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Sunday, September 20, 2020

Shale boss says US has passed peak oil

US crude production has already peaked, according to one of the country’s leading shale executives, as producers battered by the price crash shun new output growth and start trying to become profitable. Matt Gallagher, chief executive of Parsley Energy, one of Texas’s biggest independent oil...

BlackRock punishes 53 companies over climate inaction

BlackRock has punished more than 50 companies from US oil major ExxonMobil to Swedish carmaker Volvo over their lack of progress on tackling global warming, six months after it warned of huge investment risks from climate change. Larry Fink, chief executive of the $6.8tn investment...

Investors yank $500m from super-leveraged US tech fund

An exchange traded fund designed to amplify the moves of red-hot US tech stocks has just suffered its worst ever week of outflows, suggesting that investors are growing wary of highly stretched valuations. Investors pulled $491m from the ProShares UltraPro QQQ ETF last week in...

Wall Street edges higher as earnings season kicks off

Wall Street stocks inched higher on Tuesday, as investors assessed an opening foray in a quarterly earnings season that will guide them on the pace of the US economic recovery. The S&P 500 was up 0.5 per cent at lunchtime in New York as gains...

Alibaba’s Jack Ma sells $8.2 bn worth shares, stake dips to 4.8%: filing

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8 per cent from 6.2 per cent, cashing out around 8.2 billion dollars at its current share price, the firm’s annual filing released on Friday...

Media giants and technology companies are having an identity crisis

Distribution and content companies are redefining themselves because the definition of distribution is changing with broadband-connected television. There are multiple levels in which media and technology companies can play. Choosing a path dictates content spend and acquisition strategy. Media companies are having an identity crisis. And, just...

UK pledges £3 billion to make economy greener, but environmental groups say it isn’t enough

Rishi Sunak announced plans for a £3 billion “green investment package” in a speech on Wednesday. The announcement was made during an economic statement focused on providing support to the U.K. economy. The U.K.’s finance minister has unveiled plans for a £3 billion ($3.8...

US stocks edge higher after strong second-quarter rally

US stocks rose on the first day of the third quarter as bullish investors took heart from cheering economic data and news of a potential coronavirus vaccine. The S&P 500 index rose 0.6 per cent in morning trade in New York on Wednesday after the...

Wall Street mixed as investors weigh Covid-19 options

Wall Street’s major bourses were mixed as investors considered whether the acceleration of coronavirus infections in the US would lead to further tightening of lockdown measures that could hold back economic recovery. The S&P 500 opened 0.1 per cent lower while the Dow Jones Industrial...

Wirecard’s real business relied on small number of customers

Wirecard relied on a small number of customers for the majority of its genuine sales, according to an internal company spreadsheet that shows for the first time the real business behind the fintech group’s facade. The German payments company filed for insolvency last week after...
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