Month: June 2020

Shell to Write Down Up to $22 Billion as Virus Hits Big Oil

(Bloomberg) — Royal Dutch Shell Plc will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.

The pandemic left no part of the energy giant’s sprawling business unscathed. Oil production slowed, fuel sales fell and shipments of everything from liquefied natural gas to petrochemicals suffered.

The dire second quarter also threatened to have a lasting legacy, as reductions in long-term price forecasts will force writedowns on the value of assets all over the world, with its integrated gas

China factory activity improves in June but exports weak

The survey adds to signs China’s economy is gradually recovering, supported by higher government construction spending. (AP photo)

China’s manufacturing activity improved in June after anti-virus controls were eased to revive the economy but export demand was weak, a survey released Tuesday showed. A monthly purchasing managers’ index released by the government statistics agency and an industry group rose to 50.9 from May’s 50.6 on a 100-point scale on which numbers above 50 show activity expanding.

China, where the coronavirus pandemic began in December, was the first economy to reopen in March after the ruling Communist Party declared victory over

No coronavirus blues for Maggi; Nestle says its popular noodles saw high demand amid lockdown

Nestle’s Maggi brand noodles.

For Nestle, its popular noodles brand Maggi witnessed no slowdown amid coronavirus lockdown. In fact, demand soared for both consumption and stockpiling purposes for the 2-minute-noodles brand as people stayed home. While FMCG companies were struggling to keep up the supplies of essential items amid a pandemic, the Indian arm of Swiss FMCG giant Nestle was also trying to meet the increased demand for its noodle brand. “Maggi noodles, there was almost a 20-25{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} surge that suddenly happened and obviously, we were scurrying to try and meet the demand,” Suresh Narayanan, CEO and MD, Nestle India

China’s factory activity likely slowed in June on subdued global demand

Underscoring persistent pressure on the manufacturing sector, China’s producer prices fell by the sharpest rate in more than four years in May.

China’s factory activity likely grew for the fourth month June but the pace may be waning, as global demand stayed subdued while a fresh coronavirus outbreak in the Chinese capital and rising worldwide cases threaten to undermine a gradual domestic recovery.

The official manufacturing Purchasing Manager’s Index (PMI), due for release on Tuesday, is expected to ease to 50.4 in June, from 50.6 in May, according to the median forecast of 29 economists polled by Reuters. A reading

Airbus to make fewer aircraft; output won’t return to normal for several years

Airbus has till now said it was cutting output by a third on average. (Reuters photo)

Airbus plane output will be 40{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} lower for two years compared to pre-crisis plans, its chief executive said in remarks published on Monday, underscoring the threat to jobs as it draws up rapid restructuring plans due to a travel slump.

Reuters reported on June 3 that Airbus was looking to hold underlying jet output at 40{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} below pre-coronavirus pandemic plans for two years as the basis for the restructuring.

“For the next two years – 2020/21 – we assume that production and deliveries will

Hedge Funds Interest In Plug Power, Inc. (PLUG) Keeps Rising

In this article we will check out the progression of hedge fund sentiment towards Plug Power, Inc. (NASDAQ:PLUG) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also employ numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably

India among Switzerland’s top-3 partners for info exchange on tax matters: Global Forum

Under the exchange of information on request, important details have been shared in hundreds of cases so far, helping India launch prosecution against a large number of alleged tax evaders. (Representational image)

India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD’s Global Forum on transparency and exchange of information for tax purposes.

In its latest peer review report on exchange of information on request, the Global Forum, which is tasked to assess the standard of

Reliance Industries pushes back KG-D6 production to Sep/Oct

Reliance said with a significant gas resource base, it is poised to be a premier contributor to India’s gas-based economy.

Reliance Industries has pushed back the start of production from the second wave of discoveries in its eastern offshore KG-D6 block to September/October after the COVID-19 lockdown imposed unprecedented constraints in execution of the deepwater project.

The company, along with its partner BP Plc of the UK, was initially targeting the start of production from the R-Series field in the Krishna Godavari block in May but pushed it back to June-end due to the lockdown.

The lockdown has further pushed

Filipino lawyer says he’s been framed over Wirecard’s missing billions

By Karen Lema and Joe Brock

MANILA/SINGAPORE (Reuters) – A Filipino lawyer embroiled in a multi-billion dollar fraud at Wirecard <WDIG.DE>, Mark Tolentino, told Reuters that he was surprised to be linked to the German payments firm and that he was the “victim of a frame-up”. Wirecard went bankrupt earlier this week after disclosing that $2.1 billion of cash supposed to be in bank accounts in the Philippines probably didn’t exist. The revelation led to the arrest of its former chief executive and has triggered probes in Germany, Brussels and the Philippines as investigators try to determine what happened.