Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed U.S. crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after the Organization of the Petroleum Export Countries' (OPEC) biggest producer said earlier this week it planned to add to output cuts again. "Oil prices are being undercut by fears that a resurgence of the coronavirus may prompt countries to keep lockdowns in place for longer, hurting global economic activity and energy demand," said Avtar Sandu, manager, commodities at Phillip Futures in Singapore....
Gilead Sciences Inc.’s (GILD) signed non-exclusive licensing agreements with five generic pharmaceutical manufacturers that will allow them to produce and sell its experimental remdesivir coronavirus drug in 127 countries, including India and Pakistan.Under the terms of the licensing agreements, the generic drugmakers - Cipla Ltd., Ferozsons Laboratories, Hetero Labs Ltd., Jubilant Lifesciences and Mylan – based in India and Pakistan will be entitled to tap the technological know-how of Gilead’s manufacturing process to enable them to scale up production more quickly.“We will be monitoring the clinical trials and regulatory approvals very closely and would be ready to launch the drug shortly after the required regulatory approvals,” Shyam S. Bhartia, Co-Chairman and Managing Director at India’s Jubilant Life Sciences. “We also plan to produce the drug’s Active Pharmaceutical Ingredient (“API”) in-house helping its cost effectiveness and consistent availability.”The countries for distribution of the experimental remdesivir coronavirus drug consist of nearly all low-income...
Japan's Sony Corp on Wednesday reported a 57% drop in fourth-quarter operating profit and refrained from providing an outlook for the current year due to uncertainty related to the coronavirus outbreak. The electronics and entertainment firm posted an operating profit of 35.45 billion yen ($331 million) for the January-March quarter, versus 82.73 billion yen a year prior, as the coronavirus hit demand for its smartphone image sensors, cameras and TVs. Operating profit for the year ended March came to 845.46 billion yen, falling 5.5% from the previous year following two consecutive years of record highs....
Aston Martin posted a first-quarter pretax loss of 119 million pounds ($146 million) after sales dropped by nearly a third due to the impact of the coronavirus outbreak and the destocking of dealers, the carmaker said on Wednesday. "COVID-19 and the resulting global economic shutdown has had a material impact on our performance this quarter," said Chief Executive Andy Palmer. The carmaker, which has seen core retail sales slump by an annual 31%, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic....
Pfizer Inc. (NYSE: PFE) is planning to significantly expand clinical trials of its novel coronavirus (COVID-19) vaccine candidate by September, the company's chief executive officer Albert Bourla told CNBC on Tuesday.Pfizer Aims For October Approval The pharmaceutical company is currently testing four different variations of its BNT 162 COVID-19 vaccine, as part of the phase one trials, Bourla said at the CNBC "Healthy Returns Virtual Summit."Pfizer is expecting to test up to 360 people in the trial, and if one or two vaccine versions signal progress, it will launch a wider study involving thousands of volunteers by September, according to Bourla.The CEO added that the company would have conclusive data on which vaccine can move forward in June or July. "We are collecting data as we speak in real time so we know, we are monitoring the safety of the doses," he told CNBC.Bourla reiterated the company's earlier stance that its...
U.S. gold futures fell 0.1% to $1,704.50 per ounce. "This kind of indecision (by investors) really has to do with uncertainty about whether the Fed would be successful with all this stimulus and a desire for liquidity," DailyFx currency strategist Ilya Spivak said....
