May, 2020

• 19 May

  US shale output set to tumble to 2018 low

  

  Bloomberg Oil production from the top seven shale regions in the US is set to tumble to levels not seen since 2018 as drillers scale back in response to the recent price collapse. Losses will be led by the Permian Basin — which straddles Texas and New Mexico — where output is seen falling by 87,000 barrels a day in …

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• 19 May

  Ovo Energy plans to slash 2,600 workers

  Bloomberg Ovo Energy Ltd plans to cut 2,600 staff as customers use digital tools to contact the energy supplier, cutting the need for people. Since its acquisition of SSE Energy Services last year, Ovo has been planning the integration of the two businesses which “would have always required difficult changes,” the company said. The impact of the coronavirus has accelerated …

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• 19 May

  Spain aims to pass law setting climate targets

  Bloomberg Spain’s government is seeking to pass a law setting its climate targets as part of a drive to achieve carbon neutrality by 2050. A bill was set to be sent by the government to parliament on Tuesday aims to reduce Spain’s greenhouse gas emissions by 20% by 2030, relative to 1990 levels, according to copies of the bill distributed …

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• 19 May

  Over 15,000 HK shops may shut down sans rent relief

  

  Bloomberg From luxury boutiques to mom and pop stores, Hong Kong’s retailers are hurting. Unless landlords can offer more relief, one in four could disappear by December if sales don’t improve, putting an end to the city’s reputation as a shopping hotspot. That’s the gloomy prediction of Hong Kong Retail Management Association Chairman Annie Yau Tse, who says the rent …

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• 19 May

  Qantas says air fares could jump nine fold

  

  Bloomberg Qantas Airways Ltd said putting extra space between passengers on planes could lead to a big increase in airfares and discourage people from flying. “Social distancing on an aircraft isn’t practical,” Qantas Chief Executive Officer Alan Joyce said in a briefing with reporters on Tuesday. If implemented, it could mean there would only be 22 people on a 128-seat …

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• 19 May

  Argentina’s Flybondi bets on local flights to survive virus

  

  Bloomberg Argentina’s discount airline Flybondi is planning to redouble its bet on domestic service once the toughest travel ban in the Americas is lifted. The company will focus on local flights as long as demand for international travel remains tenuous because of the coronavirus pandemic, said Chief Commercial Officer Mauricio Sana in an interview. Flights to Brazil, the hardest-hit country …

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• 19 May

  JC Penney to close 29% of its stores in post-bankruptcy plan

  

  Bloomberg JC Penney Co, the department-store chain that filed for Chapter 11 bankruptcy last week, said it will close about 29% of its stores. The retailer will reduce its store count to about 604, down from the 846 it currently has across the US, according to a company filing. In fiscal 2019, those locations brought in $9.2 billion in net …

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• 19 May

  Pier 1 to wind down operations

  

  Bloomberg Pier 1 Imports Inc said it would seek bankruptcy court approval to wind down its retail operations after the coronavirus pandemic made it difficult for the US retailer to find a buyer. The company said in a statement on Tuesday it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised …

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• 19 May

  European stocks turn lower with US futures; oil advances

  

  Bloomberg European stocks turned lower alongside US equity futures on Tuesday as the risk-on mood that kicked-off the week faded. Oil prices rose for a fourth straight session. The Stoxx Europe 600 Index had opened in the green following news that Germany and France have backed a $546 billion, European Union-wide economic recovery fund. But after strong gains on Monday, …

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• 19 May

  Indian stocks rise after vaccine report lifts Asian equities

  

  Bloomberg Indian stocks advanced, tracking a regional rally after early vaccine results sparked speculation economies could rebound quickly. The S&P BSE Sensex added 1.6% to 30,514.44 in Mumbai, while the NSE Nifty 50 Index gained by a similar magnitude. Both measures are set to snap three days of losses, their longest losing streak in a month. “The possibility of a …

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