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U.S. President Donald Trump will meet with oil company executives at the White House on Friday to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. Trump said on Thursday Saudi Arabia and Russia had agreed to cut output by an unprecedented 10 million to 15 million barrels per day (bpd), representing 10% to 15% of global supply, after he discussed the issue with their leaders. Trump said in a press conference that he made no concessions to Saudi Arabia or Russia and did not agree to a …read more […]

(Bloomberg) — The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices.A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. OPEC+, an alliance led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday and wants other nations to join talks as soon as possible.The 10 million figure was first touted by President Donald Trump on Thursday, who called for a coordinated production cut. He …read more […]

Top news and what to watch in the markets on Friday, April 3, 2020. …read more […]

(Bloomberg) — The fallout from Luckin Coffee Inc.’s accounting scandal is spreading far beyond the high-flying Starbucks challenger, with renewed concerns about Chinese corporate governance dragging down stocks across industries and threatening to bring a halt to the country’s overseas initial public offerings.The Xiamen-based company’s announcement that its chief operating officer and some underlings may have fabricated billions of yuan in sales cast doubt on what was supposed to be one of China’s fastest-growing companies. Luckin Coffee shares plunged as much as 81% in U.S. trading and CAR Inc., a rental company founded by Luckin Coffee’s chairman, sank 54% in …read more […]

(Bloomberg) — Tesla Inc.’s early-year deliveries fell less than expected from record levels reached late last year, winning support from investors who pushed the shares 14% higher ahead of Friday’s open.Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total beat analysts’ average estimate for about 78,100. The carmaker’s stock was priced at $516.21 in premarket trading, up from a close of $454.47 in New York.“I’m shocked they did so well,” Gene Munster, managing partner of venture capital firm Loup Ventures, said by phone. “I don’t know how …read more […]

China’s securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc, and sources said some of the banks involved in the Chinese chain’s successful U.S. IPO last year were reviewing their work in the listing. Shares of Luckin, which competes in China with Starbucks Corp, sank as much as 81% on Thursday in New York after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. It said it has suspended COO Jian Liu and employees reporting to him following initial recommendations from a special committee …read more […]

(Bloomberg) — In Saudi Arabia, there is one oil company, the state-run behemoth Saudi Aramco. This makes for a fairly simple process to set policy goals when the country negotiates output quotas with rivals.In the U.S., there are more than 6,000 oil drillers — everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like Exxon Mobil Corp.That would seem to make formulating a coherent U.S. negotiating stance next to impossible. And yet, President Donald Trump appears to be intent on seeking to broker a dramatic cut in output along with Saudi Arabia and …read more […]