(Bloomberg) -- The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset.The justices, without comment on Monday, left intact a federal appeals court victory for a defunct Canadian gold mining company seeking to force the sale of Citgo’s parent company. The gold miner, Crystallex International Corp., is trying to collect a $1.4 billion arbitration award, most of which remains unpaid.The rebuff leaves Venezuela at risk of losing a much-needed source of revenue in Citgo. The country’s opposition leader, Juan Guaido, has been fighting to safeguard the assets since taking control of Citgo as part of his power struggle with President Nicolas Maduro.Crystallex is seeking compensation for Venezuela’s 2011 takeover of the company’s gold mining operations near Las Cristinas. Crystallex won in arbitration in 2016, and a Philadelphia-based federal appeals...
Hertz, backed by billionaire investor Carl Icahn, has suffered a "sudden and dramatic negative impact" on its business due to the coronavirus crisis, which has crushed demand for rental cars as people cancel travel and stay at home. Hertz, which operates the Hertz, Dollar and Thrifty rental brands, said Stone replaced Kathryn Marinello, who will remain with the company in a consulting position for up to one year....
Following a woeful year, the end of last week provided a sense of turnaround for investors of Aurora Cannabis (ACB). The stock shot up over 90% after the release of a better-than-expected earnings report.The company delivered on several key issues weighing on investors’ minds ahead of the results. First of all, Aurora delivered much better sales than anticipated. Revenue of C$75.5 million beat the consensus calls for C$67 million, and represented 18% quarter-over-quarter growth. Recreational cannabis sales jumped 24% to CA$41.5 million, boosted by the success of value brand Daily Special’s February launch.Cost cutting measures have also been bearing fruit, significantly reducing cash burn in the quarter. The company exited the quarter with C$230.2 million of cash in the coffers.Additionally, the company's aim of reaching positive adjusted EBITDA in FQ2021 appears on target. Although still a way off from being positive, Aurora reported an adjusted EBITDA loss of CA$45.9 million, (excluding...
