Business & Finance News
U.S. President Donald Trump spoke with Saudi Arabia’s Crown Prince Mohammed bin Salman in a call on Monday to discuss global energy markets, among other issues, the White House said on Tuesday without giving any other details.
Leading U.S. airlines American and Delta suspended 2020 financial forecasts on Tuesday and took drastic further measures to combat the impact of the coronavirus, while United announced a capital raising and said it would post a first-quarter loss.
Airlines around the world sank deeper into crisis on Tuesday as the worsening coronavirus epidemic and Italy’s lockdown hammered passenger numbers, forced the cancellation of thousands of flights and led to the delaying of plane orders.
Ryanair on Tuesday said it will cancel almost all of its flights to and from Italy for the next month, forcing it to cut its full year passenger forecast to end-March by 3 million.
Russia’s Energy Ministry will meet with the country’s oil companies on Wednesday to discuss future cooperation with the Organization of the Petroleum Exporting Countries, among other issues, two sources familiar with the plan told Reuters.
Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks.
Leading U.S. airlines American and Delta suspended 2020 financial forecasts on Tuesday and took drastic further measures to combat the impact of the coronavirus as the head of smaller rival Southwest took a 10% pay cut.
Royal Caribbean Cruises Ltd on Tuesday withdrew its first-quarter and full-year forecast, and increased its credit capacity by $550 million to boost liquidity amid concerns around the rapid spreading of coronavirus.
Oil prices jumped by around 8% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible.
Intel on Tuesday said EU antitrust regulators got it wrong when they fined the chipmaker 1.06 billion euros ($1.2 billion) more than a decade ago for thwarting a British rival in a case that could affect Google and Qualcomm.
At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry.
Oil prices jumped by around 10% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible.
Oil and equity markets staged solid rebounds on Tuesday after the previous day’s pummelling, with signs of co-ordinated action by the world’s biggest economies to cushion the economic impact of coronavirus helping pull investors out of panic mode.
Nissan Motor Co is likely to pull out from a venture capital fund it runs with alliance partners Renault SA and Mitsubishi Motors, as part of the Japanese automaker’s drive to cut costs and conserve cash, two sources said.
U.S. stock index futures rose more than 4% on Tuesday, rebounding from a 7% slump a day earlier, as hopes of coordinated policy action soothed investor nerves over a global recession fueled by the coronavirus epidemic.
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