Business News
Factbox: Global oil, gas producers cut spending after crude price crash
Oil and gas companies are cutting spending plans in response to the coronavirus pandemic and a push by Saudi Arabia and Russia to ramp up output.
Month: March 2020
Business News
Toyota seeks $9.2 billion credit line from Sumitomo Mitsui, MUFG Bank: Kyodo
Toyota Motor Corp has sought a credit line totaling 1 trillion yen ($9.23 billion) from Sumitomo Mitsui Banking Corp and MUFG Bank as fund-raising costs rise on the back of the coronavirus pandemic, Kyodo News reported on Friday.
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Tesla to slash on-site staff at Nevada factory by 75% due to virus: county manager
BEIJING/TOKYO (Reuters) – U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. The factory produces electric motors and battery packs for Tesla’s popular Model 3 sedans. …read more […]
Business News
Tesla to slash on-site staff at Nevada factory by 75% due to virus: county manager
U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday.
Business News
Asia shares rise on more stimulus hopes but dollar loses steam
Asian stocks rose on Friday as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic after U.S. unemployment filings surged to a record.
Business News
Mini-bull, tired bear, or something in-between
Investors could be forgiven for doing a double-take: Wait, we’re back in a bull market?
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Oil Industry Braces for Biggest Idling of Wells in 35 Years
(Bloomberg) — Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering just $1.75 a barrel for Wyoming sweet crude.With more than two billion people on virus lockdown from India to California, energy demand has plunged. In corners of the U.S., Canada, Russia and China, oil prices at the well-head are collapsing under the weight of an unprecedented glut.And with it, the industry is bracing for something that last happened on this scale 35 years ago: producers shutting down their …read more […]
Business News
Oil gains as governments pledge support amid coronavirus chaos
Oil prices rose on Friday as governments around the world pledged a huge injection of funds and other measures to limit the economic fallout from the coronavirus pandemic, despite fears the outbreak will destroy demand for oil.
Business News
Olympics delay deals setback to Samsung’s plans to win over Japan market
For Samsung Electronics Co Ltd, the 2020 Tokyo Olympics were going to be its springboard to attain a long-held goal – making significant inroads into Japan’s lucrative smartphone market where Apple Inc dominates.
Business News
U.S. airlines to dash for cash grants, not loans, even with potential government stake
U.S. airlines are preparing to tap the government for up to $25 billion in grants to cover payroll in a sharp travel downturn triggered by the coronavirus, even after the government warned it may take stakes in exchange for bailout funds, people familiar with the matter said.
Business News
World’s ailing airlines appeal for aid as U.S. offers $58 billion
Global airlines urged the world’s major economies to act quickly to prevent irreversible damage to an industry that has seen demand decimated almost overnight by the coronavirus crisis.
Business News
Singapore Airlines latest to get massive rescue amid coronavirus crisis
Singapore Airlines Ltd said it had secured up to S$19 billion ($13 billion) of funding to help see it through the coronavirus crisis and expand afterward, in a sign of confidence travel demand will eventually return.
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The Airlines Most in Danger of Going Under During the Crisis
(Bloomberg) — The global airline industry has never had it so bad. Not even after the 9/11 terrorist attacks.Airlines could lose a quarter of a trillion dollars in revenue this year, according to the International Air Transport Association, as travel comes to a standstill with countries locked down to fight the coronavirus. Most carriers will go bankrupt by the end of May if they can’t find support, Sydney-based CAPA Centre for Aviation said last week.“In this very difficult period, it will only be the survival of the fittest” – Qatar Airways CEO Akbar Al BakerWhich airlines are most at risk? …read more […]
Business News
Factbox: Coronavirus cases reported at 13 of Amazon’s U.S. warehouses
Amazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while about half the population faces government stay-at-home orders.
Business News
U.S. banks borrow at discount window after Fed offers stigma relief
With encouragement from the Federal Reserve, U.S. banks have turned to a long-shunned lending facility known as the discount window to borrow $50.8 billion, according to data the central bank released on Thursday.