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Sell, stow or dump? Retailers wrestle with mountain of unsold stock
Forget fast or slow fashion, now it’s ground to a halt.
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Gilead Sinks 3% On New Remdesivir Data; Analysts Stay Sidelined
Shares in Gilead Sciences (GILD) traded down 3.4% on Monday after the company announced topline results from its Phase 3 SIMPLE trial in hospitalized patients with moderate Covid-19 pneumonia.This open-label study evaluated 5-day and 10-day courses of the investigational antiviral remdesivir plus standard of care, versus standard of care alone. The study demonstrated that patients in the 5-day remdesivir treatment group were 65% more likely to have clinical improvement at Day 11 compared with those in the standard of care group (OR 1.65 [95% CI 1.09-2.48]; p=0.017).The odds of improvement in clinical status with the 10-day treatment course of remdesivir …read more […]
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Plunging cost of wind and solar marks turning point in energy transition: IRENA
Plunging costs of renewables mark a turning point in a global transition to low-carbon energy, with new solar or wind farms increasingly cheaper to build than running existing coal plants, according to a report published on Tuesday.
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Natgas flows to U.S. LNG export plants sink to 9-month low due to coronavirus
The amount of natural gas flowing on pipelines to U.S. liquefied natural gas export plants is at its lowest levels since August, a signal of weak worldwide demand due to government lockdowns to repress the coronavirus.
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NetEase Seeks Up to $2.8 Billion in Hong Kong Stock Offering
(Bloomberg) — NetEase Inc. has started taking investor orders for a listing in Hong Kong that could raise as much as $2.8 billion, which could be the world’s second-largest initial share sale this year.The company plans to sell 171 million new shares in its second listing before exercising the over-allotment option, according to terms for the deal seen by Bloomberg. The offering by the Nasdaq-listed Chinese internet company is already oversubscribed, people familiar with the matter said. It has set the maximum offer price at HK$126 ($16.25) a share, meaning it could raise as much as $2.8 billion.NetEase’s listing is …read more […]
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Oil prices rise ahead of OPEC+ meeting on extended output cuts
Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.
Business News
Volkswagen closes $2.6 billion investment in self-driving startup Argo AI
German automaker Volkswagen AG has closed its $2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup disclosed in a blog post on Tuesday.
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Volkswagen closes $2.6 billion investment in self-driving startup Argo AI
Argo, founded in 2016 by Bryan Salesky and Peter Rander, is now jointly controlled by VW and Ford Motor Co, which made an initial investment in Argo shortly after it was founded. Details of the VW investment, which does not include an agreement to purchase $500 million worth of Argo stock from Ford, was announced last July. …read more […]
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Asia stocks make cautious gains as China worries slow recovery rally
Asian stocks eked out gains on Tuesday as investors’ focus on the prospects of a global coronavirus recovery won out over familiar worries about Sino-U.S. relations and the depth of economic damage.
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Southwest offers buyout packages, temporary leaves to 'ensure survival'
“While overstaffing isn’t tied 100% to capacity levels, it would be fair to assume that we are overstaffed in many areas by a similar percentage,” Southwest said in the documents. The maximum leave period varies, and the airline said it “may return employees to work earlier if needed for operational needs.” …read more […]
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Oil prices inch up ahead of OPEC+ meeting on extended output cuts
Oil prices crawled higher on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week. Brent crude futures rose 0.4%, or 17 cents, to $38.49 a barrel as of 0220 GMT. West Texas Intermediate (WTI) crude futures traded in a 38-cent range on either side of Monday’s close, and last traded unchanged at $35.44 a barrel. …read more […]
Business News
Oil prices inch up ahead of OPEC+ meeting on extended output cuts
Oil prices crawled higher on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.
Business News
Geely’s Polestar plans China showroom expansion to compete with Tesla: sources
SHANGHAI Reuters) – Polestar, the premium electric vehicle maker owned by China’s Geely, plans a big expansion of its showroom network in the mainland, sources said, as it prepares for delivery of cars to compete with Tesla Inc’s locally made Model 3.
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Southwest offers buyout packages, temporary leaves to ‘ensure survival’
Southwest Airlines Co on Monday extended buyout packages and temporary paid leaves to employees in what its chief executive said was an effort to “ensure survival” as the carrier braces for a slow recovery from the coronavirus pandemic, according to documents detailing the packages that were seen by Reuters.
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Oil Tankers Queuing Off Chinese Coast Proof of Rapid Rebound
(Bloomberg) — Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.Two dozen or more crude-laden tankers are waiting to discharge at terminals on China’s east coast that supply state-owned and independent refiners in the region, according shipbrokers and vessel-tracking data. Asia’s largest economy is leading a recovery in oil consumption, with demand in May almost back to levels seen before the coronavirus triggered stay-at-home orders.Chinese refineries are increasing operations to convert more crude into gasoline and diesel …read more […]