U.S. holding slew of new drilling lease sales despite oil market slump
The Trump administration is moving ahead with oil and gas lease sales in four Western states beginning on Tuesday, bucking criticism from taxpayer advocates who say the auctions should be postponed because of a meltdown in energy prices.
Chevron cuts 2020 spending, Permian production forecasts by 20%
Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.
Unilever to protect workers from sudden pay drop for up to three months
Consumer goods giant Unilever Plc said on Tuesday it would shield its workforce for up to three months from sudden drop in pay, resulting from market disruptions or an inability to perform their roles during the coronavirus pandemic.
UK manufacturers’ most pessimistic since financial crisis: CBI
British manufacturers are the most pessimistic about the outlook than they have been at any time since the global financial crisis more than a decade ago because of the spread of coronavirus, a survey showed on Tuesday.
U.S. industries scramble for exemptions as state shutdown orders grow
As several more U.S. states moved to impose stay-at-home orders to limit the spread of the coronavirus, industries from steelmakers to auto dealerships were scrambling for exemptions that would allow them to remain open.
Latin America’s oil producers sweat to cover costs as price war takes toll
A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting the chances of output cuts and investment delays in the coming months.
Investors eye cracks in $4.4 trillion U.S. ETF market as virus sell-off rages
Wild swings in asset prices have thrown a spotlight on liquidity in corners of the $4.4 trillion market for U.S. exchange-traded funds, which have played a key role for investors in Wall Street’s coronavirus-fueled selloff.
Boundless Fed QE fuels 2% equity bounce, calms dollar
Global equities rebounded almost 2% on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve and other policymakers to ease strains in financial markets.
Bank of England says coronavirus tougher than banks’ stress test
The shock from coronavirus to banks is set to be greater but less prolonged than lenders faced in last year’s stress test and the financial system remains resilient, the Bank of England said on Tuesday.
Oil jumps 5% to over $28 on Fed steps to support economy
Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.
