(Bloomberg) -- The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest in a long list of casualties.More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes & Boone. This month alone, seven oil and gas companies have gone under, tying December 2015 for the busiest on record after crude prices plunged amid the Covid-19 pandemic, according to data compiled by Bloomberg.The shale boom spearheaded by the likes of Chesapeake a decade ago was fueled by debt. Profitability and shareholder returns have been consistently disappointing, and investors had already grown wary of throwing more money into shale before this year’s oil crash. The rate of default on...
Shares of Chinese electric vehicle manufacturer Nio Inc - ADR (NYSE: NIO) are moving to the upside Monday.What Happened: Nio said in a release that strategic investors -- including Hefei City Construction and Investing Holding, CMD-SDIC Capital and Anhui Provincial Emerging Industry Investment -- have completed cash injections for the first two installments of funding commitments for Nio China.The company said it has received 4.8 billion yuan ($677.8 million) of the first two instalments totaling 5 billion yuan of cash investments. The remaining 200 million yuan will be received prior to Sept. 30, according to the company. The investor group committed to a total investment of 7 billion yuan.Definitive agreements regarding the cash injection were announced in late April.Nio committed to inject its core businesses and assets into Nio China while also contributing 4.26 billion yuan cash to Nio China.Of the cash portion, the company said it has injected 1.278 billion...
The S&P 500 and Dow were higher Monday morning, even as a rising number of states across the country reimposed social distancing standards to try and curb increases in coronavirus case counts....
Investing in mining companies can be – quite literally – a gold mine. Metals are big business, and one of the mainstays of the industrial world. But that raises an important question: Which metal to invest in?It’s tempting to stick with the old reliables, gold and silver, the original precious metals, among the earliest forms of money, and to this day still considered stable stores of value. All of that is true. But it doesn’t take into account the expense of exploration and mining. It can take a long time for a gold mine to start turning a profit.There are other metals, however, not as rare as gold, or as high priced, but in some ways more valuable in the economy. Copper is typical of that lot. It has uses in jewelry and currency, or course; even today, a lot of our small change is minted with a high copper content....
(Bloomberg) -- Facebook Inc. fielded criticism from a growing number of consumer companies over harmful content on its sites, with Starbucks Corp. and Diageo Plc pulling back on ad spending and General Motors Co. planning to review its social media marketing strategy.Starbucks and Diageo followed Unilever, Coca-Cola Co.and several other companies in saying they will cut ad spending, part of an exodus aimed at pushing Facebook and its peers to limit hate speech and posts that divide and misinform. On Monday, the pullback continued. Britvic Plc, which supplies a wide range of soft drinks, said it will pause advertising on Facebook and Instagram for July. GM said it’s “reviewing and reinforcing” its marketing guidelines, and Patreon Inc. said it’s removing all ads on Facebook and Instagram.Read more: How to Go Cold Turkey on $77 Billion of Facebook Ads: Alex WebbWhile a single advertiser can do little to hurt a company that...
June 28, 2020 marks ten years since Tesla went public on the Nasdaq. Meanwhile, Nikola is beginning to accept pre-orders for its badger. Yahoo Finance's Ines Ferre breaks down the details. ...
