Day: March 2, 2020

Oil’s Freefall Interrupted by Russian Pledge to Support Market

(Bloomberg) — Expectations the OPEC+ alliance will deepen output cuts put a floor under last week’s 16% plunge in oil prices, with futures in New York rebounding even as the coronavirus continued to spread rapidly.

Russia is ready to cooperate to support the world oil market, even though it’s comfortable with current prices, President Vladimir Putin said Sunday. That acted as a brake on plunging crude prices after a Chinese manufacturing gauge released over the weekend came in at a record low, undershooting already weak expectations and highlighting the mounting economic impact of the virus.

The rebound in oil came

States slash capital expenditure, no revival seen in FY21

These states’ capex target for FY20 is Rs 5 lakh crore, against Rs 4.73 lakh crore achieved last year. (PTI)

Hit by subdued tax revenue — growth in April-December 2019 was a flattish 1% — state governments have applied the brakes on capital expenditure (capex). An analysis by FE of the finances of 20 state governments — all big states except Bihar and Assam — showed that while the first nine months of last fiscal saw a year-on-year growth of 18% in their combined budgetary capex to Rs 2.2 lakh crore, there was an over 1% annual decline in such

Apple may be losing out on smartphone sales, but Airpods have become a rage

With the streaming market expected to grow to $15 billion by 2024, and the global hearable market to hit $24 billion by 2023, Apple has a lot of wiggle room to get out of the iPhone sales slump.

If one were to go by smartphone sales, this would be the third or the fourth time that industry watchers would be writing Apple off. The first ones to predict the demise of the company were those who thought that Apple won’t recover from Apple II. But the company was able to reinvent itself. The coming of laptops dealt another blow, but