Oklahoma will let struggling oil producers halt output without breaking contracts
Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify unprofitable production as economic waste, enabling producers to maintain leases when output is halted due to low prices.
Brent crude up 8.4% in wild swing after hitting lowest since 1999
Brent crude oil rose 8.4% on Wednesday, as prospects for extra pledges from major producers to cut output prompted a sharp turn up off a session low that took the global benchmark below $16 a barrel to its lowest since 1999.
EU ‘misunderstandings’ push back deal on coronavirus economic recovery
It may take European Union countries until the summer or even longer to agree on how exactly to finance aid to help economies recover from the coronavirus pandemic as major disagreements persist, a bloc official said on Wednesday.
Housing regulator offers further support for mortgage-finance companies
The U.S. housing regulator on Wednesday announced its second step in as many days to help ease the liquidity strain in the mortgage market.
Daimler resumes engine production at Mercedes in Germany
Mercedes-Benz is ramping up engine production at its plant in Bad Cannstatt, Stuttgart, this week after Germany eased lockdown measures in a sign Europe’s largest economy is getting back to work after the coronavirus brought the country to a standstill…
American Eagle pulls annual forecast on coronavirus worries; shares plunge
Shares of American Eagle Outfitters Inc dropped 14% on Wednesday after the apparel retailer withdrew its full-year forecast and said current-quarter results would be significantly hit by coronavirus-related store closures.
IKEA opens half of stores in Israel after lockdown eased
IKEA, the world’s biggest furniture brand, opened three of its six stores in Israel on Wednesday after the government started to gradually ease its coronavirus lockdown.
Netflix to raise $1 billion to fund original content
Netflix Inc said on Wednesday it plans to raise about $1 billion in debt to beef up original content, a day after the streaming pioneer doubled its own projections for new customers as stuck-at-home users binged on movies and shows.
U.S. Treasury chief warns larger firms could face probes over payroll money
U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that larger companies could face investigation if they apply for small business coronavirus rescue money without carefully reviewing whether they qualify for it.
Explainer: Why Norwegian Air matters to Norway
Norwegian Air , the budget carrier that changed the way people travel across the Atlantic, is fighting for survival as the coronavirus pandemic deepens the company’s financial straits, forcing it to furlough staff and cancel flights.
