Month: October 2020

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Qualcomm, FedEx, auto executives to propose modernized transport policies

October 30, 2020 admin Comments Off on Qualcomm, FedEx, auto executives to propose modernized transport policies

A group of business leaders and public policy experts will launch a new body to grapple with thorny questions surrounding the future of transportation including self-driving and electric vehicles. The group, the Future of Mobility Commission, to be formally unveiled Friday, plans to propose a new regulatory framework to address a global transportation sector “on the cusp of a worldwide transition driven by shared, connected, autonomous, and electric technologies.” Alisyn Malek, the commission’s executive director, told Reuters the goal is to tackle tough problems and improve safety. …read more […]

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Apple shares fall as iPhone sales dip weighs on record quarterly results

October 30, 2020 admin Comments Off on Apple shares fall as iPhone sales dip weighs on record quarterly results

Customers put off buying new devices in the second half of September, leading the company to report its steepest quarterly drop in iPhone sales in at least three years. “We think this was most blatant in China, where 5G service is more accessible, with sales in the region declining 29% – also a bigger decline than we anticipated,” Angelo Zino, analyst at CFRA Research said on Thursday. Analysts also noted that the iPhone represents a larger portion of revenue in China than any other region, making the company more dependent on the business in the region. …read more […]

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Exxon Warns of $30 Billion Shale Writedown Amid Record Losses

October 30, 2020 admin Comments Off on Exxon Warns of $30 Billion Shale Writedown Amid Record Losses

(Bloomberg) — Exxon Mobil Corp. warned it may take up to $30 billion in writedowns on natural gas fields after posting a historic loss despite sweeping budget and job cuts.Exxon is confronting one of its biggest crises since Saudi Arabia began nationalizing its oilfields in the 1970s. The company lost $680 million, or 15 cents a share, during the third quarter, compared with the 25-cent per-share loss forecast in a Bloomberg survey of analysts. The shares fell 1.2% in pre-market trading.That was in stark contrast to Chevron Corp., which disclosed a surprise profit despite a gloomy outlook and the lowest …read more […]

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Exxon posts third straight loss as pandemic hits demand, prices

October 30, 2020 admin Comments Off on Exxon posts third straight loss as pandemic hits demand, prices

The largest U.S. oil producer by volume plans to cut its capital spending for 2021 to between $16 billion to $19 billion from a planned $23 billion this year. Exxon has not had writedowns in shale fields this year and has long said it believes demand will grow for its products as more people join the middle class globally. Exxon’s third-quarter net loss was $680 million, or 15 cents per share, compared with a profit of $3.17 billion, or 75 cents per share, a year earlier. …read more […]

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AbbVie raises 2020 profit forecast as COVID-19 hit eases

October 30, 2020 admin Comments Off on AbbVie raises 2020 profit forecast as COVID-19 hit eases

Botox, which AbbVie gained through its $64 billion acquisition of Allergan in May, suffered an initial hit during the peak of the health crisis, but demand has since improved. AbbVie’s portfolio of aesthetic medicines such as Botox was showing a “V-shaped recovery,” Chief Executive Officer Richard Gonzalez said in a statement. Humira brought in sales of $5.14 billion and AbbVie’s newer psoriasis medicine Skyrizi generated $435 million in the quarter ended Sept. 30. …read more […]