Business

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Pavel Sorokin, Russia's deputy energy minister, has stated that the country is not in an oil price war with Saudi Arabia and will not be reducing production due to market uncertainty caused by the coronavirus outbreak. Sorokin revealed that Russia can up its oil output to 11.8 million barrels per day, but it would still not be sufficient to match Saudi Arabia's promised supply of 12+ million BPD in April.

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According to the experts, India could be the real winner in the global oil price war as the country is one of the biggest importers of oil in the world. India imports more than $100 billion worth of oil annually. Oil prices dipped more than 40% in the last few days after a clash between OPEC and Russia, Falling oil prices could help India reduce its inflation, and trade deficit

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Twitter has announced that all of its employees must now work from home for the foreseeable future regardless of where in the world they are located. The company has said that this is an unprecedented time and that it will help employees set up home offices. A number of other companies such as Amazon are also suggesting that employees work from home.

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As part of its policy to control the economic fallout from the coronavirus outbreak, Bank of England has slashed interest rates from 0.75 percent to 0.25 percent, the lowest interest rate in the institution's 325-year-old history. The move was made in response to reports that GDP growth in the UK had been stagnant, even before the COVID-19 outbreak hit the country's economy.

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Following the stock market crisis precipitated by the global coronavirus outbreak coupled with the Saudi-Russian oil pricing war, the S&P500 fell by 7.6 percent, with Disney stock far underperforming the others, even though it is traditionally considered a safe and high-performing stock. Disney stocks have fallen by 25 percent since February, spurred by alarm over the sustainability of its studio business and theme parks with the COVID-19 pandemic.

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Airlines around the world are being forced to cancel thousands of flights due to the rapid spread of the coronavirus. Many, of these companies, including some prominent Korean airlines, have said that if the situation persists, they could end up shutting down. This has also slowed down the purchases of new planes.

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American technology entrepreneur and CEO of Tesla, Elon Musk congratulated ‘Team Tesla’ on achieving the milestone of 1 million electric vehicles. Several automakers are making a move into the electric vehicle sector as Tesla leads the electric vehicle sector. Tesla currently offers four models, Model 3 and Model S in addition to Model X and Model Y.

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Saudi Arabia has announced that it will supply world markets with 12.3 million barrels of oil for every day next month, which is 2.5 million barrels per day above its previous target, and beyond the 12 million barrels per day that Saudi state-owned oil company Aramco says it can produce at peak capacity. Experts say this means Saudi Arabia will be relying on stock reserves to maintain the high supply.

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Russian Energy Minister Alexander Novak said that Russia had not ruled out further talks with OPEC to stabilize oil prices.The move came after oil registered the worst one day decline in more than 30 years. Last week OPEC recommended additional production cuts keeping in view the demand after the coronavirus crisis but OPEC-ally Russia rejected the proposal. In response, Saudi Arabia announced massive discounts to its official selling prices

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After an oil dispute between Saudi Arabia and Russia saw oil prices drop by 20 percent, world markets spiraled into their worst day since the 2008 financial crisis, with the US pulling the so-called circuit-breaker in the stock market after S&P shares fell 7 percent. When trading resumed after a short period, the Dow Jones, NASDAQ, and S&P500 had all suffered losses of over 6 percent.

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Global financial markets are plunging as investors started panicking over coronavirus fears and oil war between OPEC and Russia. Asian and European markets are down more than 5% on average while US markets are also down heavily in pre-market trading. Coronavirus continues to weigh heavily on global investors as infections crossed 108,000. Crude oil had the worst day in more than 30 years after crashing 25% in a single day.

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Disney has announced that Disneyland Shanghai will reopen some of the services that it offers as the spread of the deadly coronavirus has slowed down. The main theme park will remain closed with only the shopping, dining and recreational activities being re-opened for a limited time. All guests will be checked for the virus on arrival.

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Global oil prices fell by a whopping 30% after Saudi Arabia ramped up oil production in order to fight a price war with Russia. This is happening due to the collapse of the OPEC agreement with Russia and the spread of the coronavirus. It is likely that the demand for oil globally will fall due to the coronavirus, although it is difficult to forecast in such a volatile situation.

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The share price of India’s fifth-biggest private bank plummeted more than 80% on Friday after Reserve Bank of India imposed a moratorium. RBI is currently working on a rescue plan for Yes Bank and the depositors with Yes Bank can only withdraw a maximum of $630 during a one-month moratorium. Massive queues from worried customers were seen outside the ATM’s in Mumbai.

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The flagging UK airline Flybe has been driven to the brink of bankruptcy due to the coronavirus outbreak's negative effect on bookings, which has made situations worse for the financially troubled company. Flybe estimates it has enough funds to survive until the end of the month, after which it will need the UK government to release funds to ensure its survival, a move that faces fierce opposition from rival airlines.

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Vehicle manufacturing giant, General Motors, is all set to reveal their new line of electric vehicles to convince investors that it can compete with Tesla. The company has focused on reducing the cost of the batteries used in these cars, potentially reducing their cost by a large amount. Although Tesla is still the leader in the market, GM may be able to catch up.

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A statement from the investment app Robinhood, popular among the younger demographic due to its free-trading features, has announced that it is experiencing severe disruptions across its entire system in a power outage, as customers criticize the company for its slow response amid an unexpected upturn in a flagging stock market. The outage may have been caused by higher-than-usual trading volumes.

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Jack Welch, General Electric's iconic chairman and CEO who served the company from 1981 to 2001, and oversaw the company's rise into an industrial and financial stalwart as the most valuable company in the world, has passed away aged 84. Welch was known for his aggressive management style and was named Fortune's CEO of the Century in 1999.

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A care package sent by US smartphone manufacturer Apple to its employees stranded in the Hubei and Wenzhou provinces in China includes food items such as Hershey's candies and butter cookies, hand sanitizers as well as a 10.2-inch iPad that the accompanying letter says is meant for children's learning or casually browsing the internet.

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With the recent cancellation of the Geneva car exhibition, the uncertainty and panic caused by fears of a coronavirus pandemic has lost world share markets up to 5 trillion USD as new cases continue to be detected, with three more countries recording their first coronavirus cases and China's death toll at more than 2800, with 78,800 recorded cases, while the international death toll stands at 70, with 4200 infected.

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The venerable financial institution Goldman Sachs has released its economic forecast for the US for 2020, predicting zero earnings growth for American companies this year due to the coronavirus outbreak. Both the Dow Jones Industrial Average and the Nasdaq fell steeply today following the release of the report, signifying that investors are taking these financial forecasts seriously.

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Disney has announced that Bob Iger will no longer be CEO of the company and that Bob Chapek will be his successor. This change comes at an odd time as Disney sees some of its highest earnings ever and there are still quite a few months left to Iger's contract.

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The UK-based retail giant Tesco has successfully sold its operations in China to its state-owned partner, China Resources Holdings. Tesco has recently also completed retreats from Japan, South Korea, and the United States, and is also considering selling off its businesses in Thailand and Malaysia, which would mean its only company-owned businesses outside of Ireland would operate only in Central Europe.

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After conducting successful pilot tests in 10 locations in Glasgow, KFC has launched an unbelievable 80-piece bucket of Popcorn Chicken all over the UK. The bucket will cost 5.99 GBP, which amounts to 7.5 pence per piece. KFC has also informed customers that they do not need to download the app to avail the offer, and that it is available to order in any KFC branch in the country.

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Dow Jones Industrial Average dropped nearly 1000 points in the early trading session on Monday as global stock markets crashed. Coronavirus cases outside China increased as Italy and South Korea reported a massive rise. Investors are worried about the economic impact of the virus as COVID-19 has put major economies like China, Singapore, Italy, and South Korea at risk. FTSE, DAX, CAC and FTSE MIB all dropped more than 3%.

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