Ramla Soni

Apple sees increase in revenue despite shut down of stores

01 May 2020 @ 23:56
Apple reported $58.3 billion in revenue for the three months to March, up 1 per cent from a year ago Popular demand for Apple’s services business and sales of accessories such as AirPods and watches has boosted the company’s revenues slightly in the past quarter, despite the shut down of its retail stores across the […]

Oil falls to $26 a barrel due to weak demand

01 May 2020 @ 23:48
Brent for July fell 46 cents, or 1.7 per cent, to $26.02 this morning Oil fell to around $26 a barrel as weak demand and excess supply pressured the mark, despite major producers beginning output cuts. The global oil benchmark, Brent crude, has collapsed 60 per cent in 2020 and reached a 21-year low last […]

Shell slashes dividend for the first time since World War Two

30 Apr 2020 @ 23:48
Royal Dutch Shell has cut its dividend for the first time since World War Two, following a coronavirus pandemic-engendered halving of quarterly earnings. Net income adjusted for cost of supply dropped to $2.9bn (£2.3bn, €2.7bn) in the three months to March 31 compared with $5.3bn in the same period the previous year. Analysts had estimated $2.3bn. […]

OMV posts first-quarter loss and lowers yearly production target

30 Apr 2020 @ 23:39
Austrian energy group OMV posted a net loss for the first quarter due to high inventory costs. It has also lowered its production target and crude price forecasts in response to the fall in oil demand. OMV said it lost €68 million ($74 million) in the three months to the end of March after making […]

British Airways to cut 12,000 jobs

30 Apr 2020 @ 00:48
IAG reported an operating loss before exceptional items of €535m for the first quarter of 2020 largely due to the effects of the coronavirus pandemic. This compares with a profit of €135m last year British Airways is to cut almost 30 per cent of its 42,000 workforce as the coronavirus crisis imposes more stress on […]

Diamond Offshore Drilling goes bankrupt with debts of more than $2.6 billion

30 Apr 2020 @ 00:44
Texas headquartered Diamond Offshore Drilling has filed for bankruptcy with debts of more than $2.6bn (€2.36bn, £2.06bn), due to the “unprecedented” impact of an oil price war and the global coronavirus outbreak. The collapse of the company comes 12 days after it missed an interest payment on $500m worth of bonds and said it was working with advisers […]

Bank of Japan to buy up to a sixth of corporate bonds in response to Covid-19

30 Apr 2020 @ 00:41
The Bank of Japan will buy an unlimited amount of government bonds and purchase up to a sixth of corporate debt in response to the coronavirus pandemic. The central bank signalled that it would intervene as it needed to soak up higher bond issuance by the government and keep interest rates low. The pledge of unlimited […]

BP earnings fall 66% as Covid-19 hits demand By Ramla Soni

29 Apr 2020 @ 00:07
In the three months to March 31 underlying net income was $791m versus nearly $2.4bn in the same period in 2019 UK energy company BP reported a 66 per cent drop in first-quarter earnings and increased debt levels following collapse in oil demand and crude prices. It is further evidence of the coronavirus pandemic taking its toll […]

International oil prices drop to lowest since mid-1999

22 Apr 2020 @ 23:55
International oil prices continued to fall because of the coronavirus pandemic, with Brent crude dropping to its lowest in more than two decades. The international oil marker fell as much as 17 per cent in Asian trade to $15.98 a barrel, the lowest point since mid-1999, before recovering slightly to sit around $17 as European markets opened. […]
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