Bloomberg The global plunge in electricity demand will drag on long after nations lift stay-at-home orders, leading to the biggest annual drop since the Great Depression and fundamentally reshaping power markets. As economies struggle to recover, worldwide electricity consumption will decline 5% in 2020, the most in more than eight decades, according to the International Energy Agency (IEA). In the …

Bloomberg New power from wind and solar is set to fall this year for the first time in two decades. Construction of new wind and solar farms is being delayed by factory closures, workers’ needs for social distancing and developers’ financial concerns as they emerge from the coronavirus crisis, according to research from the International Energy Agency. The world is …

Bloomberg Canadian and Alaskan crude that normally travels to the US West Coast is finding a market in China, where demand is almost back to pre-pandemic levels. The Sofia became the second oil tanker in less than a month to ship Alaskan oil to Qingdao, China, when it left Valdez over the weekend, data compiled by Bloomberg show. At about …

Bloomberg Rolls-Royce Holdings Plc Chief Executive Officer Warren East’s five-year bid to revive earnings has been shattered by the coronavirus as the UK engineering giant moves to scrap 9,000 jobs and considers closing sites. The jet-engine maker will cut 17% of its workforce and boost savings goals to contend with a travel slump that’s drastically shrunk the aviation market, according …

Bloomberg Norwegian Air Shuttle ASA dropped as much as 60% after completing a recapitalisation that hands control of the company to aircraft lessors and bondholders. Investors had in recent days stubbornly traded Norwegian’s shares far above the price of a discounted equity issue that came on top of a $830 million debt conversion. On Wednesday, the stock collapsed after the …

Bloomberg Marks & Spencer Group Plc said it’s outperforming its worst-case coronavirus scenario in a positive sign for a UK retailer that’s going through the latest of a series of turnaround programmes. When the outbreak spread to the UK, M&S said it anticipated that clothing and home sales would fall by 70% in the four months through July, with its …

Bloomberg Walmart Inc jumped after reporting coronavirus-related stockpiling led to a surge in quarterly sales, underscoring the company’s strong position amid widespread carnage in the US retail sector. Comparable-store sales, a key retail metric, increased 10% for US Walmart stores in the period, compared with the 8.6% estimate compiled by Consensus Metrix. That’s the fastest pace of growth in almost …

Bloomberg Deutsche Lufthansa AG’s management said the need for a multibillion-euro coronavirus bailout was becoming urgent as talks with the government in Berlin drag on. In a letter to employees, the airline warned cash reserves continued to shrink while it negotiates the 9 billion-euro ($9.9 billion) rescue package. Lufthansa’s board said it hoped the government would find the “political will” …

Bloomberg US and European equity futures were mixed along with stocks in Asia as reports on Moderna Inc.’s coronavirus vaccine added to concern that a successful way to beat the pandemic remains a long way off. Treasuries held an overnight advance. Japan and India saw the bulk of gains in a mixed Asian session, with Shanghai and Hong Kong in …

Bloomberg Indian stocks rose, set for a second straight day of gains, as some investors bet there’ll be enough liquidity to support the economy as the nation gradually exits from the world’s biggest lockdown. The S&P BSE Sensex climbed 0.7% to 30,410.91 as of 9:42 am in Mumbai, while the NSE Nifty 50 Index rose by a similar magnitude. Both …