Bloomberg Oil prices have surged more than 75% in the US this month. But don’t expect a quick rebound in supply from shale explorers. The quick turnaround in oil markets is exposing the shale industry’s big weak spot: Lightning-fast production declines. Shale gushers turn to trickles so quickly that explorers must constantly drill new locations to sustain output. And they …

Bloomberg Ryanair Holdings Plc executives preparing for thousands of job cuts warned employees in Spain that the collapse of air travel had left the discount airline with more than 600 surplus pilots and cabin crew in the country. The Irish carrier estimates it has an excess of 266 pilots and 351 cabin crew, people director Darrell Hughes said on a …

Bloomberg The German government and Deutsche Lufthansa AG have agreed on a bailout package, German news agency DPA reported without citing the source of the information. After delays in recent days, the committee that manages Germany’s WSF Economic Stabilisation Fund was set to meet on Monday, according to a person familiar with the matter. The meeting is an indication that …

Bloomberg India’s Maharashtra, home to the nation’s financial hub Mumbai, resumed commercial flights on Monday with reduced domestic services as the state struggles to contain coronavirus infection cases. The state will allow 50 flights per day, from the earlier 200 flight movements, Mumbai airport said in a statement, joining airports in cities including Chennai and Hyderabad in pruning air-travel services. …

Bloomberg It was supposed to be another regular flight on one of Pakistan’s busiest domestic routes between its two biggest cities. State-run Pakistan International Airlines (PIA) Corp’s PK 8303 flight had a normal departure from the eastern city of Lahore. Close to landing before 2:45 pm local time, the pilots told passengers to fasten their seat-belts as it approached Karachi’s …

Bloomberg Meituan Dianping reported a smaller slide in revenue than analysts projected after the Chinese internet services giant proved resilient to virus-induced lockdowns. Sales fell 12.6% to 16.8 billion yuan ($2.4 billion) in the three months ended March, compared with the 15.6 billion yuan average of analysts’ estimates. It reported net loss of 1.58 billion yuan, while analysts projected a …

Bloomberg As BlackRock starts to kick the tires of Sweden’s credit market at the behest of the Riksbank, a world of trouble is about to reveal itself. “This market seems completely dead,” said Hakan Karlsson, chief executive of MaxFastigheter i Sverige AB, a property firm with an unrated bond maturing in September. “If we want to retain the possibility of …

Bloomberg China set its daily yuan reference rate at the weakest level since 2008 after the currency hit a seven-month low in onshore trading amid increasing political tensions with US. The People’s Bank of China (PBOC) put the yuan fixing at 7.1209 per dollar. That compares with the 7.122 average estimate in a Bloomberg survey of traders and analysts. The …

Bloomberg The robots advising investors at the biggest Nordic banks just had their best quarter since being switched on. Much of their sudden popularity has coincided with the crisis triggered by Covid-19. But the banks behind the bots say the development has also laid bare where human financial advisers add no value, and robots do. At the biggest Nordic bank, …

Bloomberg Singapore’s currency looks set to remain under pressure as global headwinds outweigh the benefits of an easing in the nationwide lockdown. The US dollar-Singapore dollar pair has failed to break below technical support at its one-month low, suggesting its next move could well be higher. Data this week is expected to show the nation’s economy contracted 1.8% y/y in …