The gambling industry, which counts on air travel and large groups of people in close proximity, is one of the hardest hit from the restrictions imposed to check the health crisis. "Our first-quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year-over-year labor costs in March," Chief Executive Officer Tony Rodio said in a statement. Caesars said almost all its casinos worldwide have been closed since March 17 and warned of an estimated daily cash burn of $9.3 million....
None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said on Tuesday. The Transition Pathway Initiative (TPI), which represents the investors and is co-chaired by the Church of England Pensions Board, called on all oil and gas producers to set both intensity-based and absolute emissions reductions targets so that the industry adheres to a common standard on 'net zero' emissions. TPI, in a study of Europe's biggest oil producers, singled out Shell and Italy's Eni for making the broadest commitments to reduce greenhouse gases from all fuel products they sell, also known as Scope 3 emissions....
Geotab has launched its Commercial Transportation Recovery Dashboard, which is designed to help depict the current state of COVID-19 recovery and help in visualize the pandemic’s impact on commercial transportation and trade activity. ...
Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7%, or 22 cents, to $29.85 at 0650 GMT, after hitting an intraday high of $30.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up 1.8%, or 44 cents, at $24.58 after touching an intraday high of $24.77....
Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.5%, or 15 cents, to $29.78 at 0500 GMT, after hitting an intraday high of $30.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up 1%, or 26 cents, at $24.40 after touching an intraday high of $24.77....
Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand. Brent crude futures climbed to a high of $30.11 a barrel and were up 0.8%, or 24 cents, at $29.87 at 0206 GMT, reversing some of the previous session's losses. U.S. West Texas Intermediate (WTI) crude futures were up 1.6%, or 38 cents, at $24.52 after touching a high of $24.77....
(Bloomberg) -- PNC Financial Services Group Inc. is cashing out one of the financial industry’s most lucrative bets, selling off its BlackRock Inc. stake. The move will bolster the bank amid the coronavirus pandemic and allow it to seize opportunities to grow if rivals stumble.The Pittsburgh-based lender announced plans Monday to unload its roughly $17 billion holding in the world’s largest asset manager through a public offering. PNC is BlackRock’s largest shareholder, a relationship that began about 25 years ago when the bank bought the business from Blackstone Group Inc. Steve Schwarzman, Blackstone’s leader, went on to say selling that division was “a heroic mistake.”The decision to exit the investment now surprised some analysts after PNC long credited its BlackRock holding with diversifying earnings. But with banks across the industry facing the prospect of loan defaults, executives at PNC are positioning for another bet: That the firm can better withstand the...
