Business

Aramco CEO sees oil demand picking up as lockdowns ease

Saudi Aramco’s Chief Executive Amin Nasser said on Sunday that he sees oil demand recovering in Asia as economies gradually open up after the easing of coronavirus lockdowns. “Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too),” he […]

Business

Saudi Aramco says it still plans to pay $75 billion in dividends for 2020

Saudi Aramco still plans to pay $75 billion in dividends this year, the chief executive of the world’s top oil exporting company said on Sunday. “We intend to pay the $75 billion, subject to board approval and market conditions,” Aramco CEO Amin Nasser told reporters on a conference call after announcing the company’s quarterly results. […]

Business

Credit Suisse eyes cooperation with insurers

Credit Suisse (CSGN.S) is looking to expand cooperation with insurers, Chairman Urs Rohner told a Sunday newspaper, adding the search for his successor at Switzerland’s second-biggest bank was well under way. “In the retail business in particular, there will be more partnerships with us. There are good examples abroad of how insurance and banking services […]

Business

Oil giants’ production cuts come to 1 million bpd as they post massive writedowns

The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand. The dramatic reductions in asset valuations and decline in output show the depth of the pain in […]

Business

Eastman Kodak’s $765 million U.S. loan agreement on hold after recent allegations

Eastman Kodak Co’s $765 million loan agreement with the U.S. government to produce pharmaceutical ingredients has been put on hold due to “recent allegations of wrongdoing,” the U.S. International Development Finance Corp (DFC) said. Earlier this week, senior Democratic lawmakers asked federal regulators to investigate securities transactions made by the company and its executives around […]

Business

Qualcomm lobbies U.S. to sell chips for Huawei 5G phones

Chipmaker Qualcomm Inc is lobbying the U.S. government to revoke restrictions on sale of components to Huawei Technologies Co [HWT.UL], after the Chinese company was blacklisted by the United States, The Wall Street Journal reported on Saturday. Qualcomm is lobbying to sell chips to Huawei that the Chinese company would include in its 5G phones, […]

Business

Trump advisers urge delisting of U.S.-listed Chinese firms that fail to meet audit standards

China on Saturday called for frank dialogue and closer cooperation in reaction to news that Trump administration officials had urged the U.S. president to delist Chinese companies that trade on U.S. exchanges and fail to meet its auditing requirements by January 2022 U.S. Securities and Exchange Commission and Treasury officials revealed the development on Thursday, […]