Business News
Sportswear maker Puma proposes suspending dividend due to virus
German sportswear maker Puma proposed on Friday to suspend its 2019 dividend given the impact of the coronavirus pandemic.
Month: April 2020
Business News
Oil, shares slip as investors doubtful over Saudi-Russia deal
Oil prices shed some of their massive gains on Friday taking stocks in Asia lower, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered.
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Sweden’s H&M sees second-quarter loss as pandemic slams March sales
H&M , the world’s second-biggest clothing retailer, reported on Friday a 46% plunge in March sales as the coronavirus pandemic took its toll and said it expected to run a loss in its fiscal second quarter.
Business News
British supermarket Sainsbury’s to remove most customer purchasing limits
British supermarket group Sainsbury’s said on Friday it would start to remove the customer purchasing limits it imposed as a response to increased demand during the coronavirus emergency.
Business News
Google releases location data to show if coronavirus lockdowns working in 131 countries
Alphabet Inc’s Google on Thursday published reports for 131 countries showing whether visits to shops, parks and workplaces dropped in March, when many governments issued stay-at-home orders to rein the spread of the novel coronavirus.
Business News
H&M’s March sales tumble 46% as pandemic hits, sees Q2 loss
H&M , the world’s second-biggest clothing retailer, reported on Friday a 46% plunge in March sales as the coronavirus pandemic took its toll and said it expected to run a loss in its fiscal second quarter.
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Saudis Face Pricing Dilemma as Oil War Enters Second Month
(Bloomberg) — Vanishing demand and alternative grades at never-seen-before prices are fueling expectations that Saudi Aramco will need to price its crude at aggressively low levels this month to stay in the game.The world’s biggest oil exporter is due to announce its official selling prices for May shipments this Sunday. It comes a month after the kingdom discounted April supplies by the most in at least 20 years as it embarked on a price war with Russia that sent oil markets into a tailspin.See also: Aramco Set to Price Oil at Deepest Discount in Decades: SurveyWhere to pitch prices will …read more […]
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As oil sinks, some companies float idea of 'zero clause' in trades
After the worst quarter for oil prices in history, some oil producers have begun to include protection in their contracts to avoid being forced to pay buyers for the oil they pump if prices slide below $0 a barrel. Crude prices in key physical markets – including the United States, Canada, Mexico and Europe – have fallen through $10 a barrel, far below comparable futures prices, as demand slumps and storage fills. Oil prices have been hammered by the collapse in demand after the coronavirus outbreak and the sudden end of an OPEC-led supply reduction pact. …read more […]
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Trump touts 'great' Saudi-Russia oil deal to halt price rout, but details unclear
U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) – an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. Russia and Saudi Arabia have been at odds since early March, when …read more […]
Business News
Traton sees some order cancellations, can’t rule out job cuts: WiWo
Volkswagen’s Traton commercial truck unit has seen cancellations of orders due to the coronavirus outbreak but these are manageable, its chief told a German magazine in an article published on Friday.
Business News
Oil falls on scepticism over Trump’s Saudi-Russia output deal
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.
Business News
Fed’s dilemma: Picking winners for $4 trillion in credit
When the Federal Reserve polled Wall Street about financial stability risks last fall, “global pandemic” didn’t make the list.
Business News
Dollar consolidates as hopes for quick recovery evaporate
The dollar edged toward a 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic.
Business News
Mexico stops brewing Corona beer, deemed non-essential in epidemic
Mexico’s Grupo Modelo said on Thursday it will temporarily stop brewing Corona beer and other brands exported to 180 countries after its business activities were declared non-essential under a government order aimed at curbing the spread of the coronavirus.