May, 2020

• 17 May

  India’s lockdown mints over a million new stock traders

  

  Bloomberg Hemmed in by the world’s strictest stay-at-home measures, Raunaq Singh, owner of a clothes store in India’s capital of New Delhi, has begun to dabble in the nation’s equities. “I had been thinking about it in the past few months, but I had a busy schedule,” said the 27-year-old, who split 160,000 rupees ($2,117) between a couple of stocks …

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• 17 May

  Saudi stocks lead gains in Gulf on higher oil

  

  Bloomberg The main equity index in Saudi Arabia led gains in the Gulf after crude advanced for a third consecutive week as the kingdom and other main producers cut output while demand shows signs of recovery. The Tadawul All Share Index rose 1.3% as of 11:30 am in Riyadh, with petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco …

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• 17 May

  Hedge funds headed to quarantine stocks in Q1

  Bloomberg As the world began to go into lockdown, the biggest money managers loaded up on quarantine stocks. Netflix Inc., Peloton Interactive Inc., Amazon.com Inc. and Zoom Video Communications Inc. were some of the most sought-after names in the first quarter, according to regulatory filings. George Soros, Stan Druckenmiller and Philippe Laffont were among the managers piling into such stocks. …

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• 17 May

  Opec+ dazzles oil market with swift delivery of supply cuts

  

  Bloomberg In the face of an unprecedented oil market collapse, Opec+ is responding with an urgency never seen before. With unusual speed, the alliance is launching an unparalleled program of production cutbacks this month to offset the slump induced by coronavirus pandemic. The 23-nation coalition is well on its way to cutting 9.7 million barrels of daily crude output — …

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• 17 May

  World to use 1.7 billion barrels less oil in Q2 amid pandemic

  

  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 …

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• 16 May

  Oil recovery to be slow in North Dakota

  

  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. …

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• 16 May

  JC Penney sees ‘no way’ to shake off its identity crisis

  

  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 …

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• 16 May

  Air France-KLM to offer ticket refunds

  

  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 …

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• 16 May

  Post-crisis homecoming set to boost African airlines’ recovery

  

  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 …

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• 16 May

  Air Canada to cut about 22,800 jobs

  

  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 …

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