May, 2020

• 6 May

  Peek into wooden mast reveals wind power’s towering future

  

  Bloomberg Standing nearly 100 feet tall on the rocky shore of the island Bjorko in southwest Sweden, a white wind tower looks indistinguishable from thousands of similar tubes that help generate clean energy all over the world. But inside is another story. The interior of the tower is a tableau of creamy white boards, soaring into the air like a …

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• 6 May

  Permian drillers slash output

  

  Bloomberg On the same day Opec-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts in response to the crude market collapse. Diamondback Energy, Parsley Energy and Centennial Resource Development became the latest Permian Basin shale explorers to say they were curbing output. A pandemic-fueled crash in oil prices has been so severe that …

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• 6 May

  Australia’s solar farm gets green light after power deal

  Bloomberg Neoen SA will start construction on Australia’s biggest solar farm after winning a power purchase agreement with Queensland state’s renewables company. The Paris-based company will invest A$570 million ($366 million) in the Western Downs Green Power Hub, with first electricity from the facility expected in the first quarter of 2022. As much as to three-quarters of the energy produced …

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• 6 May

  US equity-index futures gain with Europe stocks; dollar up

  

  Bloomberg US equity-index futures gained on Wednesday after President Donald Trump pushed again to reopen the economy, while stocks in Europe drifted amid mixed corporate earnings and more dismal economic data. The dollar steadied and Treasury yields edged higher. The Stoxx Europe 600 index struggled for direction after advancing the most in almost three weeks on Tuesday, with gains for …

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• 6 May

  India stocks rebound as grim services data boost stimulus bets

  

  Bloomberg Indian stocks rebounded from their lowest level in almost two weeks as data showing record contraction in the nation’s services industry in April underlined the need for more support measures from the government. The S&P BSE Sensex jumped 0.9% to 31,728.72 as of 11:47 am in Mumbai, reversing losses of as much as 0.9%. The NSE Nifty 50 Index …

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• 6 May

  Australian shares slowly recover from March sell-off

  Bloomberg Australian shares are slowly recovering from the March sell-off even as the global economic outlook gets gloomier with the fresh trade discord between the US and China. This week the stock benchmark Down Under is on track to record best gain in about a month. The prospects of the first recession in almost 30 years and little-to-no corporate earnings …

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• 6 May

  UniCredit posts $2.94 billion loss on provisions, charges

  

  Bloomberg UniCredit SpA reported its biggest loss in more than three years as provisions related to the coronavirus added to the pain of one off costs for job cuts and the writedown of its Turkish unit. The net loss totalled 2.71 billion euros ($2.94 billion), as loan-loss provisions climbed to 1.26 billion euros, the Milan-based bank said on Wednesday. About …

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• 6 May

  Morgan Stanley-backed fund to buy S Africa firms

  

  Bloomberg Capitalworks Investment Partners Pty Ltd. plans to invest 5 billion rand ($270 million) of newly raised cash in mid-sized South African companies hit by a shrinking local economy and the coronavirus pandemic. The firm raised 25% more than planned for its Private Equity Fund III from Morgan Stanley’s Alternative Investments Partners (AIP) unit, institutional investors and wealthy families, Capitalworks …

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• 6 May

  Credit Agricole sees provisions surge as it girds for bad loans

  

  Bloomberg Credit Agricole SA is setting aside almost three times the amount it booked a year ago to cover souring loans because of the impact of the coronavirus, the latest lender to try and estimate the damage to its balance sheet from the outbreak. Provisions in the first three months of the year jumped to 621 million euros from 225 …

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• 6 May

  NAB posts 51% slump in profit, cuts dividend

  

  Bloomberg Australian bank investors got their first taste of what is set to be a horror earnings season, as National Australia Bank Ltd. (NAB) reported a 51% plunge in profit, slashed its dividend and embarked on a $2.24 billion capital raising. The early announcement — the lender wasn’t due to report until next week — has shareholders bracing for the …

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