• Single passenger flights: The daily woes of airlines, and the crew still working
    Reuters

    Single passenger flights: The daily woes of airlines, and the crew still working

    Like when the gate agent announced a formal boarding process only to remember that Barria was the sole passenger who would board, or when the pilot approached his seat to personally explain a delay in take-off due to a mechanical issue, rather than speak over the PA system. The two flight attendants invited Barria to sit in a first-class seat and went through the safety demonstration for Barria alone. Nearly vacant flights have become the norm for U.S. airlines, despite a drastic reduction in the number of planes they put in the air each day as passenger traffic has diminished in the midst of the new coronavirus gripping countries across the globe.

  • United slashes New York-area flights due to coronavirus
    Reuters

    United slashes New York-area flights due to coronavirus

    United said starting Sunday it will go from 157 daily flights total at Newark and New York LaGuardia to just 17. Newark, the airline's hub in the New York area, will drop from 139 daily flights to 62 destinations to 15 flights a day to nine destinations, while LaGuardia will go from 18 to 2 flights a day.

  • Will This Be The Slowest Year Ever For Oil & Gas Mergers?
    Oilprice.com

    Will This Be The Slowest Year Ever For Oil & Gas Mergers?

    Last year’s oil and gas merger mania seems to have stopped in its tracks as crashing oil prices and the coronavirus crisis weighs on the industry

  • Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
    Zacks

    Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know

    In the latest trading session, Occidental Petroleum (OXY) closed at $13, marking a +1.8% move from the previous day.

  • Feds Come to Rescue of Flyers With Hardball Mandate to U.S. Airlines on Refunds
    Skift

    Feds Come to Rescue of Flyers With Hardball Mandate to U.S. Airlines on Refunds

    U.S. airlines must refund passengers when they cancel flights due to the coronavirus pandemic, the federal government said Friday, a blow to at least two carriers that have been making it difficult for customers to recover their money. The pro-consumer move is consistent with the U.S. Department of Transportation's usual policy, though there was some […]

  • American Airlines applies for U.S. payroll assistance grants
    Reuters

    American Airlines applies for U.S. payroll assistance grants

    American Airlines, the largest U.S. airline, confirmed Friday it has applied to the U.S. Treasury for a chunk of the $25 billion payroll assistance grants approved by Congress last week. The airline said earlier it expected to be eligible for $12 billion in loans and grants from the $50 billion that Congress has set aside for airline assistance. The U.S. Treasury asked airlines to apply for grants by 5 p.m. EDT Friday.

  • TechnipFMC (FTI) Slashes Capex to Weather Oil Price Drop
    Zacks

    TechnipFMC (FTI) Slashes Capex to Weather Oil Price Drop

    TechnipFMC (FTI) has a revolving credit facility worth $2.5 billion to strengthen its liquidity.

  • TOTAL (TOT) & Apache Discover More Oil in Offshore Suriname
    Zacks

    TOTAL (TOT) & Apache Discover More Oil in Offshore Suriname

    TOTAL (TOT) and its joint venture partner Apache discover more oil in Block 58 offshore Suriname.

  • lululemon Extends Store Closure on Rising Coronavirus Impact
    Zacks

    lululemon Extends Store Closure on Rising Coronavirus Impact

    COVID-19 derails economic activities worldwide. lululemon (LULU) extends store closures in certain regions until further notice and creates a fund to help employees.

  • Cenovus Curbs Capex for 2nd Time, Defers Dividend, Up 23.6%
    Zacks

    Cenovus Curbs Capex for 2nd Time, Defers Dividend, Up 23.6%

    Cenovus Energy (CVE) expects to reduce its oil sands operations' sustaining costs to C$2.60 per barrel in 2020.

  • Stock Market News for Apr 3, 2020
    Zacks

    Stock Market News for Apr 3, 2020

    Stocks closed higher on Thursday, largely driven by President Donald Trump's tweet about the possibility of a massive reduction in oil production ahead.

  • Reuters - UK Focus

    UK car sector warns on coronavirus: "companies need cash immediately"

    Britain's car sector needs immediate cash and the government should introduce measures to support suppliers, some of which only have enough money to handle the coronavirus crisis for weeks not months, the head of the main trade body told Reuters. The government has announced several schemes including paying 80% of salaries, up to 2,500 pounds ($3,065) a month per employee, to those placed on a leave of absence, known as furloughing.

  • Airlines Laid Low By Coronavirus: When Will Growth Return?
    Zacks

    Airlines Laid Low By Coronavirus: When Will Growth Return?

    Battered by coronavirus, airlines might not see a recovery in travel demand until at least 2022.

  • Investing.com

    Stocks - Wall Street Selling Gains Steam

    By Geoffrey Smith

  • The Consensus EPS Estimates For Cenovus Energy Inc. (TSE:CVE) Just Fell Dramatically
    Simply Wall St.

    The Consensus EPS Estimates For Cenovus Energy Inc. (TSE:CVE) Just Fell Dramatically

    The analysts covering Cenovus Energy Inc. (TSE:CVE) delivered a dose of negativity to shareholders today, by making a...

  • Bloomberg

    Virus ‘Death Ship’ Finally Docks. But Not Everyone Allowed Off

    (Bloomberg) -- After being stranded at sea for three weeks, passengers on a Carnival Corp. cruise ship that was refused entry by multiple countries started disembarking in Fort Lauderdale, Florida -- but not all will be allowed to end a nightmare trip that left four dead and nine infected with coronavirus.Holland America Line’s Zaandam arrived at the port Thursday as emergency medical personnel waited to carry away the most seriously ill for treatment. The Rotterdam, a sister ship that came to the aid of the Zaandam and took on some of its healthy passengers, was also allowed to disembark.By the evening, some of the 1,200 passengers from the two ships posted on social media that they were making their journeys home. A couple dozen others passengers with milder symptoms, along with hundreds of crew members, must remain on board.Fort Lauderdale was the Zaandam’s final port, and its plight has spurred fierce debate in Florida, with officials weighing help for the sick on board against the possibility of adding to strains on the local health-care resources. It’s just the latest cruise ship to see an outbreak and strife at sea, with the boats’ close living quarters facilitating the spread of virus cases. Countries around the world have been refusing port to cruise liners on concern passengers will pass on the coronavirus once on land. That’s left thousands of cruisers and crew stranded and cruise companies facing one of their biggest ever crises.As part of the negotiations with local officials, Holland America came up with a plan to treat and quarantine passengers with mild symptoms on board the Zaandam, while sending about a dozen of the sickest passengers to Florida hospitals. The news saw joy and relief at coming into port to disappointment for some of those on board, with some couples and families being faced with separation.Zaandam passenger Gloria Weed was initially given the news that both she and her husband, Bill Weed, would be moved to a hospital. Hours later, the Sarasota, Florida couple found out they would be separated: he would be headed to a local hospital, while she must remain on the ship.Coughing Fits“I thought Florida residents might be left off even if they were sick,” said Gloria, who has had a low-grade fever, in a text message to her daughter, Amy Weed-Jones. “I hope it’s just a mistake.”Weed called her daughter in the middle of the night recently and told her she didn’t think her husband, 75, was going to make it until the morning. Bill Weed has been diagnosed with pneumonia and suffers from fever and debilitating coughing fits.“I don’t know how much time my dad has, honestly,” Weed-Jones said, before receiving the news her father would be hospitalized. “Every second counts.”Weed-Jones, along with other relatives of passengers, has been pleading with Florida government officials to allow the Zaandam to dock on humanitarian grounds and because there are Americans on board. But they faced opposition from local officials and the state Governor Ron DeSantis. U.S. President Donald Trump weighed in, pushing for Florida to allow the ships to dock.The Zaandam had departed Buenos Aires and was a day into its voyage when the U.S. State Department advised Americans on March 8 not to embark on cruises. On March 13, Trump said he asked cruise lines to suspend sailings, though some had already announced they were doing so voluntarily.‘Without Warning’Holland America said the Zaandam’s voyage was the victim of an unprecedented crisis that struck “without warning,” in a statement. But parent company Carnival saw its first virus situation two months ago off Yokohama, Japan, when the Diamond Princess was infected with coronavirus and made to enforce a mass quarantine on board. More than 700 people were eventually infected, and for a time it was the largest virus outbreak outside of mainland China.Under Holland America’s plan, most passengers will be allowed to disembark and then put on charter flights home. About 45 guests with mild illness will quarantine on board, and some with urgent medical needs will be taken to hospitals.“These travelers could have been any one of us or our families, unexpectedly caught in the middle of this unprecedented closure of global borders that happened in a matter of days and without warning,” Holland America Line President Orlando Ashford said.When passengers and crew started getting sick on the Zaandam, Holland America sent the Rotterdam to rendezvous off Panama and take on many healthy but vulnerable passengers. One anxious passenger, Yadira Garza, pleaded with Mexican consulate officials to help her and her newlywed husband get off the Zaandam, which she described as the “death ship.”Read more: Passengers on ‘Death Ship’ Plead for Rescue as Virus StrikesAmong the four people who died earlier in the voyage, two had Covid-19, according to Holland America. Since March 22, 107 guests and 143 crew between both ships have shown flu-like symptoms.The Zaandam’s voyage was supposed to end in San Antonio, Chile, on March 21. A second leg of the ship’s voyage was supposed to end in Ft. Lauderdale on April 7. The company said it attempted to dock at other ports but was denied entry.The virus crisis isn’t over for Carnival.One of the ships in its Princess Cruises line, the Coral Princess, is poised to arrive in Fort Lauderdale on Saturday. On Thursday, the company said that seven Coral Princess passengers and five crew had tested positive for Covid-19.Cruise operators have been hit financially by coronavirus, with many shuttering operations until at least mid-May. Some Carnival sailings on its flagship line have been canceled through the end of the year.The suspensions have upended earnings. Carnival is in talks to raise as much as $7 billion to shore up its finances, Bloomberg reported.(Updates with passenger comments from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Retailers Wish You'd Be Back Shopping By Easter
    Bloomberg

    Retailers Wish You'd Be Back Shopping By Easter

    (Bloomberg Opinion) -- Donald Trump wasn’t alone in hoping everyone’s lives could get back to normal by Easter weekend.Retailers’ decisions to furlough hundreds of thousands of U.S. retail workers this week underscore that store closures are set to go on for much longer than initially anticipated. Closings in many major markets around the world will remain in place through next weekend and beyond, wreaking havoc with the prime spring shopping season.Hennes & Mauritz AB said on Friday that net sales fell by 46% in March from the year earlier. It expects a loss in its second quarter. The extended closures will now affect crucial pre-Easter shopping period, worth about $25 billion to U.S. retailers, according to GlobalData. While people may still indulge in filling their children’s baskets with chocolate eggs to create some holiday cheer in this difficult time, crackdowns on even the smallest of gatherings mean they won’t be planning big fancy meals, nor refreshing their bunny-and-chick-themed decorations.  What’s more, consumers can’t take advantage of the long holiday weekend in much of Europe to start shopping for the latest trends for summer. That’s a blow because it typically kicks off the period when consumers refresh their wardrobes, home decorations and gardens for the warmer months. If temperatures soar, that can normally set non-food retailers fair for the coming quarter.  From there, people’s diaries would typically be chock full with weddings, graduations and parties, plenty of reasons to update one’s wardrobe. But the novel coronavirus has radically changed all of that, eliminating pretty much any reason to dress for success. It’s estimated that half of couples planning weddings in the U.S. this year are looking to postpone them, according to data from the Wedding Report. The graduation season has been thrown into question. More than 80 U.S. colleges and universities have either canceled, postponed or been turned their 2020 commencement ceremonies into virtual gatherings. View this post on Instagram A post shared by Nordstrom (@nordstrom) on Apr 2, 2020 at 5:40pm PDTThat means everything from floral dresses to pastel hued shoes may have to be offloaded. Discounting to clear unwanted stock means the crisis is likely to last well into the second quarter, and possibly beyond.There’s another reason why the impact on may be bigger than initially feared: Some online demand has evaporated. Retailers have to ensure workers processing internet orders observe strict social distancing rules. So far British online fashion group Asos Plc, which generated 13% of its sales from the U.S., has kept its warehouses in Atlanta, Berlin and the U.K. open, albeit with longer delivery times. But rival fashion chain Next Plc has stopped taking online orders while it reconfigures its distribution centers. This would be in line with its worst case scenario of the business being closed for four weeks, cutting full-year sales by 1 billion pounds ($1.2 billion).No wonder store chains have shifted to cash preservation mode. H&M said it was taking a number of initiatives, from cutting working hours to seeking rent reductions, to try to cope. In the U.S., hundreds of thousands of staff are being temporarily laid off, with chains such as Macy’s Inc., J.C. Penney Co., Kohl’s Corp. and Gap Inc. halting pay for much of their workforce while preserving some benefits. The longer the hiatus in consumer spending, the more likely that some retailers and restaurants just won’t open their doors again. Others may decide to radically cut down on their brick-and-mortar locations. U.S. department stores, already grappling with the shift to online and mostly lackluster product selections, look particularly challenged.But even companies that do emerge relatively unscathed could find recovery just as demanding. Consumers who have kept their jobs will likely be eager to splash out on holiday and work attire when they’re finally able to move about freely and go back to the office, purchases they can fund with money saved during lockdown on everything from gym memberships and dining out.The question is whether any pent up demand will be enough to alleviate lost sales from those who have been temporarily laid off, or worse, made redundant. Individuals in fear of losing their jobs, or being forced to take pay cuts, are likely to save more. So consumer-facing companies need to brace themselves for a long haul.  It’s going to be some time before stores reopen, and even longer before they get back to any semblance of normality.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • United Airlines President No Longer Counting on Quick ‘Snap Back’
    Skift

    United Airlines President No Longer Counting on Quick ‘Snap Back’

    United Airlines is losing more than $100 million in revenue per day and making plans to reduce payroll expenses and permanently retire some older mainline and 50-seat regional aircraft if air travel demand does not return later this year, President Scott Kirby told employees Thursday in a town hall meeting. "While we all think that […]

  • American Airlines slashes flights but has no plans to halt U.S. service
    Reuters

    American Airlines slashes flights but has no plans to halt U.S. service

    American Airlines Co said on Thursday it is cutting additional flights this summer as travel demand has drastically shrunk amid the coronavirus pandemic. Vasu Raja, American Airlines' senior vice president of Network Strategy, told Reuters that the airline is cutting between 70% and 75% of flights in April and about 80% of flights in May. For this month and May it is cutting nearly 90% of its international flights. Raja said domestic demand will remain weak into May, citing of the lack of bookings.

  • What This Decision by American Airlines Says About How Fast Demand Will Recover
    Skift

    What This Decision by American Airlines Says About How Fast Demand Will Recover

    In the past five years, U.S. airlines have boosted profits by adding extra summer flights to Europe, capitalizing on consumers' near insatiable desire to travel abroad in June, July, and August. But on Thursday American Airlines admitted the great summer European cash grab will not return in 2020. American announced a slew of global cuts […]

  • American Airlines Gives Up on Most Overseas Flying This Summer
    Bloomberg

    American Airlines Gives Up on Most Overseas Flying This Summer

    (Bloomberg) -- American Airlines Group Inc. will slash international flying as far out as the end of August as the novel coronavirus batters travel demand through the normally busy summer season.Overseas flight capacity will be trimmed 60% from last summer’s level, paced by an 80% drop across the Pacific, the carrier said Thursday. At least 23 seasonal routes won’t operate at all, while several that were to start this year will be delayed until 2021. American, which has said domestic capacity will fall as much as 80% next month, is still working on its U.S. summer schedule.The extended reductions in flights abroad highlight the extent if the virus’s damage to airlines, which need tickets to be booked months in advance to set aircraft and crew schedules. American plans to apply for as much as $12 billion in U.S. government aid and has already grounded most of its wide-body aircraft normally used on flights abroad.“This is going to be a challenging situation for a long time to come,” Vasu Raja, American’s senior vice president for network development, said in an interview. “We’re not seeing any bookings come in. It’s not just in May or June that we’ll have an issue, but we’ve missed so many bookings in July and August that it makes more sense to reduce that capacity now and try to save on as many expenses as we can.”Cutting CostsThe Fort Worth, Texas-based airline is currently flying only three international routes because of decreased demand and travel restrictions imposed by various countries. American is reducing domestic capacity 60% this month.“Effectively, it’s a rebuilt airline,” Raja said. “We’re flying fewer connecting banks in most of our hubs and are shrinking on the East Coast and West Coast where demand is smallest because the disease is most rampant.”This summer, American will reduce capacity across the Atlantic by 65% and by 48% to Latin America, in addition to the deeper cuts in trans-Pacific flying.While seeking federal assistance, American has also secured several billions of dollars in private-sector loans. The company has also parked planes, frozen hiring, offered voluntary leave to workers and cut executive pay.The airline has moved up the retirement of some of its oldest planes, and will do the same with its smaller Embraer SA E190 aircraft and some 50-seat regional jets, Raja said. American has suspended flights on 24 Airbus SE A330 planes for the summer and is evaluating whether to retire its oldest Boeing Co. 737 jets.“It’s a very difficult time to forecast the future of the airline,” he said. “Everything is on the table.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    US STOCKS-Oil jump lifts Wall St as jobless claims data surges

    U.S. stocks rallied on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut in oil output drove gains, taking some sting out of a shocking jump in Americans filing jobless claims due to coronavirus-led lockdowns. The S&P energy index, down by more than 50% this year due to the Russia-Saudi price war and coronavirus-driven demand worries that has caused oil prices to plunge, climbed 9.08%. Saudi Arabia has called for an emergency meeting of oil producers, while U.S. President Donald Trump said he expected the kingdom and Russia to cut output by as much as 10 million to 15 million barrels a day.

  • Reuters - UK Focus

    US STOCKS-Wall St gains on oil surge, but off early highs

    U.S. stocks rose on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut oil output drove gains, helping to offset the shocking jump in Americans filing for jobless claims due to coronavirus-led lockdowns. Saudi Arabia has called for an emergency meeting of oil producers, while U.S. President Donald Trump said he expected the kingdom and Russia to cut output by as much as 10 million to 15 million barrels a day.

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