Bloomberg Stay-at-home orders across the world drove India’s most profitable oil refiner’s net income down 39%. Reliance Industries’s earnings slumped in the three months through March as lockdowns slammed oil prices and destroyed demand for fuels, hitting its mainstay refining business. The oil-to-chemicals business posted the biggest profit drop in nearly two decades, and prompted its chairman and Asia’s richest ...

Bloomberg TC Energy Corp said a federal judge’s decision to block a key permit for the Keystone XL crude oil pipeline last month could delay the project for as much as a year. The Canadian pipeline giant thinks it can overcome the issues presented by the ruling and has been trying to mitigate any potential delays by working on other ...

Bloomberg Coal India Ltd’s shipments in April slumped 25.5% from a year earlier after more than a month-long nationwide lockdown halted economic activity, eroding demand for India’s most dominant energy source. Shipments dropped to 39.1 million tons in the month, the Kolkata-based miner said in a filing. Output declined 10.9% to 40.4 million tons. Global coal demand is heading for ...

Bloomberg President Donald Trump is exploring blocking a government retirement fund from investing in Chinese equities considered a national security risk, a person familiar with the internal deliberations said. The Thrift Savings Plan — the federal government’s retirement savings fund — is scheduled to transfer roughly $50 billion of its international fund to mirror an MSCI All Country World Index, ...

Bloomberg The UK government will give companies guidance in within days on how to return to work safely once the coronavirus lockdown is eased, as it comes under pressure from business not to withdraw its financial support too soon. Firms will get advice on different types of workplace activity, including operating outdoors or inside someone else’s home, according to two ...

Bloomberg Amazon.com Inc. Chief Executive Officer Jeff Bezos is being called to testify by a House antitrust panel about his company’s treatment of third-party merchants on its site. The chairman of the House Judiciary Committee, which is investigating competition in the tech sector, said in a letter to Bezos that he expects the CEO to testify, and threatened to issue ...

Bloomberg Telefonica SA and billionaire John Malone’s Liberty Global Plc are exploring a combination of their UK operations, people with knowledge of the matter said, in a deal that would reshape the British telecommunications industry. The companies are discussing bringing together Telefonica’s O2 wireless unit and Liberty Global’s Virgin Media business, according to the people, who asked not to be ...

Bloomberg Microsoft Corp. is in talks to buy Softomotive Ltd., a UK-based startup that makes software robots to automate tasks, according to people familiar with the matter. If talks are successful, a deal could be announced as soon as the coming weeks, said the people, asking not to be identified because the matter isn’t public. No final decision has been ...

Bloomberg With meat-processing workers falling victim to the coronavirus, shuttering plants and slowing supply, Americans are starting to see poorly stocked aisles where once beef was plentiful. At the same time, the link between industrial meat production and deadly human viruses has become more widely understood. The global crisis, in other words, is turning into a big opportunity for the ...

Bloomberg Kim Jong-un ended his almost three-week absence from public events with a factory visit, an appearance that will ease, but not end, concern about the stability of the North Korean regime and control of its nuclear arsenal. Kim presided over a May Day ceremony to mark the completion of the Sunchon Phosphatic Fertilizer Factory northeast of the capital Pyongyang, ...