Chinese Oil Giant Is Slashing Spending
China’s biggest oil and gas producer PetroChina said it would adjust its previously approved capital expenditure (CAPEX) for this year as Chinese state oil majors join other oil firms in Continue Reading
COVID-19 wreaks havoc on Asia’s automotive industry
The COVID-19 pandemic has been a bane to vehicle producers in Asia, but the industry’s reaction is just the tip of a supply chain disruption as heightened demand destruction to Continue Reading
Dozens Clash on Hubei Border After China Lifts Virus Quarantine
Dozens of people clashed on the Hubei border after the Chinese government lifted a two-month quarantine on the epicenter of the country’s coronavirus outbreak, highlighting the challenges of undoing the unprecedented Continue Reading
Past Pandemics Exposed China’s Weaknesses
When the novel coronavirus first emerged in China’s Hubei Province, foreign reactions to the country’s handling of the epidemic swung between extremes. At a press conference held in Beijing in Continue Reading
Historic $2.2 trillion coronavirus bill passes U.S. House, headed to Trump
The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in American history – to help people and businesses cope with the economic downturn Continue Reading
A U.S. recession? Probably. Depression? Only if the virus is untamed
A U.S. recession may already be underway. Could it be worse? The Great Depression that began with a stock market crash in 1929 and lasted until 1933 scarred a generation Continue Reading
Dollar edges up but headed for biggest weekly fall since 2016
The dollar edged higher on Friday but remained on track for its biggest weekly decline in four years, as trillions of dollars worth of stimulus efforts by governments and central Continue Reading
U.S. consumer sentiment near three-and-a-half year low, spending sluggish
U.S. consumer sentiment dropped to near a 3-1/2-year low in March as the coronavirus epidemic upended life for Americans, and consumer spending was sluggish in February, strengthening economists’ expectations of Continue Reading
Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading
American Pump Prices Fall Below $2 in First Time in Four Years
U.S. retail gasoline dropped below $2 a gallon for the first time since March 2016, before President Trump was elected. The average pump price fell to $1.99 per gallon Friday, retail tracker GasBuddy said. Continue Reading