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BP PLC (BP) said it expects to incur up to $17.5 billion in non-cash impairment charges and write-offs in the second quarter, as the enduring impact of the coronavirus pandemic on the global economy is poised to lead to weaker energy demand for a sustained period.Shares fell 5.6% to $23.36 in Monday’s pre-market trading.The charge, which is estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax, comes after BP lowered its investment appraisal long-term price assumptions by an average of about 30% and extended the period covered to 2050.The revised long-term price assumptions are now …read more […]

Field Programmable Gate Arrays (FPGAs) — for its 5G equipment that customers could reprogramme but high costs and supply hurdles last year forced it to change course. “We still stand by the decision of going with FPGAs because it was the right thing to do at that time,” Sandro Tavares, Nokia’s head of mobile networks marketing, told Reuters. Nokia, which competes with Sweden’s Ericsson and China’s Huawei [HWT.UL], had said its 5G products could not reach the market in time due to delays by one supplier, identified by analysts as Intel. …read more […]

Extraction Oil & Gas (XOG) has announced that it has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Shares are now falling 30% in Monday’s pre-market trading.“After months of liability management and careful analysis of our strategic options, we determined that a voluntary chapter 11 filing with key creditor support provides the best possible outcome for Extraction,” said Extraction CEO Matt Owens.At the same time, XOG revealed that it has obtained a committed $125 million debtor-in-possession financing facility, with $50 million in new money, …read more […]

Jun.15 — Retail outlets in England selling non-essential items are opening today for the first time since March, as the government eases restrictions put in place to curb the coronavirus. Kyle Monk of the British Retail Consortium assesses the outlook for the sector in an interview on “Bloomberg Markets: European Open.” …read more […]

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(Bloomberg) — U.S. stock index futures dropped alongside shares in Europe and Asia as worries over a potential second wave of Covid-19 led to deepening concerns over the global economy.Contracts on the S&P 500 declined 3% as of 8:27 a.m. in London. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average fell 2.4% and 3%, respectively. On Friday, U.S. stocks rallied from the biggest rout in 12 weeks as dip-buyers emerged for firms that bore the brunt of Thursday’s selling.“Despite Wall Street stabilizing and finishing the week with a positive session, it appears that the FOMO, fast-money, peak-virus, …read more […]

Israel is in advanced talks to buy Moderna Inc.’s (MRNA) experimental coronavirus vaccine candidate, the country’s news portal Ynet reported.The talks come after Moderna last week announced that it is commencing with the late-stage testing of its COVID-19 vaccine candidate, mRNA-1273, according to the report, which cited unnamed officials at Israel’s Health Ministry. Additional details weren’t provided.The biotech company, which has already finalized the Phase 3 study protocol for the vaccine candidate is expected to start a trial of 30,000 participants enrolled in the U.S. in July. The trial’s primary endpoint will be the prevention of symptomatic COVID-19 disease, while …read more […]

(Bloomberg) — BP Plc will write down the value of its business by as much as $17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new Chief Executive Officer Bernard Looney. Shares fell 5% to 307 pence as of 8:15 a.m. in London.“BP now sees the …read more […]