Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel. West Texas Intermediate was down 65 cents, or nearly 2%, at $35.69 a barrel by 0358 GMT, after slumping more than 8% on Thursday. Brent crude was down 58 cents, or 1.5%, at $37.97 a barrel, having dropped nearly 8% the previous session....
(Bloomberg) -- Zoom Video Communications Inc. said it deactivated accounts of pro-democracy Chinese activists based in the U.S. at the request of China, intensifying concerns that Beijing is extending its censorship clout globally.Chinese officials reached out to Zoom in May and early June about four videoconference calls that were publicized on social media to commemorate Tiananmen Square protests, the San Jose, California-based company said Thursday in a blog post. Zoom said that China “demanded” the company terminate the meetings and host accounts because of the activity, which it deemed illegal.Zoom said that at least three of the four meetings contained participants from mainland China, and it made the decision to end three of the meetings and terminate the associated accounts, two in the U.S. and one belonging to an activist in Hong Kong. “Going forward Zoom will not allow requests from the Chinese government to impact anyone outside of mainland China,”...
(Bloomberg) -- Sony Corp. unveiled two versions of its upcoming PlayStation 5 game console and an array of new games from the virtual stage Thursday, showcasing its next-generation lineup for the first time ahead of a holiday season showdown against Microsoft Corp.’s Xbox.A new Spider-Man game will be ready for the holidays, alongside the release of the black-and-white home console. Sony will also have a new Gran Turismo racing game, as well as an enhanced version of Take-Two Interactive Software Inc.’s bestselling Grand Theft Auto V for the PlayStation 5 next year.The second variant of the PS5, dubbed the Digital Edition, will eschew the Blu-ray disc drive and offer downloads as the only way to acquire new games. This move could hasten the transition to digital downloads and cut out retailers like Amazon.com Inc., GameStop Corp. and Walmart Inc. The PS5 Digital Edition has a sleeker design and is expected to...
(Bloomberg) -- Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.The market has shrugged off a pledge by OPEC+ over the weekend to extend its output cuts, with sentiment souring this week after U.S. inventories climbed to a record high and the Federal Reserve warned of longer-lasting damage to the economy by the pandemic. Oil has also been swept up in a broader market rout triggered by a surge in infections, with prices heading back below $35 a barrel.Crude has rallied since plunging below zero in April as production cuts trimmed a global glut and the easing of lockdowns boosted fuel consumption. However, the recovery is expected to be uneven, with Goldman Sachs Group Inc. this week turning bearish on oil in the short...
(Bloomberg) -- Hertz Global Holdings Inc. is asking a bankruptcy judge to let it take advantage of the quixotic surge in its stock by selling up to $1 billion of new shares.Stocks of bankrupt companies typically get wiped out, but after an enormous two-week rally, the car rental giant envisions offering as many as 246.78 million common shares with help from Jefferies LLC, according to a court filing. Judge Mary Walrath set a hearing for Friday to consider the idea.Investors are bidding up Hertz and other bankrupt companies on optimism that the economy and specifically air travel is poised to rebound. Hertz might also benefit from prices of used cars at auctions coming all the way back from a mid-April collapse.Hertz based its request to the court on a nearly tenfold increase in its stock from 56 cents on May 26 to $5.53 on Monday, according to the filing. While the...
Jun.11 -- Joe Biden shares his plan to reopen the economy safely and restore consumer confidence. The Democratic nominee also discusses President Donald Trump's response to the pandemic. Biden speaks at a roundtable event in Philadelphia. (Excerpts)...
