(Bloomberg) -- A plan being weighed by Treasury Secretary Steven Mnuchin to steer financial aid to beleaguered oil drillers could set up a clash with Democrats who have warned against any bailout for the industry.Mnuchin said he is considering a lending program for the companies that are seeking aid as they cope with a devastating plunge in prices.“One of the components we’re looking at is providing a lending facility for the industry,” Mnuchin told Bloomberg News on Thursday. “We’re looking at a lot of different options and we have not made any conclusions.”Industry allies have promoted several ideas, such as loans to distressed producers in exchange for government stakes or lifting restrictions on existing aid programs, which could complicate negotiations on future stimulus packages.President Donald Trump pledged to make funds available to oil companies on Tuesday, and top cabinet officials have been huddling over a plan to deliver on the president’s...
(Bloomberg) -- A boon to Sanofi’s profit and sales from the coronavirus outbreak will be short-lived as the pandemic hinders the drugmaker’s efforts to get some medicines to patients.The sales burst of the first quarter, when patients stocked up on diabetes and rare-disease medicines ahead of lockdowns, is waning, the Paris-based company said Friday. The pharma giant attributed about half of its 16% profit gain to Covid-19.Sanofi’s report also hinted at a worrisome trend that doctors have warned about: new patients not getting treatment for their ailments in the era of Covid-19.There was a decline in new patients with multiple sclerosis starting on a medicine called Lemtrada due to Covid-19, Sanofi said. And efforts to launch a new cancer drug, Sarclisa, were slowed by the crisis.Sanofi’s mixed results highlight the pandemic’s complex impact on the pharmaceutical industry. Like several rivals, the French drugmaker is also working on developing a vaccine, an...
(Bloomberg) -- European stocks dropped as the region’s leaders struggled to agree to a long-term plan for cushioning the economic blow from the coronavirus. U.S. equity futures and Asian shares also slipped while Treasuries and the dollar gained.Travel and real estate shares dragged the Stoxx Europe 600 Index lower after European leaders signed off on a 540 billion-euro ($580 billion) plan tackling the immediate fallout from the pandemic, but failed to come up with a longer-term rebuilding program. Italian government bonds fell.Futures on the three main American equity gauges pointed to losses at the open while stocks from Tokyo to Shanghai retreated. Oil rose toward $17 a barrel in New York, after collapsing earlier this week.A global stock rally built on optimism that infection rates were slowing is beginning to fade amid mounting evidence of a deep economic slowdown. Total job losses in the U.S. now exceed 26 million, while an...
(Bloomberg) -- Deutsche Lufthansa AG risks running low on cash within weeks, with the German airline saying the global oil rout has deepened its distress, and its survival now depends on a multibillion-euro bailout from four states.Liquidity will fall sharply if Europe’s largest carrier is unable to soon access aid, Lufthansa said late Thursday. The coronavirus pandemic has forced the sprawling airline group to halt most flights, choking off revenue while outgoing costs for ticket refunds and financial obligations strain its reserves.Lufthansa is discussing a package worth up to 10 billion euros ($10.7 billion) including guarantees, loans and some form of equity with negotiatiors in Germany, Switzerland, Austria and Belgium, according to people familiar with the matter. Talks are snared on the form the bailout will take, with the airline fighting to have as few conditions as possible attached to the assistance.The collapse in oil prices has rocked Germany’s flagship airline,...
Continental Resources Inc , the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state's Bakken shale field, three people familiar with production in the state said on Thursday. Global oil prices have plunged because of excess supplies and tumbling demand due to the coronavirus crisis. U.S. crude prices plunged into negative territory this week - meaning suppliers had to pay people to take oil - due to lack of storage space, prompting moves by operators to halt output....
(Bloomberg) -- The U.S. House of Representatives overwhelmingly passed a $484 billion coronavirus aid package, replenishing funding to aid small businesses and provide support for hospitals and virus testing.The number of cases and deaths in Germany rose by the most in nearly a week, while U.S. infections increased at the slowest pace in three weeks. Prime Minister Boris Johnson plans to return to Downing Street as early as Monday, the Telegraph reported. U.K. retail sales fell the most since records began, though consumers stocking up on frozen food and medicine provided a short-term boost for Nestle SA and Sanofi SA. Gilead Sciences Inc. shares sank after a summary of a Chinese trial of its closely watched virus treatment appeared to show that it was a failure.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 190,000U.S. House passes $484 billion virus aid billMnuchin asks for equity stakes in exchange for $17 billion...
The tests, which were also conducted by Virginia Center for Innovative Technology (CIT) and DroneUp, evaluated the commercial drone industry’s ability to assist the U.S. healthcare system during the coronavirus crisis. ...
