Saudi Aramco shares fell by as much as 10% on Monday, dropping below their December listing price after Saudi Arabia and Russia said they would raise oil production in a battle for market share, sending crude prices down by a third.
Trading on U.S. stock exchanges was halted immediately after opening on Monday, as the S&P 500 fell 7%, triggering an automatic 15 minute cutout put in place after the 2008-9 financial crisis.
Saudi Aramco shares fell by as much as 10% on Monday, extending a dive below the initial public offering price, after Saudi Arabia cut its official selling prices for crude and global oil markets plunged in response to news of a big output increase.
The United States, the European Union, Canada and six European nations have held joint talks on concerns over Mexico's energy policy, sources told Reuters, as President Andres Manuel Lopez Obrador pushes for a bigger role for the state in the sector.
Oil prices bounced around 6% on Tuesday, but analysts saw little chance of a major recovery from the biggest daily rout in nearly 30 years after top producers Saudi Arabia and Russia launched a price war.
ZDNet | Aimee Chanthadavong | March 2, 2020 When, and if, the new payments method is introduced to the Australian market. The Reserve Bank of Australia (RBA) said it is confident and well-prepared to regulate new payments technologies as they get introduced into the Australia market. Fronting the Select Committee on Financial Technology and Regulatory
Hong Kong's Cathay Pacific Airways Ltd may fly only freight to Japan, and no passengers, if it retains some services whose cancellation it announced at the weekend over travel curbs prompted by a coronavirus, the airline said on Monday.
Amazon.com Inc has extended its work-from-home advisory to include employees in New York and New Jersey, the company said Monday, as the world's largest online retailer and other corporations aim to lower the risk of coronavirus transmission among their ranks.
The move by banks to force Cineworld's top shareholder to refinance a loan without equity collateral is yet another sign of mounting stress in Europe's junk debt market as the coronavirus roils markets and businesses around the world.
Global share markets tumbled on Monday as panicked investors fled headlong to bonds to hedge the economic trauma of the coronavirus, and oil plunged more than 30% after Saudi Arabia opened the taps in a price war with Russia.
U.S. private equity firm Blackstone Group Inc is in exclusive talks to take SOHO China Ltd private in a $4 billion deal, said two sources, in one of its biggest bets yet on the Chinese market.
Goldman Sachs cut its second- and third-quarter Brent price forecasts to $30 per barrel, citing the oil price war between Russia and Saudi Arabia and a significant collapse in oil demand due to the coronavirus that has killed more than 3,500 globally.
Global stock markets plunged on Monday and oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia, sending investors already spooked by the coronavirus outbreak fleeing for the safety of bonds and the Japanese yen.
Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War after Saudi Arabia signalled it would hike output to win market share when the coronavirus has already left the market oversupplied.
Medium - Both Sides of the Table | Mark Suster | March 5, 2020 I (Mark Suster, Managing Partner, Upfront Ventures) am due to speak at the SaaStr conference next week: Wednesday, March 11th at 10:45 AM. I had originally signed up to talk about the “VC Market Trends” overall but it seemed inauthentic to