Coronavirus
Commodity Freighters Are Shrugging Off COVID-19 — For Now
The cost of moving commodities like coal and iron ore across the world’s oceans is surging as China lifts cargo purchases. Whether the rally will withstand the economic aftershocks of the coronavirus is a thornier question.
OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand
OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.
Tesla China Plant Might Have Come to the Rescue Last Quarter
Tesla Inc. endured a roughly seven-week shutdown of its most important car plant in the world last quarter, but its brand-new backup factory may have saved the day.
Saudi Oil Cuts Take Seven Supertankers a Day Off the Market
Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June.
US Consumer Confidence Posts Biggest Increase Since Late 2011
U.S. consumer confidence rose in June by more than forecast as optimism increased amid business reopenings, though sentiment remained well below pre-pandemic levels.
Uber Reportedly in Talks to Buy Delivery Rival Postmates
Uber Technologies Inc. is in talks to purchase Postmates Inc., said a person familiar with the discussions, seeking to expand food delivery services in the U.S. and capitalize on a surge in orders during the coronavirus pandemic.
Second Virus Wave Threatens US Oil Demand Again
After months of empty roads, lockdowns were easing, and people were getting behind the wheel again. Then the virus struck again.
June 29, 2020Amazon to Pay One-Time Bonuses of $500 to Most Logistics Workers
Amazon.com Inc., after complaints about ending pandemic hazard pay, will give one-time bonuses of $500 to most frontline workers.
Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices
Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.
June 29, 2020American Air to Book Jets to Capacity, Shelve Social Distancing
American Airlines Group Inc. said it would sell flights to capacity starting July 1, abandoning caps on passenger loads that were designed to promote social distancing amid the coronavirus pandemic.