Feed aggregator

Whiting Petroleum Corp said on Wednesday it had started Chapter 11 bankruptcy proceeding amid a rout in crude oil prices that has seen fuel plunge to 18-year lows.

German sportswear maker Adidas apologizes on Wednesday for saying it would stop paying rent for stores around the world forced to close by coronavirus lockdowns after a storm of criticism, saying it would pay up for April after all.

As companies cut dividends in response to the financial havoc caused by the coronavirus, fund managers whose portfolios rely on the payouts are sifting for those most likely to deliver a sustainable yield when the world recovers.

The European Commision proposed a short-time work scheme on Wednesday modelled on Germany's Kurzarbeit programme to help people keep their jobs as the coronavirus pandemic hits economies across the 27-nation bloc.

U.S. stock index futures sank on Wednesday, as stark predictions of a rise in the U.S. death toll and worsening economic damage from the coronavirus pandemic led investors to ditch equities for safe-haven assets.

U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper "than water" was hurting the industry.

The German government stands ready to take over airline Condor after an agreement by Polish carrier LOT to acquire the carrier is likely to collapse, several people familiar with the matter told Reuters.

World markets fell on Wednesday as the coronavirus threat ensured an ugly start to April and the second quarter for equities and commodities.

With the euro zone economy in need of help during the coronavirus epidemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely against it.

Argentina will continue talks this week and next with creditors over restructuring its $83 billion in foreign debt, Economy Minister Martin Guzman said on Tuesday, after the South American country missed the March 31 deadline it had set previously.

The European Commision proposed on Wednesday a new state-supported short-time work scheme to help people keep their jobs as the coronavirus epidemic takes its toll on economies across the 27-nation bloc.

The world's biggest maker of medical gloves is grappling with a serious shortage of workers as it tries to meet a huge surge in demand as countries such as the United States run out of personal protective gear due to the coronavirus outbreak.

Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.

U.S. stock index futures sank on Wednesday following stark predictions of a rising U.S. death toll and economic damage from the coronavirus outbreak, a day after the S&P 500 ended its worst quarter since the 2008 financial crisis.

The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

The dollar rallied against riskier currencies on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions for decades as the world confronted the coronavirus pandemic.

China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.

World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities.

Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.

Glencore's chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.