Year: 2020

The U.S. Energy Information Administration has raised its Brent and West Texas Intermediate oil price forecasts for 2020. …read more […]

(Bloomberg) — BP Plc, the oil giant that announced a seismic strategy shift last month, made its first venture into offshore wind power with a $1.1 billion purchase of U.S. assets from Norway’s Equinor ASA.The deal marks the start of an offshore-wind investment partnership in the region for the two companies, which have been at the forefront of the rapid changes in the oil industry as companies seek to adapt to the realities of climate change.BP has taken the boldest steps so far in abandoning the oil-supermajor business model. Just six months after taking the helm, Chief Executive Officer Bernard …read more […]

(Bloomberg) — Oil held a rebound in the previous session as industry data pointed to a drop in U.S. gasoline stockpiles and after a report that China will buy more crude for its strategic reservesFutures in New York traded near $38 a barrel after rising 3.5% Wednesday. The American Petroleum Institute reported gasoline inventories fell by 6.89 million barrels, while crude stockpiles climbed by almost 3 million barrels last week, according to people familiar with the data.See also: Oil Market Buckles Under Pressure of Pandemic’s Second WaveChina’s next five-year plan beginning in 2021 will call for increases to its mammoth …read more […]

The European Central Bank is all but certain to keep policy unchanged on Thursday but with the economic recovery losing momentum and a strong euro dampening already-anaemic inflation expectations, it may set the stage for more stimulus later. Having pulled out the stops this spring to halt a historic economic decline across the 19-country currency bloc, the ECB has time to let governments implement their own countermeasures and for its own ultra-easy policy to seep into the real economy. …read more […]

(Bloomberg) — Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc., according to a person with knowledge of the matter.Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private.A deal, if successful, would not only create a retail behemoth …read more […]

AstraZeneca Plc (NYSE: AZN) CEO Pascal Soriot said during a conference call with investors Wednesday that a person experiencing symptoms related to a rare neurological disorder caused its global COVID-19 vaccine trials to pause, Stat reported. What Happened: Soriot revealed that the trial participant, a woman in the United Kingdom, suffered symptoms consistent with a spinal inflammatory disorder called transverse myelitis, according to Stat.The diagnosis wasn’t confirmed and the woman could to be discharged from the hospital as soon as Wednesday, according to the executive.A board overseeing safety and data components of the trial reportedly confirmed that the participant was …read more […]

(Bloomberg Opinion) — The British pound has been on a losing streak in recent days as the likelihood increases the U.K. will leave the European Union without a trade agreement. Given the potential disastrous economic consequences of such a fractious departure, the question arises as to why traders haven’t punished sterling even harder.The answer probably lies in the fault lines that bedevil the pound’s peers. But its resilience may not last.The U.K. government said this week it’s prepared to break international law “in a very specific and limited way,” introducing legislation on Wednesday designed to dodge parts of the EU …read more […]

Lucid Motors on Wednesday unveiled the Lucid Air electric sedan in a web broadcast, its answer to Tesla Inc’s (NASDAQ: TSLA) Model S vehicle.What Happened: The deliveries of the new electric sedan are slated to begin early spring next year, the Newark, California-based company said in a statement.”With the Lucid Air, we have created a halo car for the entire industry, one which shows the advancements that are possible by pushing the boundaries of EV technology and performance to new levels,” Lucid CEO Peter Rawlinson said.”We are building the best car in the world, the numbers simply speak for themselves,” …read more […]

Boeing Co is submitting to an independent review of its compliance and ethics practices, according to an agreement struck with NASA and the U.S. Air Force and seen by Reuters, part of widening fallout from its behavior in bidding to supply lunar landing vehicles. The agreement, signed in August, comes as federal prosecutors continue a criminal investigation into whether NASA’s former human exploration chief, Doug Loverro, improperly guided Boeing space executive Jim Chilton during the contract bidding process. By agreeing to the “Compliance Program Enhancements”, the aerospace heavyweight staves off harsher consequences from NASA and the Air Force …read more […]

J.C. Penney Co Inc reached a tentative deal with landlords and lenders valued at $1.75 billion (1.35 billion pounds) to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said. Mall owners Simon Property Group Inc and Brookfield Property Partners LP have teamed up to acquire J.C. Penney’s retail operations and are putting the finishing touches on an agreement, Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing the company, said during a …read more […]

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […] …read more […]

2020 has been good so far for the semiconductor sector. The SOX (PHLX Semiconductor Index) – the industry’s overall barometer – is up by 18%, way in front of the S&P 500’s 5% uptick. One chipmaker that has gotten attention lately is Broadcom (AVGO). A strong showing in the company’s latest quarterly statement has just received widespread approval from Street analysts.Count Rosenblatt analyst Hans Mosesmann among those impressed. Following the earnings report, the 5-star analyst reiterated a Buy rating and raised his price target from $370 to $430. The implication for investors? Upside of 19% from current levels. (To watch …read more […]

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […] …read more […]

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 823 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […] …read more […]

(Bloomberg) — The owner of the Triple Crown-winning horse American Pharaoh filed for personal bankruptcy protection, seeking to discharge more than $19 million of debts.Ahmed Zayat’s Chapter 7 bankruptcy case, filed in New Jersey, lists around $1.9 million of assets and $19.4 million of liabilities, most of which are business obligations, court records show. Zayat’s stables are listed as insolvent in the papers filed Tuesday.Zayat’s attorney Jay Lubetkin didn’t immediately respond to messages seeking comment. A Chapter 7 bankruptcy allows a borrower to liquidate certain assets to compensate creditors without filing a repayment plan.The filing lists between 100 and 199 …read more […]