(Bloomberg) -- Oil edged higher as investors weighed cuts to supply by Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.Futures in New York added 2.6% after falling on Wednesday. Saudi Aramco cut sales to the U.S. and Europe by about half and reduced supplies to at least 12 customers in Asia for June as OPEC and its allies curb daily output by almost 10 million barrels. While there are early signs of a recovery in the American energy sector, the Federal Reserve said the threat of a lasting downturn could deepen without additional government spending.OPEC also presented a bleak assessment of global oil markets for the second quarter, even as pockets of demand emerge in China and India, and Goldman Sachs Group Inc. sees rising gasoline consumption.Oil has swung between gains and losses this week as the market grapples with a nascent recovery in demand...
(Bloomberg) -- Stocks slid and U.S. equity futures fluctuated on Thursday as investors awaited the latest American jobless data after fresh warnings about the coronavirus’s hit to economic growth. Treasuries gained with the dollar.The Stoxx Europe 600 Index fell, with technology shares and automakers among the biggest laggards. Contracts on the main U.S. equity benchmarks swung from losses to gains in the wake of Federal Reserve Chairman Jerome Powell’s warning that the threat of a lasting downturn could deepen without additional government spending -- something not on the immediate horizon amid a divided Congress. Cisco Systems Inc. gave a sales forecast that beat analyst expectations, sending shares higher after the Wall Street close.Asian equities declined, with Japan and Australia suffering some of the steepest falls. Crude oil ticked up, taking back some of Wednesday’s drop.The rally in global equities from March lows is showing further signs of stalling this week amid...
Nokia, which axed its dividend after a profit warning in October to preserve cash, is battling with China's Huawei [HWT.UL] and Sweden's Ericsson in the race to build next-generation 5G networks. "We are pleased to have pre-financed our 2021 and 2022 maturities in-line with our prudent capital structure management," Chief Financial Officer Kristian Pullola said in a statement. Nokia said it accepted 66% of notes tendered and 350 million euros of its March 2021 notes would remain outstanding after settlement of the offer....
Royal Caribbean Cruises (RCL) is planning to raise $3.3 billion from a bond sale as the ailing cruise operator struggles with the financial fallout of the coronavirus-related travel restrictions which brought its operations to an almost complete halt.The embattled cruise operator is offering series of notes due 2023 and 2025, which will be secured by 28 of the company's vessels, it said in a SEC filing. The proceeds of the $3.3 billion secured note issuance will be used to refinance the cruise operator’s existing $2.4 billion 364-day secured facility that matures in March 2021 with the balance being held for liquidity purposes.“The incremental $1 billion will bolster the company's liquidity position and ensure the company can get through the next year even with operations remaining suspended,” Moody’s Investors Service said in a report.Moody’s slashed Royal Carribean’s credit rating by two notches to Ba2 into junk territory with a negative outlook due...
(Bloomberg) -- Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.Earnings before interest, taxes, depreciation and amortization will be 1 billion euros ($1.1 billion) to 1.2 billion euros in 2020, the company said in its preliminary first-quarter earnings statement on Thursday. Adjusted first-quarter ebitda rose 29% to about 204 million euros.The German payment processor didn’t further address an inconclusive audit by KPMG released last month that was meant to clear the company of accusations about its accounting practices. Chief Executive Officer Markus Braun has dismissed calls to step down instead saying the company will implement sweeping measures to improve compliance and control.Key InsightsThe company has said it would expand its management board to seven members and appoint a chief compliance officer. On Wednesday, it appointed Joerg Brand, First Data GmbH’s former management board spokesman and head of sales, to oversee Wirecard’s...
