Saudi Aramco’s Profit Plunges Amid Oil Slump: Live Updates
Here’s what you need to know:
Saudi Aramco, the world’s largest oil company, said on Sunday
Profit
Saudi Aramco Says Profit Fell 73 Percent as Demand for Oil Shrank
Saudi Aramco, the world’s largest oil company, said on Sunday that its quarterly earnings plunged more than 73 percent compared to a year ago, as lockdowns imposed to curb the coronavirus pandemic drastically cut the demand for oil and slammed prices.
Despite the steep fall in earnings, to $6.6
How Pimco’s Cayman-Based Hedge Fund Can Profit From the Fed’s Rescue
WASHINGTON — Pacific Investment Management Company runs a hedge fund registered in the Cayman Islands, a common structure for avoiding certain U.S. taxes. But when a profit opportunity arose from the ashes of America’s coronavirus crisis, that international location did not stop it from seizing the moment.
The Federal Reserve
Tesla Turns a Profit in a Pandemic-Squeezed Quarter
Tesla on Wednesday reported a profit of $104 million, a result that surprised analysts, who were expecting the electric carmaker to lose money as the coronavirus pandemic squeezed the company on two fronts.
Sales for the second quarter, which ended in June, slowed while much of the economy shut down
JPMorgan Reports Profit Plunge: Live Business Updates
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Wells Fargo on Tuesday reported its first quarterly loss since 2008, losing $2.4 billion as the pandemic’s economic shocks ravaged nearly every line of its business.
In a sign of more trouble ahead, the bank added
Some Big Investors Smell Profit in Virus-Plagued Companies
The recent misfortune of American businesses — many of which are struggling to raise cash to stay afloat — is creating new moneymaking opportunities for hedge funds and private equity firms, big investors that have been relatively unscathed by the pandemic.
With hundreds of billions of dollars sitting in reserve,