Volkswagen’s supervisory board will discuss the leadership of the company’s core VW brand at an extraordinary meeting due to be held on Monday, sources familiar with the discussions told Reuters.
The S&P 500 and the Dow Jones indexes were set to rise on Monday, building on last week’s sharp gains after a surprise rebound in jobs strengthened views that the U.S. economy has weathered the worst of the economic fallout from the COVID-19 pandemic.
Shares in PG&E Corp. (PCG) sank as much as 13% in pre-market trading after the debt-strapped U.S. utility announced that a group of investors agreed to commit to a $3.25 billion equity investment at a discounted share price.The U.S. utility disclosed that a number of investors, including Appaloosa, Third Point LLC, Fidelity Management & Research Co. LLC and Zimmer Partners, have committed to buy shares at a price of up to $10.50 in an offering to generate $3.25 billion. The stock plunged as much as 13% in pre-market trading to $10.95 after closing at $12.52 on Friday.The equity investment agreement …read more […]
Austria has agreed to a smaller-than-expected bailout package for Lufthansa unit Austrian Airlines of 450 million euros ($508 million) in loans and grants, people familiar with the matter said on Monday.
Austrian Chancellor Sebastian Kurz, Vice Chancellor Werner Kogler and Finance Minister Gernot Bluemel will hold a news conference on Lufthansa unit Austrian Airlines at 5 p.m. (1500 GMT), the government said in a statement on Monday.
Fiat Chrysler’s planned $50 billion merger with Peugeot maker PSA has hit a bump after EU regulators voiced concerns about the companies’ market share in small vans, indicating concessions may be required, sources said.
BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.
(Bloomberg) — Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt.Pumping began on Sunday at the El-Feel deposit, which had suspended operations due to the North African country’s civil war. El-Feel is resuming just a day after oil started flowing again from Libya’s largest deposit, Sharara.Any fresh barrels from these fields could complicate efforts by the OPEC+ producer alliance to limit global supply and push crude prices higher. The group agreed on Saturday to extend historic production cuts of 9.6 million barrels a day through July. Libya, …read more […]
The oil giant plans to slash around 15% of its workforce in response coronavirus crisis. …read more […]
Shares of U.S. drugmaker Gilead Sciences Inc rose over 5% in premarket trading on Monday after a report it had been approached by Britain’s AstraZeneca for a possible merger to form one of the world’s largest drug companies.
Ryanair believes Britain’s courts will either strike down a 14-day quarantine for international travellers this week or the government will drop the measure before the end of June, boss Michael O’Leary told Reuters on Monday.
Austria has agreed to a smaller-than-expected bailout package for Lufthansa unit Austrian Airlines of 450 million euros ($508 million) in loans and grants, people familiar with the matter said on Monday.
EU antitrust enforcers, boosted by recent court victories, on Monday reinforced their case against Israeli drugmaker Teva over its deal with rival Cephalon to delay selling a generic version of its sleep disorder drug modafinil.
(Bloomberg) — A merger of drugmakers AstraZeneca Plc and Gilead Sciences Inc. is unlikely, according to analysts, after Bloomberg News reported that the U.K. company made a preliminary approach to its U.S. peer last month.Political opposition from both Britain and America could derail any attempt at a deal, especially given the backdrop of the Covid-19 outbreak, Citi said. The timing is also questionable, as while Gilead is in the middle of a turnaround, AstraZeneca is well positioned and has a strong pipeline, analysts said.Yet there is potential for synergies, and Gilead could compliment AstraZeneca’s portfolio in the areas of virology …read more […]
New figures show that Tesla Inc (TSLA) sold 11,095 Shanghai-made Model 3 vehicles in China in May, reports Reuters.This is more than triple the volume seen in April, according to the China Passenger Car Association (CPCA).The CPCA previously revealed that the electric-vehicle maker sold 3,635 vehicles in April- a dramatic 64% drop from the 10,160 units sold in March.Notably, CPCA uses a different counting method than Tesla’s deliveries.Shares in Tesla have now more than doubled on a year-to-date basis, and are currently trading up 2% in Monday’s pre-market trading.With shares at such high levels, analysts are taking a cautious stance …read more […]
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