Category: Business

G20 ministers to propose task force on next steps to help oil market

G20 energy ministers in their joint statement will propose setting up a task force to advise ministers on the steps needed to stabilise the oil markets amid the coronavirus pandemic, India’s oil ministry said in a statement on Friday. Although India’s fuel demand has slumped drastically due to a nation-wide lockdown to stem the spread […]

U.S. Energy Secretary tells G20 all nations should help reduce oil surplus

U.S. Energy Secretary Dan Brouillette on Friday described a dire situation in global energy markets, saying that the coronavirus pandemic and massive oil surplus have created a lethal combination. “This is a time for all nations to seriously examine what each can do to correct the supply/demand imbalance,” Brouillette said in prepared remarks for Friday’s […]

Crisis blocks Airbus plan for new A321 jet plant in France

Airbus (AIR.PA) has shelved plans to add a French assembly line for its A321neo just 10 weeks after the expansion was launched, as the coronavirus fallout spreads to its best-selling jetliner. The move heralds the start of a politically sensitive drive to cut investment and overheads as the pandemic reverses the last 8 years of […]

Johnson & Johnson abandons deal for Takeda’s TachoSil surgical patch

Johnson & Johnson (JNJ.N) said on Friday it abandoned plans to buy Takeda Pharmaceutical’s surgical patch product TachoSil, citing regulatory issues. Takeda (4502.T), Japan’s biggest drugmaker, announced the sale of TachoSil, a surgical patch to control bleeding, to Johnson & Johnson’s subsidiary Ethicon for $400 million last May. “Ethicon and Takeda have mutually decided to […]

Russia’s Putin, Saudi crown prince discuss OPEC+: Kremlin

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed a planned OPEC+ reduction of oil output, the Kremlin said. They agreed in a phone call to continue contacts regarding this issue, the Kremlin added without disclosing details.

U.S. six-month deficit rises to $744 billion ahead of virus budget storm in April

The United States racked up a $744 billion budget deficit in the first half of fiscal 2020, up 8% from a year earlier, the Treasury said on Friday, ahead of an expected April spending explosion and withering of revenues amid the coronavirus pandemic. The Treasury said the budget deficit for March totaled $119 billion, down […]

Saudi, others resist Mexican plan to make small oil output cuts

Saudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday. One source said the dispute, which held up efforts to finalise the deal on oil cuts, was […]