(Bloomberg Opinion) — Covid-19 may do for Big Oil what the Chicxulub asteroid did for the dinosaurs when it struck Earth 66 million years ago.Much like the “terrible lizards,” Big Oil was already in decline before the novel coronavirus hit. The world in which they thrived is changing around them and they face multiple threats to their future health. But the outbreak’s impact has accelerated the process.The pandemic has slashed oil demand, taking prices down with it. Producers everywhere were slow to react. Now the recovery is taking longer than initially expected, as infection rates remain stubbornly high in the U.S. and they spike again in Europe.For this horrible year, the International Energy Agency sees global oil demand 8.4 million barrels a day lower than it was in 2019. In 2021 it will still be 2.5 million barrels a day down on last year. The other major oil forecasting agencies … Read the rest
Netflix is investing in a new London headquarters as part of its aggressive expansion plans in Britain.
The streaming service will treble its office space in the capital to 100,000 sq ft when it moves into the Copyright Building in the West End.
The leasing deal follows the international success of Netflix programmes made in Britain, including The Crown and Sex Education.
A source close to the company said Netflix intends to “invest heavily in the British creative economy”, creating jobs in its business operations, original productions and co-productions.
Netflix has 269 employees in the UK, where it filmed more than 50 productions last year.
A spokesman said: “As part of our ongoing commitment to the UK, we are excited to expand our operations in London through the lease of additional office space.”
The company has agreed to take over a lease from Capita, the outsourcer, which is giving up … Read the rest
Equities in Canada’s largest centre moved into the Thanksgiving long weekend with momentum to spare, thanks largely to strength in resource stocks.
The TSX came out of its midday red by day’s end, and gained 28.27 points to 16,562.81. The gain on the week was a hefty 424 points, or 2.6%.
The Canadian dollar added 0.37 cents to 76.18 cents U.S.
Energy stocks provided the biggest yoke on the market, with Enerplus Corporation sliding 10 cents, or 3.6%, to $2.67, and Cenovus Energy down 16 cents, or 2.9%, to $5.33.
Among financials, TD shares were poorer $1.21, or 2.9%, to $61.50, while Brookfield Asset Management docked 73 cents, or 1.6%, to $46.15.
In communications, Quebecor doffed 74 cents, or 2.2%, to $32.86, while Shaw Communications skidded 41 cents, or 1.7%, to $23.55.
Gold soared, on the other hand, with Eldorado Gold climbing $1.48, or 10%, to $16.27, and Wesdome Gold … Read the rest
With its stock trading at 52-week high, and up 496% year-to-date, DraftKings (DKNG) has cashed out at the top. On Monday, the sports-betting provider announced it is selling 32 million DKNG shares to raise capital. The company expects to raise over $1.6 billion from the sale with 16 million being sold by DraftKings and the rest by existing shareholders. At $52 per share, the company is offering the stock for a price 14% below what its shares cost prior to the offering announcement. The result will be a windfall of an estimated $830 million, which DraftKings will use for general corporate purposes.In reaction, DKNG plummeted 22% this week and it looks like the stock received more lashes than it deserved — at least, according to 5-star Canaccord analyst Michael Graham.Graham sticks to his Buy rating on DKNG shares, while his $65 price target stays put, too. Investors could be taking … Read the rest
The UK retail sector has a once in a lifetime opportunity to prevent a potential mental health storm that could impact millions of workers.
That is the word from industry charity retailTRUST as it launches its ‘2020 Health of Retail’ report, which identifies a triumvirate of pandemic-induced stress and anxiousness facing UK retail workers.
Futures for equities in Canada’s largest market were flat on Friday, following the release of key employment data due before the market open, while the benchmark index was set to log strong weekly gains on elevated commodity prices.
The TSX hiked 106.24 points to end Thursday at 16,534.24.
The Canadian dollar climbed 0.11 cents early Friday to 75.91 cents U.S.
December futures inched up 0.02% Friday.
TD Securities raised the target price on Advantage Oil & Gas to $3.00 from $2.75.
JP Morgan established the price target on Canadian National Railway at $154.00
National Bank of Canada raised the rating on Cargojet to outperform from sector perform
On the economic docket, Statistics Canada reported that, following an increase of 246,000, or 1.4% in August, employment rose by 378,000, or 2.1%, in September. The unemployment rate declined 1.2 percentage points to 9.0% in September, down from the peak of 13.7% in … Read the rest
(Bloomberg Opinion) — Apple Inc. has been in the spotlight lately, between antitrust scrutiny of its mobile operating system and the legal battle it’s waging with Fortnite-maker Epic Games Inc. over its App Store. Those developments pale, however, in comparison to the company’s main event next week: the unveiling of its latest iPhones.For all the talk about Apple’s shift to services and subscriptions, the tech giant’s business is still dependent on its core hardware products, so Tuesday’s presentation will be a must-see for investors. There could be a problem this year, though. The lineup’s most vaunted feature — fifth-generation wireless capability — may not be ready for prime time. The Cupertino, California-based company is expected to unveil four new iPhone models with 5G capabilities as well as a different physical design and a wider choice of screen sizes, Bloomberg News reported last month. Apple is already touting the new technology’s … Read the rest