Crude Futures Settle Sharply Lower
Despite positive updates on the vaccine front, crude oil prices plunged sharply on Monday as reports saying a surge in a new strain of the coronavirus in the U.K. raised concerns about energy demand.
West Texas Intermediate Crude oil futures for February ended down $1.27 or about 2.6% at $47.97 a barrel. The slide was the steepest single-session fall in six months.
Brent crude futures were down $1.40 or 2.7% at $50.86 a barrel a little while ago.
A fast-spreading new coronavirus strain shut down much of the United Kingdom and disrupted international freight.
According to reports, more than 16 million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England.
The new variant of the virus is thought to be up to 70% more transmissible than the original strain of the disease. The World Health Organization said the same mutation of the Covid-19 virus has also been detected in the Netherlands, Denmark and Australia.
Worries about rising coronavirus cases offset positive news such as the rollout of a new coronavirus vaccine in the U.S. and Congressional leaders reaching an agreement on a new $900 billion relief package.
Canada as well as European countries, including Germany, France, Italy and the Netherlands, ordered a suspension of flights from Britain.
SoftBank Vision Fund's blank-check company files for IPO
Dec 21 (Reuters) – SoftBank Group Vision Fund’s blank-check company, SVF Investment Corp, filed to go public on Monday saying it would raise up to $525 million.
The company intends to have its units listed on the Nasdaq under the ticker “SVFAU”.
SVF said its IPO pricing is an estimate solely for calculating the SEC registration fee.
Majority of U.S. House clears coronavirus aid bill through procedural hurdle
WASHINGTON (Reuters) – A majority of the U.S. House of Representatives on Monday voted to move a $900 billion coronavirus aid bill coupled with a $1.4 trillion government funding measure through a procedural hurdle, clearing the way for a vote on passage this evening.
Congress was rushing to pass the massive legislation before a midnight deadline.
American Air Poised to Recall Workers After New Payroll Aid
American Airlines Group Inc. will begin recalling furloughed employees as soon as U.S. lawmakers approve a relief package with payroll funds for airlines, Chief Executive Officer Doug Parker said.
The first paychecks are set to be issued as soon as Dec. 24 to workers who had been sent home, Parker and American’s president, Robert Isom, said Monday in a memo to employees. Pay and benefits would be retroactive to Dec. 1.
Congress reached a deal late Sunday on a$900 billion package to help people and businesses damaged financially by the coronavirus pandemic. The relief measures include about $15 billion for U.S. airline employees, including those placed on furlough when an earlier round of aid expired Sept. 30. With demand for air travel continuing to languish, the new funds would cover airlines’ payroll costs for the first quarter of 2021.
“We’ve fought shoulder to shoulder with our labor partners since the summer to get to this point,” Parker and Isom wrote. They asked employees to contact Congressional representatives to ensure that the bill becomes law.
The recalls will be ordered according to work groups, the company’s staffing needs and seniority, a spokesman for American said.
Indonesia’s Jokowi Plans to Announce a Cabinet Revamp on Tuesday
Indonesian President Joko Widodo will announce new members of his cabinet on Tuesday, according to Heru Budi Hartono, the head of the presidential secretariat.
Two ministers in the current cabinet,Juliari Batubara of social affairs andEdhy Prabowo of fisheries, were detained by the country’s anti-corruption agency for graft probes. No details on the new lineup are immediately available and the announcement may come any time on Tuesday, Hartono said by text message.
Philippine Stock Exchange Tightens Voluntary Delisting Rules
The Philippine Stock Exchange wants shareholders to have a say in any company delisting and will now require the tender offer price to consider the stock’s volume-weighted average price in the one year preceding the plan.
Votes cast against the delisting should not be more than 10% of the total outstanding and listed shares of the company, according to the salient provisions of theamended rules that take effect immediately. The memo was posted on the website on Dec. 21.
Previous rules require only the approval of the board of directors and the minimum tender offer price would typically be based only on fairness opinion, according to a report ofBusinessWorld.
- Shareholders owning at least two-thirds of the total outstanding and listed shares of the company must also approve the delisting along with at least two-thirds of the entire board including at least two of its independent directors
- The minimum tender offer price shall be the higher of either the highest valuation based on the fairness opinion of an independent provider or the volume weighted average price of the security for one year immediately preceding the disclosure of the delisting approval
Twitter CEO Jack Dorsey unfollows Trump, Biden
Twitter CEO gives $15M to help cities provide guaranteed income
Twitter will now warn users if they try to like a ‘misleading’ tweet
Jack Dorsey is finally starting to admit Twitter’s censorship problem
Tweet-a-culpa: Twitter CEO Jack Dorsey admits Post lockout was ‘a mistake’
Twitter CEO Jack Dorsey has reportedly unfollowed the accounts of President Trump and President-elect Joe Biden on his social media platform.
Dorsey also stopped following Vice President-elect Kamala Harris and Ivanka Trump’s account, according to the Twitter account @BigTechAlert, which monitors activity of tech leaders.
Since Nov. 17, Trump has lost 368,743 followers on Twitter, according to Factba.se, a website that tracks Trump’s public statements and tweets.
Biden, meanwhile, in the same time frame, gained roughly 2.5 million followers on the social media platform.
During his presidency, Trump has been extremely active on Twitter, issuing quick statements from the account, insulting opponents and even announcing policy decisions from the platform.
Once Biden takes office, Twitter has said Trump will lose certain protections granted to world leaders, subjecting him to the same rules as ordinary users.
With Post wires