Feed aggregator

Oil producer countries should respect crude production cuts aimed at stabilizing the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday.

The European Union is looking at ways to revive its economy after what is expected to be the 27-nation bloc's deepest recession, caused by the coronavirus pandemic.

Kimberly-Clark Corp said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales.

AT&T Inc's first-quarter revenue fell short of Wall Street expectations and the company pulled its financial forecast on Wednesday, as the impact of the coronavirus outbreak overshadowed strong growth in monthly phone subscribers.

Kone reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak.

U.S. stock index futures rebounded on Wednesday as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, although companies warned of more pain in the coming months.

Delta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, and warned that a recovery could take two to three years. "We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.

Baker Hughes Co reported lower-than-expected revenue on Wednesday as demand for its oilfield equipment and services took a hit from a more than 80% plunge in oil prices this year.

Out: smoky eyes, red lipstick and fake eyelashes. In: dewy skin, under-eye concealer, moisturized hands.

Oil recovered some ground on Wednesday after slumping below $16 a barrel to its lowest since 1999, but prices remained near two-decade lows with the market awash with crude due to the economic fallout from the coronavirus pandemic.

Trading worth billions of dollars has shifted to kitchen tables or bedrooms as traders work through the coronavirus crisis from home, testing patchy fixes to make sure they stick to the rules.

As Detroit's automakers shut production in March due to the coronavirus pandemic, South Korea's Hyundai Motor cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world's fifth-largest auto group.

Oilfield services provider Baker Hughes Co reported an 8% fall in first-quarter adjusted profit on Wednesday and booked over $16 billion in impairment and restructuring charges.

Canada's Rogers Communications Inc on Wednesday pulled its 2020 forecast due to uncertain economic conditions as a result of the coronavirus outbreak.

Transatlantic exchange operator Nasdaq Inc reported a 23% rise in adjusted quarterly profit on Wednesday, benefiting from the coronavirus-fueled market volatility that led to a surge in trading volumes in March.

Oil took markets on another rollercoaster ride on Wednesday as Brent somehow managed to reverse an early 12% crash to 1999 lows and give battered petrocurrencies and stock markets something buoyant to climb on.

Already grappling with one of Brazil's most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox.

Finland's Kone reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak.

Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand for fuels.

Top asset manager BlackRock Inc, which has vowed to put more focus on climate issues, said that companies might give a lower priority to sustainability reports as they struggle with the COVID-19 pandemic.