Occidental bet heavily on the continued growth in U.S. shale oil, taking on heavy debts for its controversial purchase of Anadarko Petroleum last year for $38 billion. Energy companies worldwide, including Exxon Mobil Corp and Royal Dutch Shell PLC, have slashed capital expenditures and oil output to reckon with the pandemic. Houston-based Occidental last week posted a $2 billion quarterly loss and has slashed capital spending drastically to shore up its balance sheet....
(Bloomberg) -- Residents in China’s Jilin are only allowed to leave the northeastern city after testing negative for the coronavirus and completing self-isolation, the local health authority said in a statement. Seoul Mayor Park Won-soon said coronavirus cases tied to nightclubs in Itaewon increased to 119 from 101 on Tuesday.Gilead Sciences Inc. is licensing its potential treatment remdesivir to five generic drugmakers, including Mylan, in India and Pakistan to speed supply-chain development and help meet anticipated demand. Brazil recorded another record day in deaths. Australia’s government downplayed a spat with China.Key Developments:Virus Tracker: Cases top 4.2 million; deaths exceed 291,000Infections near U.S. meat plants rise at twice the national rateChina will exempt some foreign executives from travel banSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. See this week’s top stories from QuickTake here.China’s Jilin...
Texas Governor Greg Abbott said on Tuesday that he spoke with Elon Musk, the chief executive of Tesla Inc , in recent days about a potential move of the company's electric vehicle assembly plant to the Lone Star state. Abbott's remarks came just came three days after Musk threatened to move Tesla's headquarters and future operations to either Texas or Nevada, after officials in the California county where Tesla's only U.S. vehicle factory is located said the plant could not reopen because coronavirus lockdown measures remained in place. Abbott said during an interview with the Wichita Falls CBS affiliate that he thinks Texas is a perfect fit for Tesla ....
(Bloomberg) -- Luckin Coffee Inc. fired its CEO and another top executive as a growing financial scandal upends the Chinese chain that had vowed to take on Starbucks Corp.The dismissals reflect increasing turmoil at a company that was once considered among China’s brightest growth stories. The former high-flying coffee chain is now facing scrutiny from regulators in both the U.S and China, and the firing of Luckin’s top leadership signals intensifying fallout from suspected financial wrongdoing.Chief Executive Officer Jenny Zhiya Qian and Chief Operating Officer Jian Liu were terminated and have also resigned their board positions, according to a filing Tuesday. Six others involved in the matter were either suspended or placed on leave.Jinyi Guo, a board member and senior vice president has been named acting CEO, the company said. Guo has been a director since June 2018, and served as senior vice president in charge of product and supply chain...
On recent earnings calls, Allegiant Air CEO Maury Gallagher almost seemed bored. Over more than two decades, he built one of the world's most successful ultra-low-cost carriers, but by 2019, Allegiant had nearly run out of obvious markets to make the profit margins investors had come to expect. Between August 2015, and January 2020, Allegiant's […]...
