Wall Street sinks at open as coronavirus fears prompt California emergency
U.S. stock indexes opened sharply lower on Thursday as deaths from the coronavirus rose in the United States, forcing California to declare a state of emergency, while crippled travel demand hit airline stocks.
Exxon CEO sticks to big spend plan despite weak stock performance
Two years into an ambitious growth plan to revive earnings at the largest U.S. oil company, Exxon Mobil said on Thursday it would stick to its plans to “lean in” to spending even as its shares have lagged its competitors, which are cutting costs.
OPEC backs biggest oil cut since 2008 crisis, awaits Russia
OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
Iranian oil minister confirms OPEC agreed a 1.5 million bpd cut
The Iranian oil minister confirmed on Thursday that OPEC ministers had agreed an extra 1.5 million barrel per day (bpd) cut in oil production and that Iran was still exempt from the reduction.
Russia prepared for possible drop in oil prices, finance minister says
Russia is prepared for a possible drop in oil prices should OPEC and its allies fail to reach an agreement over cutting supply at meetings in Vienna this week, Finance Minister Anton Siluanov said on Thursday.
Southwest Airlines sees first-quarter revenue hit from coronavirus outbreak
Southwest Airlines Co said on Thursday it expected a hit of up to $300 million to its first-quarter operating revenue from the coronavirus outbreak, prompting it to cut its quarterly revenue outlook.
Exxon CEO sticks to spending targets despite oil downturn
Two years into an ambitious growth plan to revive earnings at the largest U.S. oil company, Exxon Mobil said on Tuesday it would stick to its spending plans even as its rivals trim costs.
Transforming Britain’s John Lewis could take five years, new boss warns
The new chairman of British retailer John Lewis warned on Thursday it could take up to five years to revive the employee-owned group hit by sliding profits, and that she would have to shut more shops.
Coronavirus hit to airlines could top $100 billion, Flybe collapses
The coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, an industry body warned on Thursday, more than three times a projection it made just two weeks ago as the virus continues to spread around the world.
HP rejects Xerox’s raised takeover offer
HP Inc on Thursday rejected Xerox Holdings Corp’s raised takeover bid of about $35 billion, saying that the offer still undervalued the personal computer maker.
