April, 2020

• 28 April

  Major retailers call on states to adopt uniform reopening plans

  

  Bloomberg The top two trade groups representing major retailers such as Walmart Inc, Target Corp and Best Buy Co are calling on governors to adopt uniform reopening standards as the pandemic subsides, including allowing warehouses and distribution centers nationwide to reopen all at once, rather than state-by-state. As states, cities, and companies big and small struggle over when and how …

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• 28 April

  Embraer sinks to lowest since ‘09 on $4.2b Boeing breakup

  

  Bloomberg Embraer tumbled to the lowest since 2009 after Boeing scrapped a proposed $4.2 billion commercial-jet deal amid a severe slump in aircraft sales. The Brazilian planemaker has already begun arbitration proceedings, according to a regulatory filing, two days after vowing to seek damages from Boeing. The US aerospace giant pulled the plug on April 25, citing unspecified issues. Last …

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• 28 April

  Vietnam Air to provide 2 direct US flights

  Bloomberg National carrier Vietnam Airlines JSC will provide flights to San Francisco and Washington DC for Americans in early May, according to a posting on the website of the US Embassy & Consulate in Vietnam. The flights were arranged after most international flights to and from Vietnam were suspended due to the novel coronavirus outbreak. The first flight is scheduled …

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• 27 April

  Oil slips back below $15 on glut as producers start cuts

  

  Bloomberg Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output. Futures in New York slid 16%, snapping a four-day gain. While US drilling is sliding and Saudi Arabia started reducing output ahead of the start date for Opec+ supply cuts, an immense glut …

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• 27 April

  Saudi inks SR995m deal with China to provide 9 million Covid-19 tests

  

  RIYADH / WAM The government of Saudi Arabia signed a SR995 million contract with China to provide nine million Covid-19 tests for nine million people in the Kingdom. The Saudi Press Agency (SPA) reported that the decision came “as a result of a phone call made between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud …

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• 27 April

  India considers $39b small-business loans

  

  Bloomberg India is considering a proposal to guarantee as much as 3 trillion rupees ($39 billion) of loans to small businesses as part of a plan to restart Asia’s third-largest economy, which is reeling under the impact of a 40-day lockdown, people with knowledge of the matter said. Under the proposal, small firms will be eligible to borrow an additional …

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• 27 April

  BP to close Hilcorp-Alaska deal with revised payment terms

  

  Bloomberg BP Plc confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy Co, but said financial terms had been adjusted to reflect market conditions. The renegotiation of the deal will come as a relief to the London-based oil major, which is leaning on asset sales to rein in its debt and sustain its dividend amid …

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• 27 April

  Manila Electric slashes spending amid lockdown

  

  Bloomberg Manila Electric Co is slashing its capital spending budget by almost half as the largest Philippine power retailer sees lower demand this quarter, with the coronavirus outbreak shutting many businesses. Capital expenditure for infrastructure projects will be cut to 9.3 billion pesos ($183.38 million) from the 17.8 billion pesos initially planned at the start of the year, Meralco Senior …

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• 27 April

  India brokers seek court protection from ‘negative oil’

  

  Bloomberg At least three Indian brokerages have petitioned the courts to challenge the settlement of crude oil contracts at negative prices. Motilal Oswal Financial Services Ltd and PCS Securities Ltd are appealing to the Bombay High Court, which was expected to hear on April 27 their case against the decision by Multi Commodity Exchange of India Ltd. Religare Enterprises Ltd …

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• 27 April

  Petronas mulls more dividend to fund Malaysia stimulus

  

  Bloomberg Malaysia’s state oil company is considering raising this year’s dividend to help the government fund its nearly $60 billion stimulus package, according to people familiar with the matter. Petroliam Nasional Bhd., or Petronas, could increase the payout by as much as $2.3 billion, said one of the people, who asked not to be named as the information is private. …

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