Oil prices fall on brimming storage, bleak recovery prospects
Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.
Tesla’s Musk nears $750 million options payday ahead of results
Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers.
UK corporate profitability hit 10-year low in late 2019
British companies’ profitability dropped to its lowest in more than a decade in the final three months of 2019, when concerns about Brexit and political uncertainty – rather than the coronavirus – were to the fore, official data showed on Tuesday.
Japan automakers post 34% plunge in March global sales
Japanese automakers saw a 34% fall in global vehicle sales in March when the coronavirus outbreak began to spread globally, and face a further tumble in the coming months.
Novartis sales, profits rise in first quarter on COVID-19 buying rush
Novartis saw first-quarter sales climb as hospitals and patients stocked up on drugs to avoid being left short during the coronavirus crisis, lifting profits for the Swiss drugmaker.
Lufthansa CEO says has no plan to sell Brussels Airlines: VRT
German airline Lufthansa has no intention of selling its Belgian unit Brussels Airlines, the head of Lufthansa Carsten Spohr assured Belgian Prime Minister Sophie Wilmès in a letter seen by the Belgian VRT public broadcaster.
Spanish government considering loans for Iberia: El Pais
The Spanish government is considering granting soft loans to flagship airline Iberia, a unit of London-listed International Consolidated Airlines Group , newspaper El Pais reported on Tuesday.
New York AG raises concerns about Amazon’s pandemic safety practices: source
Amazon.com Inc may have violated safety measures and labor practices amid the coronavirus pandemic as it fired a warehouse protest leader last month, New York Attorney General Letitia James’s office wrote in a letter to the company last week.
BP hikes debt, keeps dividend as coronavirus hammers profits
BP’s first-quarter profit tumbled by two thirds and its debt climbed to its highest on record as the coronavirus crisis hammered oil demand, but the energy major kept its dividend despite warning of exceptional uncertainty.
BP targets breakeven below $35/bbl next year, CEO says
BP seeks to sharply reduce its spending and costs to be able to generate profit at oil prices below $35 a barrel by next year compared with $56 a barrel last year, CEO Bernard Looney said.
