Business

Shell to write down $22 billion due to coronavirus

Editorial Bureau June 30, 2020

LONDON (UK) – Royal Dutch Shell on Tuesday said it will write $22 billion off the value of its assets after sharply lowering its oil and gas price outlook in the wake of coronavirus. The decision also comes after the Anglo-Dutch company reviews its operations after CEO Ben van Beurden put

Business

Alaskan officials ratify BP’s sale of oil leases to Hilcorp

Editorial Bureau June 30, 2020

ANCHORAGE (US) – Alaskan officials on Monday ratified BP Plc’s sale of its oil and gas leases in the state to closely held Hilcorp Energy Co. as part of a previously announced $5.6 billion deal. Last year, BP agreed to sell its Alaskan properties, including interests in the Prudhoe Bay oilfield and its nearly 50% […]

Business

Virus worries loom as oil rises on improving economic data

Editorial Bureau June 29, 2020

LONDON (UK) – Oil prices showed a rise on Monday, supported by improving economic data though a spike in new coronavirus infections around the world capped the gains as some countries were forced to re-implement partial lockdowns. Brent crude rose 15 cents, or 0.4%, to $41.17 a barrel by 1145 GMT and US crude was […]

Business

Facebook to label newsworthy posts that flout rules

Editorial Bureau June 27, 2020

WASHINGTON (US) – Facebook Inc said on Friday it will start labelling newsworthy content that break the social media company’s policies, and label all posts and ads about voting with links to authoritative information, including those from politicians. A Facebook spokeswoman confirmed the new policy would have meant attaching a link on poll information to […]

Business

Amazon, SoftBank held discussions over online retailer Ozon: Shareholder

Editorial Bureau June 27, 2020

MOSCOW (RUSSIA) – Global retail giant Amazon and Japanese SoftBank have approached Russian conglomerate Sistema about a possible takeover of its online retailer Ozon, said Sistema’s majority owner Vladimir Evtushenkov on Saturday. Sistema has said it is not immediately clear if talks are still under way or have ended. It has said it was looking […]

Business

Roche not yet meeting demand for molecular COVID-19 tests: Chairman

Editorial Bureau June 27, 2020

VIENNA (AUSTRIA) – Swiss drugmaker Roche is unable to meet demand for molecular tests to identify active COVID-19 infections, its chairman told Swiss daily Tagesanzeiger. “The demand exceeds our production,” Christoph Franz was quoted as saying in Saturday’s paper. The decision on where tests were shipped to depended, among other things, on

Business

Novartis withdraws dry eye drug Xiidra’s bid for approval in Europe

Editorial Bureau June 27, 2020

ZURICH (SWITZERLAND) – Swiss drugmaker Novartis has withdrawn an application for European approval of its Xiidra dry eye medicine. This comes after regulators concluded its effectiveness had not been demonstrated and that its benefits did not outweigh risks. Novartis bought Xiidra from Takeda last year for $3.4 billion up front and $1.9 billion in potential […]

Business

Delta to warn pilots about possible furloughs, offers early retirement

Editorial Bureau June 27, 2020

WASHINGTON (US) – Delta Air Lines said late on Friday it will soon send warning notices to about 2,500 pilots regarding possible furloughs as the industry takes a huge blow after the coronavirus pandemic slashed air travel demand. “In an effort to best prepare our pilots should furloughs be needed, Delta will send required notices […]

Business

Aston Martin opts for stock offering in bid to bolster capital

Editorial Bureau June 26, 2020

LONDON (UK) – Aston Martin said on Friday it would issue new shares worth up to 20% of its existing equity capital as the luxury carmaker seeks additional funds to tide over the coronavirus crisis. New owner Yew Tree will pick up 25% of the offering, with Prestige Motors, which has steadily reduced its holding […]

Business

UK’s Intu heads into administration as debt talks fail

Ren Leen June 26, 2020

LONDON (UK) – Intu Properties, which owns Manchester’s Trafford Centre and Lakeside in Essex, said on Friday it was headed into administration after failing to reach a debt standstill agreement with its creditors. Intu, which has KPMG as a stand-by administrator, had warned earlier this week that it may have to close some of its […]