The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have driven innovation that has helped shale and offshore wind companies by pioneering remote monitoring and control, and last year directly generated about 25% of global oil production....
Ford Motor Company (NYSE: F) will unveil the latest version of its best selling F-150 pickup truck this week with features such as an onboard generator and a reclining seat.What Happened Ford's vice president of U.S. marketing, sales and service Mark LaNeve said that the newest F-150 would "set a new bar in terms of capability, torque, payload, towing that [Ford's] truck customers need," reported Fox Business LaNeve also announced a hybrid version with an onboard generator that can power a work site or a home "for a short period of time."The Ford executive confirmed the presence of a sleeper seat, saying, "Our truck customers work hard for a living. You've got to take a little siesta in the middle of the day ... and you can lay flat."The automaker posted a teaser of its latest truck on Twitter on Tuesday ahead of the scheduled reveal Thursday.> Don't miss out -...
(Bloomberg) -- European stocks and U.S. futures slumped as a resurgence in virus cases in Tokyo, Germany and the American South sharpened concern about the pace of economic recovery. The Stoxx Europe 600 Index fell the most in a week with losses across all major industries. Oil and copper retreated, while the dollar steadied. Austria is selling another 100-year bond, locking in historically low borrowing costs from investors who have few alternatives for debt yielding more than 0.5%.Sentiment in markets is turning more negative on concern that the spreading virus could force policy makers to slow or reverse the pace of business re-openings. Tokyo reported 55 new infections, its highest daily tally since May 5, while Germany saw 712 new cases. The European Union is considering whether to keep a ban on Americans entering the bloc when external borders reopen.The International Monetary Fund is also due to release an updated outlook...
Shares in Plug Power (PLUG) spiked 16% in Tuesday’s trading after the company announced that it has completed the acquisitions of United Hydrogen Group and Giner ELX. Shares continued to rise 2% in after-hours trading. The stock has now more than doubled year-to-date.According to PLUG, these acquisitions boost its position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel- and establishs a clear pathway to transition from low-carbon to zero-carbon hydrogen solutions.With the acquisitions now complete, fuel cell maker Plug Power also boosted its 2024 financial targets to $1.2 billion in revenue (from $1 billion), $210 in operating income (vs $170 million), and $250 million in Adjusted EBITDA (up from $200 million previously).To Plug, the new guidance reflects the “significant margin enhancement potential in the hydrogen fuels business and the expected global growth of the electrolyzer market while meeting increased customer focus on sustainability and carbon reduction goals.”Indeed, Plug...
(Bloomberg) -- Tencent Holdings Ltd.’s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshaped the landscape of China’s richest people.The country’s largest game developer has surpassed Alibaba Group Holding Ltd. as Asia’s most-valuable company, with its shares rising above HK$500 ($64.50) in intraday trading Wednesday for the first time ever. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.The rallies have propelled the wealth of their founders, with an added twist: Tencent’s Pony Ma, worth $50 billion, has surpassed Jack Ma’s $48 billion fortune, becoming China’s richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.The coronavirus outbreak has pushed forward the digitization of the workplace and changed consumers’ habits,...
(Bloomberg) -- European stocks slumped as investors weighed their appetite for risk assets against the acceleration in virus cases across the American South.The Stoxx Europe 600 Index opened lower with declines across most industry groups. U.S. equity futures fluctuated and Asian stocks were mixed. The dollar and Treasuries edged lower. New Zealand’s dollar reversed gains after the central bank said it’s open to providing further stimulus.Austria is selling another 100-year bond, locking in historically low borrowing costs from investors who have few alternatives for debt yielding more than 0.5%.Investors are watching whether local officials from California to Germany will slow or reverse plans to reopen parts of their economies to snuff out a surge in infections. The International Monetary Fund is also due to release an updated outlook today that will probably give an even bleaker view on how economies are coping with the coronavirus outbreak.While the rally in global equities...
