Walmart Inc on Wednesday named Sameer Aggarwal chief executive officer of Best Price, its Indian cash and carry business, and said it was in touch with supplier partners for adequate stocking at its stores during the 21-day government sanctioned lockdown.
China has begun buying U.S. liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as Beijing waived punitive tariffs to boost imports of U.S. goods as part of the Sino-U.S. Phase 1 trade deal, industry sources said.
U.S. stock index futures rose on Wednesday, putting Wall Street on course to extend its massive bounce from the previous session, as Washington reached a deal on a $2 trillion stimulus package to help ease some economic pain from the coronavirus pandemic.
South Korea’s Kia Motors Corp is considering making face masks at its Chinese factory to help battle the spread of the coronavirus, a spokesman said on Wednesday.
Early Wednesday morning, Senators Mitch McConnell and Chuck Schumer announced a massive $2 trillion dollar stimulus deal and the most contentious part of the negotiations were clearly the provisions for the business community. …read more […]
North American oil and gas producers have cut capital spending by about 30% on average, data compiled by Reuters showed. Norwegian Aker BP will postpone non-sanctioned projects to cut its planned 2020 capital and exploration spending by 20% due to the coronavirus but maintains its production guidance. Capital spending for this year would be reduced to $1.2 billion and exploration spending to $400 million, while in 2021-2022 it expects capital spending to be “well below” $1 billion. …read more […]
Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output.
The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the fallout from the coronavirus pandemic, investors say. The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders. Oil prices have slumped 60% since January to below $30 a barrel as demand collapsed because of the pandemic and as a battle for …read more […]
(Bloomberg) — The Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled U.S. economy and fund a nationwide effort to stem the coronavirus.“At last we have a deal,” Senate Majority Leader Mitch McConnell said early Wednesday on the chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country.”Senate Democratic leader Chuck Schumer called it an “outstanding agreement.”The legislation was still being drafted but McConnell said the Senate would vote on it Wednesday. It would still …read more […]
Truckmaker AB Volvo said on Wednesday it had decided to postpone its annual shareholders meeting due to the prevailing uncertainty around the effects from the global coronavirus outbreak.
Asian shares gained on Wednesday in the wake of Wall Street’s massive rebound as U.S. senators and Trump administration officials reached an agreement on a giant economic stimulus bill to alleviate the economic impact of the coronavirus outbreak.
(Bloomberg) — As oil crashes, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are even worse.Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price rout is far deeper for actual cargoes, which are changing hands at large and widening discounts to the global benchmarks.“The physical market is in pain, and there is more pain to come,” said Torbjorn Tornqvist, the co-founder of Gunvor Group Ltd., a large trading house. “We will see the full weight …read more […]
Occidental Petroleum Corp will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices. Global oil prices have dropped 60% since January as fuel demand has plunged because of the coronavirus pandemic that threatens to cause a global recession and as Saudi Arabia and Russia plan to increase supply to grab market share. Occidental has pared spending on production, cut its shareholder dividend, dismissed staff and sold assets to avoid being overwhelmed by the debt taken on to …read more […]
Occidental Petroleum Corp will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices.
Those pining for a bottom to the gut-wrenching stock market selloff may be disappointed to learn that mega one-day rallies like the historic one witnessed on Tuesday are typically not the start of a durable recovery.
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