Bloomberg California Resources Corp filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them. The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be coming in a matter of weeks. Denbury Resources Inc and Noble Corp ...

Bloomberg Two months after India announced a 900 billion rupees ($12 billion) loan program to aid power distributors punished by the pandemic, only a fraction has been utilised as many state applications have yet to meet the lending requirements, according to people familiar with the matter. The loans, announced by Finance Minister Nirmala Sitharaman, are among a raft of measures ...

Bloomberg The International Energy Agency (IEA) bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, the agency said in ...

Bloomberg As much as $23 billion in capital needed for US clean energy projects could dry up amid the economic fallout from the coronavirus pandemic — threatening the growth of renewables into next year. That represents as much as 31 gigawatts of solar and wind projects that may be seeking tax-equity investments over the next 18 months, according to a ...

It is impossible not to marvel at the apparently indestructible gap between the buoyant stock market and the less-than-buoyant real economy of workers, companies and jobs. One must say “apparently indestructible,” because maybe there is some simple and obvious explanation that eludes your correspondent. Otherwise, either the stock market is too high, or the economic outlook is too low. One ...

With the $28 billion he’s raised working from home, India’s richest man wants to step into the breach created by the technology cold war between America and China. The two Silicon Valley tech giants that gave him a third of the money will help put him there. It’s an audacious plan. Politicians in many nations, including the US, the UK ...

The bad news is that people still have very little interest in flying in the middle of a pandemic. But the silver lining — for investors at least — is that at least some airlines are accepting and adapting to that reality. Delta Air Lines Inc said it would add back only about 500 flights in August, down from an ...

Britain’s Chancellor of the Exchequer Rishi Sunak has enjoyed the kind of popularity usually reserved for rock stars and royalty. Urbane without being aloof and one of the government’s best communicators, he has put the full weight of the Treasury into cushioning the economic blow of the pandemic and preserving jobs. Now he has to figure out how to pay ...

Bloomberg American Airlines Group Inc will notify 25,000 employees, or 29% of its US workforce, that they’re at risk of losing their jobs later this year as the carrier adjusts to a collapse in travel. The cuts are needed because the coronavirus pandemic is still battering demand for flights, the company told employees. The reductions would take effect after restrictions ...

Bloomberg Air Canada tried again to persuade the government of Justin Trudeau to ease restrictions on travel, pointing to policy shifts in other nations where the Covid-19 pandemic has shown signs of improvement. In a letter to Canadian Transport Minister Marc Garneau and other cabinet members, the airline’s chief medical officer suggested loosening quarantine requirements through “a science-based approach” to ...