Oil steadies after testing new lows as coronavirus chaos intensifies
Oil prices steadied on Wednesday after slipping to new four-year lows, sapped by fears for fuel demand and the global economy amid travel and social lockdowns triggered by the coronavirus epidemic.
Factbox: Global oil, gas producers slash spending after price rout
Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply. [O/R]
Fujifilm shares jump 15% on China coronavirus drug trial boost
Shares in Japan’s Fujifilm Holdings Corp surged 15% on Wednesday after a Chinese official said an active ingredient of the company’s Avigan anti-flu drug appeared to help coronavirus patients recover.
HSBC appoints insider Quinn as CEO amid growth headwinds
HSBC Holdings PLC has appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe’s biggest bank and ending months of speculation an external candidate could get the role.
U.S. airlines, saying it will take a ‘long time’ to recover, try to quickly reduce workforce
U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the coronavirus keeps people from flying.
Detroit automakers, UAW agree to curb production to contain coronavirus
The Detroit Three automakers and United Auto Workers agreed on Tuesday to curtail production at U.S. factories and limit the number of workers on the job at one time to prevent the spread of the coronavirus among roughly 150,000 factory employees.
United Airlines further cuts April domestic, international schedules
United Airlines on Tuesday announced a 60% schedule reduction in April, citing the impact of the coronavirus pandemic on travel demand.
U.S. stock futures dip as coronavirus spread overshadows stimulus
U.S. stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.
Exxon pays more to borrow amid market turmoil
Exxon Mobil Corp paid a big premium to raise $8.5 billion in new debt on Tuesday, as a rout in energy prices and stock market jitters fueled by the coronavirus outbreak eroded investor confidence in the largest U.S. oil producer.
SoftBank lays ground to abandon $3 billion WeWork tender offer: sources
SoftBank Group Corp is considering pulling out of a $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal, people familiar with the matter said on Tuesday.
