May, 2020

• 3 May

  Mexico halts new clean-energy plans amid coronavirus

  

  Bloomberg Mexico’s Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the reliability of the national electrical system, Cenace said. Tests that haven’t yet …

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• 3 May

  Trump looks to secure US power grid from foreign attacks

  

  Bloomberg President Donald Trump has signed an executive order aimed at securing the nation’s electricity system from foreign adversaries, a move that could restrict certain overseas companies from exporting products to the US. The order, which doesn’t name any specific countries or companies, blocks US purchases of certain power-system equipment from entities deemed a risk to national security. It empowers …

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• 3 May

  Russia’s oil output rises slightly

  Bloomberg Russia slightly increased its crude oil and condensate production in April ahead of the biggest-ever output cuts under the new Opec+ deal. The country’s producers pumped 46.45 million tons of oil last month, Interfax reported, citing preliminary data for April from the Energy Ministry’s CDU-TEK unit. The figure, which may be rounded, equates to about 11.349 million barrels a …

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• 3 May

  European stock market is losing to US in this rally

  

  Bloomberg Once again, when stocks rally, it’s Europe that’s left behind. With the S&P 500 about 30% above its March lows, the Stoxx 600 index has lagged behind with a 21% bounce, despite having fallen more than the US in the global selloff sparked by the coronavirus pandemic. The reason? For starters, there’s the market’s makeup: Europe has a large …

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• 3 May

  Dizzying week turning tables on stock market’s new buyers’ alliance

  

  Bloomberg Behind the big recovery in stocks has been a loose consortium of new and old buyers, each responding to a distinct storyline. Traders banking on the Federal Reserve, market novices bent on picking the bottom, and people convinced megacap tech is invincible. Whether they will be enough to sustain a lasting rally is the next urgent question for bulls, …

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• 3 May

  World’s oldest central bank hits ‘roadblock’ in crisis fight

  

  Bloomberg Sweden’s central bank may need to have some of its age-old laws changed if it’s to act on a pledge to do “whatever it takes” to save the economy. The Riksbank’s 352-year history gives it the distinction of being the world’s oldest central bank. But the legislation governing it has yet to catch up with the kind of policy …

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• 3 May

  BBVA reports loss on $3.8bn hit from virus

  

  Bloomberg Banco Bilbao Vizcaya Argentaria SA took a combined hit of 3.5 billion euros ($3.8 billion) for virus-related provisions and a second consecutive charge at its US business to post its biggest-ever quarterly loss. BBVA, which is focused on emerging markets in Latin America and Turkey, reported a first-quarter net loss of 1.8 billion euros. The virus impact alone accounted …

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• 3 May

  AmEx retools platinum card as Covid-19 crimps global travel

  

  Bloomberg American Express Co., long synonymous with premium travel rewards, will now offer a meditation app and credits for streaming services as the coronavirus pandemic forces its customers to stay home. As the outbreak made its way to the US, the credit-card issuer realised that many of its rewards tied to spending on airlines and hotels were becoming less relevant, …

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• 3 May

  SocGen drops as equities trading wiped out in rout

  

  Bloomberg Societe Generale SA posted a surprise first-quarter loss after income from its stock-trading unit was wiped out in the market volatility caused by the coronavirus and the bank set aside 820 million euros ($890 million) to cover bad loans. Revenue from equities trading and the business of servicing hedge funds slumped 99% to just 9 million euros in the …

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• 3 May

  Goldman gives peek into frenzy on trading desks

  

  Bloomberg Goldman Sachs Group Inc. offered a glimpse into the March madness that propelled Wall Street trading desks to their best quarterly performance in almost a decade. The firm’s traders pulled in more than $100 million on 14 separate days during the first quarter, Goldman Sachs said in a regulatory filing. Volatile markets were a boon for the business, which …

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