Bloomberg Oil posted its second weekly loss for the month, as a surge in US coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery. Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly ...

Bloomberg The European Union (EU) moved closer to recommending that travelers from the US shouldn’t be allowed to enter the bloc even after July 1, according to a draft decision being considered by governments. Diplomats have agreed on a provisional list of 15 countries, including Canada, Japan, Australia and South Korea, that should be allowed into the EU because their ...

Bloomberg Nigeria’s powerful state oil company, whose finances and operations have been shrouded in secrecy for decades, is opening itself up to greater public scrutiny. The Nigerian National Petroleum Corp (NNPC) published its 2018 annual report, which contained an audited account of all its 20 units for the first time in its 43-year history. The 2019 figures are set to ...

Bloomberg Occidental Petroleum Corp sold $2 billion of high-yield bonds to help push out its steep maturity wall. The company issued unsecured bonds in three parts, including a $500 million five-year bond with a yield of 8%. It also priced a $500 million seven-year note at a yield of 8.5%, and a $1 billion 10-year bond with a yield of ...

Bloomberg India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry. Reliance Industries Ltd, which runs the biggest refinery in the world in Jamnagar and accounted for 25% of Venezuela’s exports last year, has no plans at the moment to make future purchases, according to people with knowledge of the ...

Bloomberg Boeing Co and federal regulators are preparing to hold a critical set of test flights on the 737 Max early next week, and laying plans for other milestones toward ending the jetliner’s 15-month grounding including convening a panel of pilots to go over a proposed training course. Aviation industry officials briefed on the plans, which still haven’t been finalised, ...

Bloomberg British Airways proposed a pay deal for its flight attendants that would guarantee 80% of current basic salaries while limiting the need for mass job cuts amid the Covid-19 pandemic. The carrier would also reduce expenses by targeting the variable allowance component of cabin-crew pay, according to a letter to staff seen by Bloomberg News. The company said the ...

Bloomberg Kanye West is going to make Gap cool again. At least, that’s what investors hope. The struggling apparel company’s shares soared the most in at least 40 years after it revealed a partnership agreement with the head-turning rapper and designer. West, whose sneaker line with Adidas AG routinely sells out, will work with Gap Inc on a new line ...

Bloomberg Bain Capital LP agreed to buy collapsed airline Virgin Australia Holdings Ltd in one of the biggest single bets on the industry since it was shattered by the coronavirus pandemic. Administrator Deloitte named Bain as the airline’s new owner, hours after rival buyout firm Cyrus Capital Partners LP withdrew its bid. The value of the deal wasn’t disclosed, though ...

Bloomberg Nike Inc, which touted its ability to navigate the pandemic earlier this year, is finding it’s not so easy. The world’s biggest athletic brand posted a surprise loss and disappointing sales in the fiscal fourth quarter, a sign that shuttered retail stores across the US and much of the world took an even bigger toll than expected. Revenue declined ...