North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The group, known as OPEC+, agreed to cut output by 9.7 million barrels per day (bpd) for May and June. During talks last month, some OPEC members raised concerns that nations like the United States and Canada couldn't muster that magnitude of cuts from private companies without state mandates....
Nintendo earnings soar 41% and Activision Blizzard posted a beat on its earnings report. Yahoo Finance’s Tech Editor Dan Howley breaks down the latest video game earnings results....
Long-term U.S. mortgage rates were mixed this week, continuing to hover near all-time lows. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan edged up to 3.26% from 3.23% last week, which was the lowest level since Freddie started tracking rates in 1971. Consumer confidence in housing was pushed in April to its lowest level since November 2011 as the economy and housing market reeled from the shutdown spurred by the coronavirus pandemic, the other large mortgage buyer, Fannie Mae, said Thursday....
The number of jobs lost due to the coronavirus shutdown continue to mount, with the latest weekly total of Americans applying for unemployment benefits topping 3 million, yet again. Yahoo Finance’s Zack Guzman and Heidi Chung discuss. ...
While Detroit automakers' unionized auto factories have been idled by the coronavirus pandemic, farm and construction equipment makers Deere and Caterpillar have won the support of the United Auto Workers and other unions to run their facilities during the pandemic. Giving employees sick time without penalty, temperature screenings, staggered shifts and hiring a hygiene-auditing firm are some of the measures the two companies have taken to reassure employees returning to production lines when many union and non-union workers balk at reporting for jobs that could expose them to the novel coronavirus that causes COVID-19. Detroit's auto companies had to negotiate long and hard with the United Auto Workers, which represents their hourly workers, over how and when to restart U.S. production....
Norwegian Cruise Line Holdings Ltd's $3.5 billion in cash on hand will be enough to bankroll the company for "at least 18 months" without any new revenue due to the coronavirus pandemic that has halted voyages, Chief Executive Frank Del Rio said on Thursday. "That's enough to cover our cash burn under a zero-revenue environment for at least 18 months, not 12, 18 months," Del Rio told Reuters in a phone interview. "So unless you want to make the case that this pandemic is going to close us down more than a year and a half into almost 2022, we believe the company is in a great financial position, has all the cash and liquidity needed to survive a prolonged lay-up and be in a position to come out strong," he added....
