Month: June 2020

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(Bloomberg) — BP Plc agreed to sell its chemicals business to Ineos Group Holdings SA, taking a big step toward strengthening its finances while also furthering its transitioning away from being a traditional oil company.The transaction means BP hits its target of selling $15 billion of assets ahead of schedule, as the oil industry faces immense financial pressure from the coronavirus crisis. The company recently made its biggest write-off in a decade and said it would lay off 10,000 staff by the end of this year.The announcement comes just months after new Chief Executive Officer Bernard Looney set the London-based …read more […]

(Bloomberg) — Boeing Co. climbed after U.S. aviation regulators said they’d approved a critical set of test flights on the 737 Max to begin as soon as Monday, having reviewed the company’s safety assessment of fixes for the plane.The Federal Aviation Administration confirmed the start of the multiday program in an email to Congressional staffers on Sunday.“Over the past several weeks the FAA has been reviewing the system safety assessment submitted by Boeing,” the agency said in the email. “The FAA’s Type Inspection Authorization Board has completed its review, clearing the way for flight certification testing to begin.”Boeing jumped 8.3% …read more […]

Traveling on trains and buses means potential exposure to the coronavirus, so cities are racing to make their public transit systems safe. WSJ explores how things like sanitizing robots, working from home and expanded bike lanes are changing our commutes. Video/Illustration: Jaden Urbi and Zoë Soriano …read more […]

A lot of folks – hopefully, not you – won’t like the message below.
That’s a problem. We could even say it’s a “monumental” problem.
They won’t see the richness it could bring… the problems that it could solve… and how much simpler life would be if they just followed this simple advice.
You see, we were recently asked to take part in a documentary.
The topic is one we know quite well… money.
How do we make more of it? What’s it mean to us? What are we doing that other folks aren’t?
We joined more than three dozen other successful investors in the series. …read more […]

Jun.29 — Amy Pope of think tank Chatham House comments on President Donald Trump’s handling of the fresh spike in U.S. coronavirus cases and how it plays into the November election. She speaks on “Bloomberg Surveillance.” …read more […]

(Bloomberg) — Wirecard AG’s collapse has laid bare significant cracks in Germany’s financial oversight, increasing pressure on Chancellor Angela Merkel’s government after one of the country’s biggest corporate failures.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company. Slow decision-making, insufficient oversight and fragmented responsibilities created cracks that allowed Wirecard’s problems go undetected by officials.Germany is one of relatively few countries to split accounting enforcement between a private-sector watchdog and its markets regulator, while the investigation of money laundering at non-financial companies is handled by regional authorities. With the fallout risking the country’s reputation as …read more […]

Top news and what to watch in the markets on Monday, June 29, 2020. …read more […]

Shale oil and natural gas company Chesapeake Energy Corporation (CHK) on Sunday filed for bankruptcy protection proceedings to eliminate its $7 billion debt load and strengthen its balance sheet.The U.S. oil and gas producer said it filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a “comprehensive balance sheet restructuring”.Chesapeake has been grappling with the financial fallout of the oil and gas prices collapse, as the economic downturn tied to the coronavirus impact curtails energy demand.As part of a restructuring agreement, the company has secured $925 million in debtor-in-possession financing from …read more […]

Texas was one of the last states to shut down and the earliest to reopen. Now local health-care workers urge the community to be vigilant as Texas hospitalizations reach records. Photo: AP …read more […]

The Financial Conduct Authority said on Monday Wirecard was addressing the British watchdog’s concerns but its restrictions on the collapsed German payments company’s services would remain for now. Several UK fintech firms have been forced to suspend services following the FCA’s restrictions on Wirecard. The FCA its teams have been working with Wirecard, and other international and UK authorities, over the weekend. …read more […]

Consumer goods giant, Unilever (UL) and telecom company, Verizon (VZ) said June 26 that they would halt advertisements on Facebook (FB) and Instagram.Facebook’s stock dropped 8% by market close on Friday as more advertisers moved to boycott the popular social media site, citing its ongoing problems of hate speech and racism.“We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners,” Verizon’s chief media officer John Nitti told CNBC.Verizon plans to pull its ads for the month of July while Unilever plans to not …read more […]

Jun.29 — Goodbody Stockbrockers Aviation Analyst Nuala McMahon spoke about the challenges ahead for flag carrier airlines, such as Lufthansa, without the cost base to compete with low-cost carriers such as easyJet. She spoke to “Bloomberg Markets: European Open,” on June 25th, ahead of Lufthansa’s Extraordinary General Meeting, where shareholders approved a bailout package from the German government to keep the airline afloat. …read more […]

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Jun.29 — MEP and German CDU Politician David McAllister discusses the negotiations between the EU and the U.K. over their future relationship, the risks of no deal and his outlook for the talks. He speaks on “Bloomberg Markets: European Open.” …read more […]