April, 2020

• 21 April

  US travel group sees lost sales of $520bn

  Bloomberg A US travel industry group estimates that lost revenue as a result of the coronavirus pandemic could approach $520 billion by the end of the year, with much of the tourism industry still depressed in December. The US Travel Association — which represents airlines and other transportation companies, local attractions, tourism bureaus and other parts of the industry — …

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• 20 April

  Oil declines by record to below $11 with storage rapidly filling

  

  Bloomberg Oil suffered its biggest one-day price plunge in the modern era, at one point crashing about 40% to below $11 a barrel as traders contended with an historic glut. Despite Opec+’s unprecedented output deal agreed a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by …

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• 20 April

  Irena: Renewables can support resilient and equitable recovery

  

  ABU DHABI / WAM Advancing the renewables-based energy transformation is an opportunity to meet international climate goals while boosting economic growth, creating millions of jobs and improving human welfare by 2050, stated the first Global Renewables Outlook released by the International Renewable Energy Agency (Irena), on Monday. While a pathway to deeper decarbonisation requires total energy investment up to $130 …

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• 20 April

  DMT sees 10% rise in building permits in Q1

  ABU DHABI / WAM The Department of Municipalities and Transport (DMT) announced that the number of building permits issued by its subsidiaries in the first quarter of this year increased by 10 percent compared to the same period last year to reach 2,563 permits for buildings in various vital sectors. According to the report by the Department of Municipalities and …

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• 20 April

  How Shell can become first net-zero oil major by 2050

  

  Bloomberg In the middle of a viral pandemic, a crash in the price of oil and an economic slump not seen in 100 years, Royal Dutch Shell has unveiled what is likely the most ambitious climate plan of any major oil company in the world. In doing so Shell seems to have one-upped BP, which released its blueprint in February. …

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• 20 April

  Wild oil market set for extra volatility over contract expiry

  

  Bloomberg Oil in New York has slumped to its weakest structure on record as the current contract nears expiration, adding extra volatility to a market that’s grappling with a glut and evaporating demand. West Texas Intermediate crude futures on Monday fell to the biggest-ever discount to those for the following month, a structure known as contango that indicates near-term oversupply. …

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• 20 April

  Philippines’ Ayala seeks to fully divest from coal by 2030

  

  Bloomberg Ayala Corp, the Philippines’ oldest conglomerate, aims to fully divest from coal by 2030, a rare rebuke of the fuel in a region where its use is expected to grow. Ayala’s power-generation unit, AC Energy Philippines Inc, will also boost investments in renewable generation as it transitions to a low-carbon portfolio, President Eric Francia said in a live-streamed annual …

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• 20 April

  Russia’s oil producers told to cut output by fifth

  

  Bloomberg Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new Opec+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed to split Russia’s 2.5 million barrel-a-day cut proportionally, the …

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• 20 April

  US equity futures decline while oil slides below $15

  

  Bloomberg US equity futures fell alongside Asian stocks on Monday while European shares fluctuated as investors weigh the latest evidence the coronavirus is slowing and prepare for earnings season to ramp up. Treasuries rose with the dollar and oil plunged. Contracts on the S&P 500 slipped after American stocks posted the first back-to-back weekly gain since early February. The Stoxx …

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• 20 April

  Singapore stocks rally is pricing in virus bottom: Citi

  

  Bloomberg The recent surge in Singapore stocks from a bottom at the end of March suggests investors are starting to price in a post-coronavirus recovery, according to analysts with Citigroup Inc. The Straits Times Index has climbed 17% since hitting its lowest level in more than a decade as recent economic indicators including exports and cargo volumes growth have begun …

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