Business News
Occidental names new CFO in latest management change
Oil and gas producer Occidental Petroleum Corp on Friday named company insider Robert Peterson as its new chief financial officer.
Month: April 2020
Business News
Exclusive: Amazon to delay Prime Day event due to coronavirus, outlines cloud risks
Amazon.com Inc is postponing its major summer shopping event, Prime Day, until at least August and expects a potential $100 million hit from excess devices it might now sell at a discount, according to internal meeting notes seen by Reuters.
Business News
Explainer: Antitrust law won’t get in the way of U.S. acting to raise oil prices
It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday.
Trading Ideas
Explainer: Antitrust law won't get in the way of U.S. acting to raise oil prices
It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday. A two-thirds drop in oil prices in the last three months has swiftly changed Washington’s thinking on whether or not it should meddle in the energy market. …read more […]
Business News
U.S. airlines apply for U.S. payroll grants for crisis help
Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed while airlines ride out their toughest crisis in history due to the coronavirus, though some warned the funds are “not enough.”
Business News
Large U.S. banks to take small business loan applications next week: Mnuchin
U.S. Treasury Secretary Steven Mnuchin said on Friday he expects all large U.S. banks to be participating in a newly launched, $350 billion small business coronavirus rescue loan program by next week, with community banks issuing most of the loans so far.
Business News
Warren Buffett’s Berkshire Hathaway sells some stake in Delta Air Lines
Warren Buffett’s Berkshire Hathaway Inc said on Friday it has sold some of its stake in Delta Air Lines Inc .
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Berkshire Hathaway sells part of Delta, Southwest airline stakes
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Friday it has sold some of its stake in Delta Air Lines Inc . Berkshire is among the largest investors in the carrier. …read more […]
Business News
Fiat Chrysler postpones shareholders’ meeting and resolution on dividend to late June
Fiat Chrysler said on Friday it decided to postpone to late June its shareholders’ meeting scheduled for April 16, as a consequence of the continuing coronavirus emergency.
Business News
Big U.S. banks start accepting small business aid requests
Bank of America Corp and JPMorgan Chase & Co are now accepting applications for federally backed small-business loans, a sign that big U.S. banks have warmed up to the relief program after initially resisting participation.
Business News
Exxon plays on virus worries in Baytown contract talks: union official
A union official said on Friday Exxon Mobil Corp is playing on economic uncertainty caused by the coronavirus pandemic in negotiations with workers at its Baytown, Texas, refinery.
Business News
Kraft Heinz halts three plants but adds shifts for mac & cheese
Kraft Heinz Co has moved to halt production at three plants providing restaurant supplies but has added shifts at others to meet demand for packaged foods like macaroni and cheese amid the new coronavirus outbreak, its chief executive said on Friday.
Business News
Wall Street falls as coronavirus shreds U.S. payrolls
Wall Street’s main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, intensifying fears of a deep economic slowdown.
Trading Ideas
Top unions call for closure of all Amazon warehouses — experts say it would be disastrous
A nationwide closure would be crushing for the company, crippling its distribution network amid a spike in demand for Amazon’s delivery service. …read more […]
Trading Ideas
Oil Tanker Stocks: Is Now the Time to Invest?
Oil tanker stocks represent an important part of the shipping industry. They are also highly related to the energy industry due to the nature of their cargo. But does that mean you should invest in them?
Oil itself is a risky investment right now. Energy Expert David Fessler has recently explained why. Not only has the coronavirus affected the markets broadly, but the world is also dealing with a Russia-Saudi Arabia price war. That’s why he recommended getting out of oil right now.
On the other hand, my colleague Rob Otman has another take. He thinks a play on oil stocks that …read more […]