May, 2020

• 6 May

  United Air to slash office jobs by 30% after US aid ends

  

  Bloomberg United Airlines Holdings Inc will cut at least 30% of its managerial and administrative jobs when government restrictions lift in October, bracing for a prolonged travel slump in the age of Covid-19. In addition to cutting the roughly 3,500 positions, the company will require that management and administrative employees take 20 days off without pay between May 16 and …

  Read More »
• 6 May

  Sephora fires back at JC Penney in bid to end their partnership

  

  Bloomberg Sephora USA Inc escalated its legal fight with partner JC Penney Co, saying the department-store chain’s response to the pandemic violates an agreement allowing it to operate about 650 in-house beauty boutiques. JC Penney, which closed all its stores in March as the virus spread, persuaded a Texas state court judge last week to temporarily bar Sephora from exiting …

  Read More »
• 6 May

  Ocado retail revenue rises 40% on demand

  Bloomberg Ocado Group Plc’s retail revenue rose more than 40% in the second quarter as the UK online grocer’s sales were boosted by home shopping during the Covid-19 lockdown. The company suspended financial guidance for the year, saying uncertainty around the pandemic made it impossible to predict near-term sales trends. The second-quarter’s gain was up from a 10% increase in …

  Read More »
• 6 May

  Oil climbs for a fifth day with output cuts easing glut concern

  

  Bloomberg Oil headed for the longest run of daily gains in more than nine months as the impact of production cuts indicated the glut may be beginning to ease. Futures in New York rose for a fifth day after Genscape reported an increase in inventories of only 1.8 million barrels at Cushing, Oklahoma, the delivery point for West Texas Intermediate …

  Read More »
• 5 May

  Total targets carbon neutrality

  

  Bloomberg Total SA set out bolder commitments to eliminate most of its carbon emissions by 2050, while curbing spending on oil and gas projects due to the crude-price slump. The French company’s commitment to invest more in clean energy, despite a sharp drop in profit as the coronavirus hammers fuel demand, illustrates the enduring pressure on oil giants from investors …

  Read More »
• 5 May

  India stores cheap oil at sea as onshore tanks are 100% full

  

  Bloomberg Indian refiners are taking advantage of cheap oil to bulk up its supplies even as every corner of the nation’s onshore storage tanks fills to the brim, according to oil minister Dharmendra Pradhan. State-run and private processors are now holding seven million tons — equivalent of more than 50 million barrels — on-board tankers out at sea, the minister …

  Read More »
• 5 May

  Repsol Q1 profit drops 28% as oil prices begin their decline

  

  Bloomberg Repsol SA’s first-quarter profit fell 28% as oil prices began their unprecedented decline, but it beat analysts’ estimates and shares rose. Earnings from the Spanish energy producer, like those of its peers, reflect what’s proving to be a historic moment for the industry. Crude’s collapse has forced companies to make drastic cuts in spending and, in some cases, slash …

  Read More »
• 5 May

  US, European futures up with lockdowns easing; oil rises

  

  Bloomberg US and European futures rose along with Asian stocks, as a number of economies move toward easing lockdowns. Crude oil gained for a fifth consecutive day. S&P 500 futures climbed after the index staged a turnaround late Monday to end firmer as California sounded a note of optimism in its fight against the virus. Stocks outperformed in Australia and …

  Read More »
• 5 May

  India stocks rebound after biggest drop in more than a month

  

  Bloomberg Indian stocks rose, rebounding from their steepest drop in more than a month, according to reports. The S&P BSE Sensex Index added 1.2% to 32,108.35 as of 9:37 am in Mumbai, and the NSE Nifty 50 Index advanced by the same magnitude. Both gauges lost more than 5% as a nationwide lockdown was extended. The regional MSCI Asia Pacific …

  Read More »
• 5 May

  Carson Block predicts plunge in global stocks

  Bloomberg Carson Block is predicting a plunge in stocks after they roared back from the coronavirus sell-off in March. “The direction has to be sharply downward,” the renowned short seller and founder of Muddy Waters Capital said. Block finds it hard to believe equities are trading at their current valuations even though demand has been “crushed” by the virus and …

  Read More »