heiress Francoise Bettencourt Meyers and individual members of the Waltons, whose family own Walmart Inc.Ant’s mammoth listing is poised to boost the fortunes of …read more […]

(Bloomberg) — The Trump administration lost a bid to enforce its prohibitions against the Chinese-owned “super app” WeChat in the U.S. after appealing a judge’s ruling that the ban probably violates the free-speech rights of its users.Upholding a trial judge, the U.S. Court of Appeals in San Francisco on Monday rejected the administration’s request for a stay of the preliminary injunction that prevents the administration from enforcing a wide range of measures, including barring the app from Apple and Google’s app stores for U.S. downloads, over purported national security concerns. Shares of WeChat owner Tencent Holdings Ltd. jumped as much …read more […]

(Bloomberg) — The Trump administration lost a bid to enforce its prohibitions against the Chinese-owned “super app” WeChat in the U.S. after appealing a judge’s ruling that the ban probably violates the free-speech rights of its users.Upholding a trial judge, the U.S. Court of Appeals in San Francisco on Monday rejected the administration’s request for a stay of the preliminary injunction that prevents the administration from enforcing a wide range of measures, including barring the app from Apple and Google’s app stores for U.S. downloads, over purported national security concerns. Shares of WeChat owner Tencent Holdings Ltd. jumped as much …read more […]

Walmart CEO Doug McMillon joins Yahoo Finance’s All Markets Summit to discuss his outlook for retail in 2020 and beyond. …read more […]

Delta Air Lines CEO Ed Bastian joins Yahoo Finance’s All Markets Summit with his take on the health of the airline industry and the future of travel. …read more […]

The new Supreme Court justice could help kill the health care law. What if you rely on it? …read more […]

Since peaking at an all-time high of $122.32 in mid-August, shares of Overstock (OSTK) have retreated by more than 40%. However, it is worth remembering that even after the significant pullback, shares are up by an incredible 908% year-to-date, as the online retailer has made the most of the rise of e-commerce during the pandemic.Heading into this week’s earnings (Thursday, October 29), Needham analyst Rick Patel believes the signs point to another robust display in Q3.Patel expects a “continuation of strong sales growth,” and further said, “While we believe the market already anticipates a q/q deceleration vs an exceptional 2Q, …read more […]