Markets
United Kingdom plans to reopen in measured steps
Housing minister Robert Jenrick said Johnson would set out a five-tier warning system to track the outbreak in England as the government makes limited changes such as encouraging those who can not work from home to return to their offices and factories. [Full Article...]
Oil prices drop amid supply glut, fears of second coronavirus wave
India, the third largest importer of oil, has also allowed businesses to resume in some parts of the country, while also allowing construction works. The company announced its official selling prices (OSP), showing increases over May across virtually every grade of crude. [Full Article...]
RIL fixes May 14 as record date for India’s largest issue
In today's trade, the stock has rallied as much as 3.3 percent to its day's high of Rs 1,614.85 and its market captalisation was at 10.18 lakh crore. The opening and closing dates of the rights issue will be informed separately, RIL also said in an exchange filing ."The Rights Issue Committee constituted by the Board of Directors of the Company has, at its meeting held today, fixed Thursday, Ma... [Full Article...]
German court asks ECB to justify key stimulus program
At first glance the former French finance minister, International Monetary Fund chief and corporate lawyer took a confrontational stance towards the German court. Whenever ECB takes policy decision, it does a proportionality assessment. It did not cover newer policies on the coronavirus. The central bank source told AFP that this review "could be carried out without delay, with its results circu... [Full Article...]
COVID Restrictions In CA Prompt Tesla CEO To Threaten Move To TX
BMW, Hyundai and Kia resumed production at their USA plants last week. "We are a bit anxious about not being able to resume production in the Bay Area, and that should be identified as a serious risk", he said. With the advent of the Model 3 and the Model Y , as well as the upcoming Cybertruck, Tesla is taking on the mainstream market, an industry that counts its production numbers in the hundr... [Full Article...]
Saudi Arabia triples Value-Added Tax, cuts cost of living allowances
The measures, which state media said would boost state coffers by 100 billion riyals (US$26.6 billion), come as the government steps up emergency plans to slash spending to deal with the twin economic blow. "We are facing a crisis the world has never seen the likes of in modern history, a crisis marked by uncertainty", Saudi finance minister and acting minister of economy and planning, Mohammed Al... [Full Article...]
Oil prices rise amid hopes for fuel demand
For the week, Brent was still up about 11% and WTI up about 18%. U.S. and Brent benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. The level of excess global supply averaged 21.3 million barrels a day in April, according to Standard Chartered. Brent crude futures were up 7.4 percent, or $2.02, at $29.22. [Full Article...]
Glaxo sells 5.7% in HUL for Rs 25,500 crore
Shares of Hindustan Unilever (HUL) will be in focus as GlaxoSmithKline Pte and Horlicks will reportedly sell 5.69% stake in the FMCG major in a deal valued at Rs 24,750 crore or almost $3.3 billion. However, several brokerages continue to have a buy rating on the stock. "Post normalisation of the business environment, HUL will see faster recovery in its financial performance on account of it... [Full Article...]