Chinese electric vehicle (EV) maker BYD Co Ltd, will supply EV batteries to U.S. automaker Ford Motor Co, a document on the website of the Ministry of Industry and Information Technology showed on Monday.
OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday. OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus. Rather than easing output cuts in July, sources told Reuters last week that de-facto OPEC leader Saudi Arabia was leading …read more […]
Jun.01 — Morningstar Director of Asia Equity Research Lorraine Tan thinks U.S.-China tensions could be an overhang that leads to earnings pressure. She speaks with Yvonne Man and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]
Jun.01 — Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods including soybeans as Beijing evaluates the ongoing escalation of tensions with the U.S. over Hong Kong, according to people familiar with the situation. Leslie Vinjamuri, head of U.S. and Americas Programme at Chatham House, reacts to the news on “Bloomberg Surveillance.” …read more […]
Nordstrom (JWN) reported its quarterly earnings on Friday, and the results were grim. Net sales dropped 40%, worse than the 33% decline expected by analysts.The company recorded an operating loss of $521 million for the quarter for a loss per share of $2.23. This represented a decrease from net earnings of $37 million during the same period in fiscal 2019, and fell starkly short of Street expectations of a $0.95 loss per share for the quarter. Its shares closed on Friday at $16.13, down more than 12% for the day.Nordstrom shuttered all of its stores on March 17. Some reopened …read more […]
World stocks were just shy of three-month highs and the dollar weakened further on Monday as optimism on economies opening up boosted risk appetite, shrugging off worries over riots in the U.S. and unease over Washington’s power struggle with Beijing.
Jun.01 — Matthew Goodwin, professor of political and international relations at University of Kent, discusses President Donald Trump pivot to a law and order image amid the violent protests that are sweeping the country, how this could play out in the upcoming election in November and how coronavirus has impacted U.K. politics. Goodwin speaks on “Bloomberg Markets: European Open.” …read more […]
Emirates President Tim Clark said on Monday it could take the airline four years to rebuild its network that has been decimated by the coronavirus pandemic.
Euro zone manufacturers appear to have passed their nadir, a survey showed on Monday, but activity is still contracting sharply as government-imposed lockdowns due to the coronavirus pandemic keep demand in check.
Buyout funds KKR , Cinven and Providence have mounted a friendly bid to pay up to 2.96 billion euros ($3.30 billion) for Spain’s MasMovil , the companies said on Monday, sending shares in the telecom operator soaring more than 20%.
Top oil exporter Saudi Arabia is expected to raise its official selling price (OSP) for all grades it sells to Asia in July, to track a jump in Middle East benchmarks although overall weak refining margins could cap price gains, industry sources said. Saudi Arabia is expected to increase the July OSP for Arab Light crude by $3.80 a barrel on average, a survey of five refinery sources showed. Forecasts ranged from an increase of $2-$3 a barrel to as much as $5 a barrel, as refiners’ margins weakened in May while a stronger DME Oman crude price, …read more […]
(Bloomberg) — Every year, John Gregson sells his autumn and winter truffles, carefully sourced from places like Italy’s Sibillini mountains and Teruel in eastern Spain, to restaurants for as much as 6,000 pounds ($7,400) a kilo. Not this year.His biggest restaurant customers brought their shutters down during the coronavirus lockdown, and many may not be raising them anytime soon — if ever. The unprecedented disruption in the food chain, with worst-case estimates showing 80% of restaurants going bust in some parts of the world, is leaving people like Gregson grappling with an industry that may take years to untangle itself.“Those …read more […]
Jun.01 — South African Reserve Bank Governor Lesetja Kganyago comments on inflation, monetary policy and the economy in an interview on “Bloomberg Markets: European Open.” …read more […]
(Bloomberg) — The Minneapolis Police Department’s website has shown signs of a cyber-attack since late Saturday, days after a video purported to be from the hacktivist group Anonymous promised retribution for the death of George Floyd during an arrest.Websites for the police department and the city of Minneapolis were temporarily inaccessible on Saturday as protesters in cities around the U.S. marched against police violence aimed at black Americans.By Sunday morning, the pages sometimes required visitors to submit “captchas” to verify they weren’t bots, a tool used to mitigate hacks that attempt to overwhelm pages with automated requests until they stop …read more […]
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