More passenger airlines are helping fill the severe shortage in freight capacity by turning their aircraft into cargo-only airplanes to haul critical medical supplies, foodstuffs and other economically essential goods. The rapid implosion of air travel as countries closed borders to contain the coronavirus outbreak forced airlines to ground most of their fleets, especially widebody planes used in intercontinental service. Lower-deck space in passenger planes represents about half the worldwide capacity for moving goods – and even more between North America and Europe.Glyn Hughes, global head of cargo at the International Air Transport Association (IATA), estimates that 30% of global air cargo, under normal circumstances, doesn't have space to move now. Although shipments of many manufactured and high-tech goods have dried up with the stall of the global economy, carriers are experiencing hyper-demand to move medical supplies, protective gear, foodstuffs and e-commerce shipments as people sheltering at home use online delivery services.With...
Markets were rising again this week, with near-15% gains on both the S&P 500 and the Dow Jones. Traders’ morale has clearly improved this week, and there is real hope that stocks are turning around after their steep fall in recent weeks.The positive turn in stocks has investors looking for new investments, which in turn has them looking for a strategy. Plenty of investment strategies can steer you toward profits, but there is one possibility that might make investing easier – just follow the insiders.Corporate insiders have been snapping up stocks during the downturn, making large purchases at low prices. Insider purchases have outperformed the indexes by 4.5% in recent years, which is no surprise; by definition, insiders have knowledge that is not necessarily available to the wider public.TipRanks offers an Insiders’ Hot Stocks tool, an invaluable guide to finding the stocks that the insiders are gobbling up. We’ve pulled up...
MOSCOW/DUBAI/LONDON (Reuters) - Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging price war. A three-year supply pact between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, fell apart this month, prompting OPEC to remove limits on its output. One of the reasons for the breakdown of the deal between OPEC and other producers, a group known as OPEC+, was Russia's reluctance to support bigger curbs to output....
(Bloomberg) -- With no end in sight to the oil-price war between Saudi Arabia and Russia, their former OPEC+ partners are pleading for mercy as the economic damage worsens.Algeria and Iraq have urged the Organization of Petroleum Exporting Countries to hold emergency consultations as the market buckles under a flood of crude. Nigeria is openly wondering how much of the brutal worldwide contest for market share it can stand.There’s little sign that their howls will be heeded in Moscow and Riyadh, where political leaders are digging in for a long conflict. It’s also questionable whether the cartel -- even if its two leaders managed to resolve their differences -- could staunch oil’s losses as demand goes into free fall.“It’s in our interests, collective interests, to ensure that we are able to stabilize the market,” Nigeria’s Oil Minister Timipre Sylva said in an interview. “I cannot say for now if there’s any...
U.S. Treasury Secretary Steve Mnuchin said on Friday that taxpayers will "compensated" for providing up to $25 billion in direct grants to the airline industry. "I've been very clear this is not an airline bailout," Mnuchin told Fox Business Network Friday. Under the bill approved Friday by the U.S. House of Representatives, Mnuchin can demand equity, warrants or other financial instruments to "provide appropriate compensation to the federal government."...
