(Bloomberg) -- Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers cut supply and consumption recovers after a historic collapse in demand due to the coronavirus.While futures in New York edged lower in early Asian trading, prices are still up about 11% this week after closing above $27 a barrel on Thursday for the first time in over a month. Saudi Arabia has slashed supply to the U.S., Europe and Asia as OPEC and its allies reduce daily output by almost 10 million barrels. The International Energy Agency said that the outlook is improving, while Goldman Sachs Group Inc. and BP Plc see gasoline use rising.Oil is still down more than 50% this year after a rout that pushed prices below zero and the road back to pre-virus levels of demand looks long and uncertain. OPEC this week presented a bleak assessment...
With all the controversial headlines surrounding CEO Elon Musk, it has almost been forgotten that Tesla (TSLA) has finally been turning a profit. The EV pioneer surprised many when it followed 4Q19’s swing into the green with another beat in its recent 1Q20 report.Following an investor relations meeting with Tesla, Deutsche Bank’s Emmanuel Rosner noted, “We found Tesla’s message to be positive, reiterating that order backlog for its vehicles continues to grow due to limited ability to produce vehicles currently, and that its pace of capacity expansion will be the main driver of volume growth over the next few years.”Model 3 production rates in China have been upped from 150k to 200k a year with the goal of producing 4k a week, firmly in the company’s sights. Holding production back was a reliance on battery packs – previously shipped from Reno. The cells are now sourced locally from LG and by...
In places such as New York City and Detroit, overwhelmed hospitals and mortuaries are using refrigerated trailers to store the bodies of people killed by COVID-19. ...
In cities like New York City and Detroit, hospitals are using refrigerated trailers to inter those that have passed due to the coronavirus pandemic. ...
A lawsuit accusing President Donald Trump of illegally profiting off the presidency through his luxury Washington hotel was revived Thursday by a divided federal appeals court. The lawsuit brought by the state of Maryland and the District of Columbia alleges that Trump has violated the emoluments clause of the Constitution by accepting profits through foreign and domestic officials who stay at the Trump International Hotel. A spokeswoman for the U.S. Department of Justice said the DOJ will ask the U.S. Supreme Court to hear the case....
