Bloomberg Repsol SA’s first-quarter profit fell 28% as oil prices began their unprecedented decline, but it beat analysts’ estimates and shares rose. Earnings from the Spanish energy producer, like those of its peers, reflect what’s proving to be a historic moment for the industry. Crude’s collapse has forced companies to make drastic cuts in spending and, in some cases, slash ...

Bloomberg Treasury Secretary Steven Mnuchin plans to boost US borrowing from April through June by an unprecedented $3 trillion to support an economy entering a recession caused by the coronavirus. The Treasury said the increase is driven by new stimulus spending legislation and tax receipt deferrals, steps taken to help the economy overcome social distancing measures that shuttered businesses. Privately ...

Bloomberg The world appears to have reached the limit of its tolerance for economic disruption. Even as the novel virus continues to put lives at risk, governments around the world are beginning the process of reopening. More than $7 trillion has been committed to relief efforts just in the past three months, and many more trillions will need to be ...