(Bloomberg) -- Royal Dutch Shell Plc said it doesn’t expect the coronavirus to have a significant effect on overall demand for its oil products in the first quarter.While the company warned that the pandemic was creating major uncertainties around oil prices and boosting volatility, it experienced a “relatively minor” impact in the first two months of the year and expects sales volumes and margins for the quarter to be relatively unscathed.“Marketing margins in the first quarter are expected to remain strong, as the impact on demand from COVID-19 is not expected to be significant at the Shell group level,” the company said in a statement.Oil-products sales volumes are seen at 6 million to 7 million barrels a day for the period, compared with 6.5 million barrels a day reported a year earlier. First-quarter upstream oil and gas production is estimated at 2.65 million to 2.72 million barrels of oil equivalent a...
The shares of Amarin Corporation plc (NASDAQ: AMRN) tanked in the after-hours session on Monday as the court ruled against its patent for heart treatment drug Vascepa.What Happened The United States District Court for the District of Nevada in Las Vegas ruled that six patents on Vascepa, which were all set to expire in 2030, are invalid, as earlier reported by Bloomberg.This means that generic drug companies like Dr. Reddy's Laboratories Ltd. (NYSE: RDY) and Hikma Pharmaceuticals plc (OTC: HKMPY) can create generic versions of the drug used to lower triglycerides levels.Bloomberg noted that Vascepa accounted for almost all of Amarin's $429.8 million revenue in the financial year 2019.The court upheld the generic drug makers' argument that versions of the fish oil used as the active ingredient in Vascepa have been used to lower triglycerides levels since the 1990s, like in GlaxoSmithKline plc's (NYSE: GSK) Lovaza drug.What's Next Amarin CEO John...
(Bloomberg) -- European stocks advanced with U.S. futures after equities in both markets climbed for the fourth time in five sessions amid investor debate over whether there’s ground for a sustained rally given the continued spread of the coronavirus.The Stoxx Europe 600 opened higher as battered travel and leisure shares rebounded. The World Health Organization said there are signs of some stabilization in Europe’s coronavirus outbreak. Shares traded mixed in Asia, with markets rising in South Korea and Hong Kong as China reported a stronger-than-anticipated manufacturing index. They fell in Japan and Australia.The dollar climbed for a second day against its biggest peers, while Treasuries also advanced. Futures on the three main U.S. stock indexes turned from losses to gains in the Asian afternoon. West Texas crude oil rose after a three-day slump. The yen sank as the end of Japan’s fiscal year brought positioning adjustments.Equities worldwide are on track to...
(Bloomberg Opinion) -- It’s not just manufacturing that’s struggling with disrupted logistics. As more countries bring down the shutters to limit the spread of the coronavirus, risks are rising for the world's complex food supply networks. Snarl-ups in processing and transport could result in painful price spikes for many fresh goods, even if farms in developed markets can keep working through the outbreak.The picture isn’t all gloomy. On a global scale, stocks of corn, wheat, soybeans and rice are healthier than before previous periods of food inflation. While some prices have been heading higher, increases aren’t across the board. Sugar and corn have been held back by reduced demand from biofuels producers as oil plummets. Low fertilizer and crude prices, meanwhile, will help offset other rising costs for farmers.Yet with infection rates rising there are worrying signs of fraying nerves, as countries engage in their own version of the toilet paper panic. Kazakhstan has banned exports of buckwheat and wheat...
Alibaba Group Holding Ltd plans to buy at least 10% of Yunda Holding Co Ltd, marking the e-commerce giant's fifth investment in a large courier, two people with knowledge of the matter told Reuters. Alibaba is looking to buy the stake from Yunda's controlling shareholders - founding couple Nie Tengyun and Chen Liying - who own 52.19% of Yunda through their wholly owned firm Shanghai LuoJieSi Investment Management, said one of the people. The other person said China's dominant e-commerce firm could go beyond 10% and buy up to 15% of Shenzhen-listed Yunda....
Economic data published Tuesday showed that China’s manufacturing and services sectors both expanded in March, following the February lockdown caused by the coronavirus outbreak. But the World Bank warned of further weakness.China’s official Purchasing Managers’ Index, published by the National Bureau of Statistics, showed a figure of 52.3 for March, a measure where 50 is neutral and a smaller number indicates contraction. After growth in January, the index plunged to 29.6 in February, as services ranging from transport to retail were halted by government and provincial measures taken to limit the spread of the disease.The manufacturing sector PMI for March showed a figure of 52 for March, compared with 39.7 in February. That is a higher and faster rebound than had been anticipated by many analysts. A Reuters poll of forecasters came up with a consensus estimate of 45, indicating that they anticipated further contraction.The news propelled shares higher on Asian...
