Business & Finance News
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced.
A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy.
SoftBank Group Corp founder Masayoshi Son’s dream of a global tech empire is unravelling, with the coronavirus crisis compounding losses at his $100 billion Vision Fund and distress at his big bets portending more pain.
The United Auto Workers (UAW) said late Wednesday discussions are still underway with Detroit’s Big Three automakers to safely restart U.S. production halted by the coronavirus pandemic.
South Korean automaker Kia Motors plans to suspend operations at two of its domestic factories from April 27 to May 10 and again between May 22 to 25, a union official said on Thursday.
The dollar edged higher against the currencies of oil producers on Thursday as a rebound in crude prices from an unprecedented collapse only partially calmed markets unnerved by the massive coronavirus-led drop in global demand.
Oil extended gains on Thursday amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world’s economies.
Asian stock markets rose on Thursday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.
The dollar pushed ahead against the currencies of oil producers on Thursday as a rebound in crude prices from an unprecedented collapse only partially calmed markets unnerved by the massive coronavirus-led drop in global demand.
Nissan Motor Co , Renault SA and Mitsubishi Motors Corp will draft plans for a deeper alliance next month, including joint development of more electric vehicles (EVs) and self-driving technology, the Yomiuri daily reported.
Saudi Arabia is exploring re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the kingdom, shipping and trade sources say.
Delta Air Lines Inc on Wednesday said it intended to raise $3 billion in debt by offering senior secured notes and entering into a new credit facility, in a bid to combat the slowdown in air travel demand induced by the coronavirus crisis.
Asian equity markets were poised to edge higher on Thursday after rebounding crude prices and the promise of more U.S. government aid to ease the economic pain inflicted by the coronavirus crisis helped calm global equity markets.
German’s Daimler AG said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure, as demand for its Mercedes-Benz cars plunges amid the coronavirus pandemic.
Las Vegas Sands Corp on Wednesday posted a first-quarter loss as the coronavirus kept consumers at bay, but the casino operator struck an optimistic note as pent-up demand for gambling pointed to a speedy recovery in Asia.
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