President Donald Trump criticized the mask maker 3M Co. (NYSE: MMM) in a tweet on Thursday.What Happened "We hit 3M hard today after seeing what they were doing with their [masks]," the president said, referring to the Defense Production Act imposed earlier in the day. "Big surprise to many in government as to what they were doing," he added. "[3M will] have a big price to pay!" Trump had imposed the act which gives the federal government rights over managing operations of the company during the novel coronavirus (COVID-19) pandemic. State governors and healthcare workers across the country have frequently called on the federal government to ramp up the supply of protective medical gear, including masks.Why It Matters The tweet came as the head of Florida's Division of Emergency Management Jared Moskowitz told Fox News that 3M was prioritizing selling to foreign governments at the expense of American healthcare workers.> .@3M...
(Bloomberg) -- Vanishing demand and alternative grades at never-seen-before prices are fueling expectations that Saudi Aramco will need to price its crude at aggressively low levels this month to stay in the game.The world’s biggest oil exporter is due to announce its official selling prices for May shipments this Sunday. It comes a month after the kingdom discounted April supplies by the most in at least 20 years as it embarked on a price war with Russia that sent oil markets into a tailspin.See also: Aramco Set to Price Oil at Deepest Discount in Decades: SurveyWhere to pitch prices will be a tricky balancing act for Saudi Arabia. Set them too high and customers will buy as little as their term contracts allow against a backdrop of weak demand and rapidly filling storage tanks. If they’re too low, however, the self-inflicted pain of the price war could become intolerable.Asian refiners are...
European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day's gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. With over a million people infected worldwide, there were more signs the pandemic would take a massive toll on economic growth....
Oil prices shed some of their massive gains on Friday taking stocks in Asia lower, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. U.S. West Texas Intermediate (WTI) crude lost $1.18, or 4.7%, to $24.14 a barrel, having surged a record 24.7% on Thursday....
