Democrats call oil giants to testify on climate campaign
Congressional Democrats are calling top executives at ExxonMobil and other oil giants to testify about what lawmakers say is a long-running, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming.
Asian shares mostly higher, China markets fall back
Stocks were broadly higher in afternoon trading Tuesday, but shares of closely watched companies like GameStop and AMC Entertainment were falling sharply. (Colin Ziemer/New York Stock Exchange via AP)BEIJING โ Asian shares opened mostly higher on Wednesday although markets in Shanghai and Hong Kong were lower. Tokyo's Nikkei 225 rose 0.7% to 28,552.31 and the Kospi in South Korea edged 0.1% higher to 3,100.35. Overnight, Big Tech companies and banks helped power a broad rally on Wall Street Tuesday, though shares in GameStop and other recent high-flying stocks hyped by online traders plunged. The price of silver, which spiked 9% Monday, fueling speculation the precious metal was also being hyped up by online traders, sank by more than 10%.
Losses mount for oil companies as pandemic grips economy
NEW YORK โ Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity. The string of losses and what by almost all counts will be a money-losing year is new territory for Exxon Mobil, which has not posted an annual loss since Exxon and Mobil merged in 1999. Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies. Exxon has begun slashing costs to offset falling energy demand, and that means jobs. Oil demand is expected to fall 8% globally this year, according to the International Energy Agency.
Tech losses drive Wall Street down again, ending grim week
BEIJING โ Wall Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. President Donald Trump often cites the stock market as a barometer of his administrationโs performance on the economy. A similar trend has been occurring across the market: Stocks are not getting the bounce they usually do after reporting results that beat analysts' expectations. A measure of fear in the U.S. stock market, the VIX index, flipped between small gains and losses before rising 1.1%.
ExxonMobil to cut 1,900 US jobs as oil industry struggles, largely at management offices in Houston
NEW YORK โ Exxon Mobil is slashing 1,900 jobs from its U.S. workforce, and Chevron plans to cut a quarter of the employees at its recently-acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. The oil industry was already struggling before the pandemic struck, with a weakened global economy decreasing demand for energy and producers flooding the market with cheap fuel. Chevron confirmed Thursday it would slash jobs at Noble Energy, which it recently acquired, by 25%.
Asian shares lower as investors await Fed chair's speech
Asian shares were mostly lower Wednesday after a lackluster session on Wall Street following talks between the United States and China on the status of a deal meant to work as truce in their trade war. (AP Photo/Vincent Yu)TOKYO Asian shares were mostly lower Wednesday after a lackluster session on Wall Street following talks between the United States and China on the status of a deal meant to work as truce in their trade war. Hong Kongs Hang Seng edged 0.1% lower to 25,451.22, while the Shanghai Composite shed 1.5% to 3,324.35. Tensions between the United States and China have escalated recently, with President Donald Trump targeting Chinese technology companies in particular. The worsening relationship has been one of the bigger concerns for investors, as well as Asian regional economies.
Sources: Venezuela wooed Texas Republican to ease sanctions
The purpose: to lure Exxon back to Venezuela after a decade's absence and inject much-needed dynamism into the OPEC nation's collapsing oil industry. But Sessions did engage in other mediation efforts in Venezuela over the next 15 months. The earlier email regarding Exxon and his connection to Rivera was not known at the time. The five-sentence message sent to Sessions' personal email address, which starts with the word eagle," is short on specifics. The U.S. Department of State would be your best resource for any information regarding contacts made with Venezuela, a spokesman said.
Sources: Venezuela wooed Texas Republican to ease sanctions
The purpose: to lure Exxon back to Venezuela after a decade's absence and inject much-needed dynamism into the OPEC nation's collapsing oil industry. But Sessions did engage in other mediation efforts in Venezuela over the next 15 months. The earlier email regarding Exxon and his connection to Rivera was not known at the time. The five-sentence message sent to Sessions' personal email address, which starts with the word eagle," is short on specifics. The U.S. Department of State would be your best resource for any information regarding contacts made with Venezuela, a spokesman said.