Bloomberg President Donald Trump said the “Big Oil deal” sealed will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts. Days of frantic diplomatic maneuvering culminated in an agreement by Opec+ to pare production by 9.7 million barrels …

Bloomberg China’s coal prices have sunk to levels that threaten state intervention, but this time policy makers may refrain from doing so as they continue efforts to buttress the economy hurt by the coronavirus pandemic. The government will try to keep power prices low as it pushes to restart the economy, according to analysts. That goal will be helped by …

Bloomberg Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News. While those capex cuts are in the future, oil production dynamics are changing in real time. Rystad Energy analysis …

Bloomberg More than a third of new US electricity generation expected to come online over the next six months could hit roadblocks as the coronavirus pandemic curbs power consumption and disrupts supply chains. About 4.9 gigawatts, or 39%, of new utility-scale capacity will be “either cancelled or indefinitely postponed” from April through September, said Energy Information Administration economist Tyler Hodge. …

Bloomberg Global stocks began the week on the back foot as investors readied for the start of an earnings season marked by unprecedented uncertainty over the corporate impact of the coronavirus pandemic. Oil pared earlier gains after a historic deal to cut output. Futures on the three main US equity indexes all dropped, while stocks fell in Asia’s main financial …

Bloomberg Famed investor Mike Novogratz says this is the time for Bitcoin, citing greater adoption around the globe and unprecedented actions by central banks battling the fallout from the spreading coronavirus. “The risk on any store of value, if it’s gold, is that enough people believe in it,” Novogratz said in a Bloomberg TV interview. “It’s still a question of …

Bloomberg India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago. On a day when the Reserve Bank of India (RBI) executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards (NDFs), a currency derivative often blamed as …

Bloomberg A “new wave of consolidation” among global investment banks could be triggered by the coronavirus pandemic, according to a new report by Oliver Wyman and Morgan Stanley. Some banks may find their lack of scale and the short term pressure “too acute” to survive the crisis, particularly in Europe where returns are lower compared to bigger, more profitable global …

Bloomberg The funding needs of governments in sub-Saharan Africa could rise by $75 billion as the coronavirus pandemic hammers their economies, according to Goldman Sachs Group Inc. If measures such as tax cuts that some governments, including Kenya’s, have already announced are included, the financing gap might end up being higher, they said. A combination of lockdowns to contain the …

Bloomberg As banks elsewhere scrap or defer dividend payments, investors in Malaysian lenders can still expect their usual cash rewards. Malayan Banking Bhd., the biggest lender by market value, plans to keep its payout ratio of as much as 60% its profit after tax and minority interests, on top of paying a 2019 interim dividend on May 6, its spokesperson …