Bloomberg Oil’s weekly winning streak has stopped in its tracks. After six straight periods of gains, US benchmark crude futures dropped 8.3% this week. Market sentiment soured after the Federal Reserve warned of the coronavirus pandemic’s prolonged damage to the economy. Plus, fears over a second wave of virus infections threaten to disrupt any demand recovery. While crude has pushed …

Bloomberg Investors may pull as much as $100 billion from the hedge fund industry this year, as a result of the economic fallout from the coronavirus crisis. The outflows — which may range from $50 billion to $100 billion — would mark the largest drawdown since the global financial crisis, when the industry saw $154 billion in withdrawals in 2008, …

Bloomberg Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped for cash. The number of active drilling rigs in the Permian Basin of West Texas and New Mexico fell by 4 to 137, just 3 above a record low …

Bloomberg A giant Glencore Plc coal project in Australia has been fast-tracked as the nation turns to its vast natural resources to lift the economy out of its first recession in almost three decades. The A$1.5 billion ($1 billion) Valeria mine in Queensland has been designated a “coordinated project”, which the state said would help to get new jobs happening …

Bloomberg Vietnam said Exxon Mobil Corp is considering investments in the nation’s power sector, a move that would support trade with the US and open a potential new frontier for the upstream-focused oil and gas major. The Texas-based company is weighing stakes in two power plants and the gas import infrastructure to feed them, as well as in the oil …

Bloomberg It’s not often rival carriers join forces on anything in the competitive aviation industry. But last week, three of Europe’s biggest airlines teamed up to sue the UK government over plans to force visitors to self-isolate for 14 days. British Airways, EasyJet Plc and Ryanair Holdings Plc said they asked for London judges to hear a case against the …

Bloomberg Edgars needs buyers to make binding offers by the end of June to prevent the start of wind-up proceedings, putting at risk the future of a South African clothing chain that has traded for almost a century. Administrators for parent Edcon Holdings Ltd put the retailer up for sale alongside sister companies Jet and Thank U after measures to …

Bloomberg Air Namibia grounded all international flights not already wiped out by the coronavirus after the country’s president, Hage Geingob, said the state carrier should be liquidated. The southwest African nation’s carrier has received about 8.3 billion Namibian dollars ($485 million) in government funding over the past two decades and Geingob said earlier this month the country “cannot afford to …

Bloomberg The code name was “Apollo.” Its mission was to keep Cathay Pacific Airways Ltd alive. Hong Kong’s dominant airline had been in financial strife for months, its strong start to 2019 a distant memory. Social unrest in the city triggered a slump in passengers through the second half of last year. Then came the coronavirus pandemic, which forced Cathay …

Bloomberg The UK aims to drive down greenhouse gas emissions from aviation to make carbon-free transatlantic flights possible within a generation, Transport Secretary Grant Shapps said. Shapps said he has formed a group bringing together leaders from aviation, environmental groups and government to form the “Jet Zero Council,” as he seeks to rebuild the industry in the wake of the …