Day: May 1, 2020

Oil Set for First Weekly Gain in a Month as Output Cuts Start

(Bloomberg) — Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.

Futures in New York edged above $19 a barrel and are up around 13% so far this week. The OPEC+ bloc’s 10 million barrels a day of output reductions officially start from Friday, while other producers — including Norway and ConocoPhillips — have also said they’re cutting back.

Crude’s revival this week was supported by government data showing U.S. gasoline demand rose by

Flight of foreign investors continues in April: FY21 starts on a bad note as FPIs pull out more

In the full year 2018, Rs 80,000 crores were pulled out from the Indian market, while in only one month of March 2020, more than Rs 1.2 lakh crore had been taken away by the FPI investors. (Bloomberg image)

Coronavirus and a fear of community spread of the pandemic have taken a toll on India’s investment climate, with foreign portfolio investors continuing to pull out money from India. After a lifetime high FPI withdrawal in the month of March, the foreign portfolio investors have once again pulled out nearly Rs 15,000 crore from the country’s capital market in April, according

Cloud kitchen business faces Covid heat as order volumes dive

Food aggregators like Swiggy and Zomato, which service the bulk of the orders for cloud kitchen brands, will give precedence to hygiene and will be very careful in selecting brands, Kumar said.

The cloud kitchen business is facing the heat of the pandemic — volume of orders has more than halved for most companies and firms are cutting salaries and pruning certain job profiles to preserve cash. As consumers are now betting on safety rather than affordable pricing and quicker deliveries, companies are scrambling to position their business strategy around hygiene. While for bigger brands, recovery may be possible in