* GRAPHIC: https://reut.rs/2XhBwYj. * GRAPHIC: https://reut.rs/2UNdsLu. By Zandi Shabalala. The cost of insuring against potential debt default by mining companies has risen to the highest in five years on mounting fears of recession, demand destruction and shutdowns to contain the spread of the coronavirus.
The bank best known for asking' what's in your wallet' had some complex trades in its own. After a risky bet on the oil industry went the wrong way last month, Capital One Financial Corporation (COF) sought relief from regulators, a step that raised eyebrows among public watchdogs and Wall Street analysts. On Friday the bank told MarketWatch that it intends to withdraw the request, saying it is not needed.
President Andres Manuel Lopez Obrador on Sunday said Mexico's government will use the budget stabilization fund and cash from various trusts to shield the poor and help the economy weather a sharp coronavirus-driven slowdown. The government will also next week announce a public investment programe in the energy sector worth 339 billion pesos, the president added.
Texas had one of the best economic records of any U.S. state after the 2008 financial crisis. In this crisis, it faces the prospect of a deep and prolonged downturn. The Lone Star State is exposed to many of the pandemic and shutdown's economic ill consequences, with three cities-- Austin, Houston and Dallas-- home to an abundance of service-sector jobs, especially at risk.
By Timothy Puko and Christopher M. Matthews. WASHINGTON-- President Trump promised oil-industry leaders the government would help revive the sector during a much anticipated White House meeting Friday. Chief executives of Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) and leaders of seven other energy companies joined the president as the new coronavirus pandemic slows the economy and ravages the energy business.
By Timothy Puko and Christopher M. Matthews. WASHINGTON-- President Trump promised oil-industry leaders the government would help revive the sector during a much anticipated White House meeting Friday. Chief executives of Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) and leaders of seven other energy companies joined the president as the new coronavirus pandemic slows the economy and ravages the energy business.
By Timothy Puko and Christopher M. Matthews. WASHINGTON-- President Trump promised oil-industry leaders the government would help revive the sector during a much anticipated White House meeting Friday. Chief executives of Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) and leaders of seven other energy companies joined the president as the new coronavirus pandemic slows the economy and ravages the energy business.
President Donald Trump on Friday met with the chiefs of major oil companies and vowed that the U.S. energy sector will revive and he reiterated he saw a Russia-Saudi Arabia deal over oil production in the offing. "We'll work this out and we'll get our energy business back," Trump said at a White House roundtable with the heads of Exxon Mobil (XOM), Chevron (CVX), Occidental Petroleum (OXY) and other major oil companies. At a briefing later Friday, Trump announced he is making space available in the...
Fitch Ratings cut Pemex's long-term foreign and local currency issuer default ratings to 'BB' from 'BB+' due to the deterioration of the Mexican state oil company's stand-alone credit profile during the downturn in the global oil and gas industry.
Fitch: * FITCH SAYS DOWNGRADES PEMEX'S IDRS TO 'BB'; OUTLOOK NEGATIVE. * FITCH SAYS DOWNGRADED PEMEX'S NATIONAL SHORT-TERM RATINGS TO 'F1' FROM 'F1+' * FITCH SAYS DOWNGRADES REFLECT CONTINUED DETERIORATION OF PEMEX'S STAND-ALONE CREDIT PROFILE TO 'CCC-' AMID DOWNTURN IN GLOBAL OIL & GAS INDUSTRY.
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