Bloomberg A fifth of global demand for oil will disappear this quarter. All three of the major forecasting agencies now agree that the world faces its biggest-ever slump in oil consumption, after governments imposed movement restrictions on billions of people to combat the coronavirus. The scale of the demand hit means that despite producers implementing unprecedented output cuts, stockpiles will …

Bloomberg Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator. The historic price rout has in recent weeks curbed output in the second-biggest producing state by a third to below 1 million barrels a day, according to the Department of Mineral Resources. …

Bloomberg For middle-class Americans in the 20th century, JC Penney was one of the first places to look when you needed work pants, toys or towels, chairs or china. Even if you didn’t live anywhere near one of its stores, the iconic mail-order catalog made its goods available to anyone. As Penney’s longtime slogan promised, “It’s All Inside.” But as …

Bloomberg Air France-KLM will offer refunds to customers whose flights were canceled due to the coronavirus pandemic in a policy reversal that could put further pressure on the struggling carrier’s balance sheet. The airline will give travellers a choice between a reimbursement or a voucher for a future flight worth 15% more than the initial ticket value, according to a …

Bloomberg Ethiopian Airlines Group sees African air traffic returning to pre-coronavirus crisis levels quicker than the rest of the world, boosted by a temporary spike in demand from stranded citizens returning home. Governments of countries including Uganda, Kenya and Madagascar closed their borders before or almost immediately after confirming their first Covid-19 cases, leaving thousands of business, student and health …

Bloomberg Air Canada will cut at least 20,000 jobs, or about half its workforce, amid the Covid-19 pandemic, the Canadian Press reported. The job cuts will be effective from June 7 and could affect as many as 22,800 workers, according to an internal company email seen by the Canadian Press. The downsizing will reduce the airline’s workforce by 50% to …

Bloomberg Nike Inc has been among the chief beneficiaries of a “significant acceleration in athletic apparel/footwear trends” over the past couple of weeks as stores in several states began reopening after the Covid-19 pandemic closed all but essential businesses across the country, according to Credit Suisse Securities analyst Michael Binetti. “Athletic trends looked very bad” at the start of the …

Bloomberg With much of the US and Europe in lockdown, video-game use has exploded. It’s become a way for millions of quarantined people to pass the time and stay connected to others without spreading coronavirus — and health officials have applauded the idea. But for some percentage of users, the binge comes with a dark side: internet and gaming addiction. …

Bloomberg Taiwan Semiconductor Manufacturing Co. plans to spend $12 billion building a chip plant in Arizona, a decision designed to allay US national security concerns and shift more high-tech manufacturing to America. TSMC said it will start construction of its next major fabrication facility in 2021, to be completed by 2024. While the investment falls short of its previous expenditure …

Bloomberg Voodoo SAS’s backers are exploring the sale of a stake in the French mobile game developer, people with knowledge of the matter said. Shareholders of Voodoo are working with an adviser as they consider selling part or all of their holdings in the company, according to the people, who asked not to be identified because the information is private. …