Alibaba Pictures, the separately listed entertainment arm of Chinese e-commerce giant Alibaba, warned that its losses will be at least $155 million in the year to March recently completed. It blamed the coronavirus outbreak and “complicated difficulties” within the mainland Chinese entertainment industry in 2019. In a filing to the Hong Kong Stock Exchange issued […]...
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, said they had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June to stem a slump in prices. The bank saw downside risks to its short-term oil price forecast of around $20 per barrel for Brent, but projected the global crude benchmark would outperform U.S. oil because OPEC+ producers' exports would likely fall, freeing up floating storage space. Both Brent futures, which slumped a record 65.55% in the first quarter, and U.S. West Texas Intermediate (WTI) crude posted tentative gains after the OPEC+ deal....
Apr.12 -- Chris Chen, chief executive officer of Wuxi Biologics (Cayman) Inc., a pharmaceutical company developing and manufacturing antibody drugs, discusses how the coronavirus outbreak has been affecting his business, and the company's programs related to the Covid-19 virus. He speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."...
Apple Inc. (NASDAQ: APPLE) has the "brightest" future of all technology giants, even if the novel coronavirus (COVID-19) pandemic has temporarily impacted the company's business, Loup Ventures Managing Partner Gene Munster said in a note Sunday.What Happened According to Munster, Apple will also outperform the rest of FAANG stocks, which include Facebook Inc., Amazon.com Inc. (NASDAQ: AMZN), Netflix Inc. (NASDAQ: NFLX), and Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), in the financial year 2020."Apple is among the best-positioned major tech companies when we turn the corner," the former research analyst said.Munster noted that Apple has one of the strongest cash positions of all companies at $99 billion, second only to Google parent company Alphabet's $117 billion, helping it weather through the pandemic.In the long-term, the demand for its products and services is expected to increase based on pre-existing trends, the Loup Ventures co-founder predicted.These trends include 5G-based device upgrades, increased share in...
(Bloomberg) -- President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts.Days of frantic diplomatic maneuvering culminated in an agreement on Sunday by OPEC+ to pare production by 9.7 million barrels a day, ending a devastating price war between Saudi Arabia and Russia and belatedly tackling a plunge in demand caused by the coronavirus outbreak. The lockdowns enacted across much of the world to slow its spread have caused consumption to crater by as much as 35 million barrels a day.Rather than agree to any formal cuts, Trump is counting on market forces to shave some 2 million barrels a day of overall U.S. output by the end of the year. U.S.-focused oil producers have already slashed more...
Apr.12 -- Gary Rieschel, founding managing partner at Qiming Venture Partners, one of China’s most prominent venture capital firms, discusses the opportunities he sees in the market. Qiming has closed a new $1.1 billion fund, even as uncertainties around Covid-19 depress startup funding. Rieschel speaks with Selina Wang and Rishaad Salamat on "Bloomberg Markets: China Open."...
