Tuesday, July 7th, 2020
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Enron legacy returns in battle over $80 million yacht

White yacht. Marina

BLOOMBERG, JULY 4, 2020 Enron Nigeria says it’s owed money over suspended power deal | Company wants $22 million from sale of seized Galactica Star Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with US and Nigerian authorities over the proceeds of the sale of a luxury yacht. The dispute …

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Shell to write down up to $22b after COVID hit. Expects 40% drop in sales 2nd Qtr

Shell oil drilling rig at sea. Helicopter

REUTERS, JUNE 30, 2020 LONDON – Royal Dutch Shell (RDSa.L) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. The impairments follow the Anglo-Dutch company’s decision to shift from fossil fuel and reduce its greenhouse gas emissions to net-zero by 2050, …

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Chesapeake’s Collapse Is Latest in Long Line of Shale Disasters

Oil storage tanks

BLOOMBERG, JUNE 29, 2020 Over 200 North American producers have gone under since 2015 | This year, at least 20 have filed for bankruptcy protection By David Wethe for Bloomberg – The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest …

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Trudeau’s Covid Aid Pays Off With Consumer-Spending Rebound – BLOOMBERG

Justin Trudeau speaks during a news conference outside his Ottawa residence

BLOOMBERG, JUNE 25, 2020 Government’s C$2,000 stipend helped cushion initial blow | ‘We didn’t expect it to come back that fast,’ Royal Bank of Canada’s CEO says By Doug Alexander for Bloomberg – Consumer spending in Canada rebounded sharply in the first half of June, thanks in part to tens of billions in government benefits paid to sidelined workers. Consumer purchase …

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Norway’s MPC Container Ships warns of possible bankruptcy

Small container ship at sea

PortandTerminal.com, June 22, 2020 OSLO – Norwegian container ship owner MPC must restructure its debt and raise new funds, to tackle a sector-wide downturn arising from the Covid-19 pandemic. The Oslo-listed container ship company MPC Container Ships is warning that it could go bankrupt and will face a serious cash crunch as early as July, next month. The company was …

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Carnival sees more pain after posting $4.4 billion loss. Selling six of its ships

REUTERS, JUNE 18, 2020 The company said it hoped to resume operations in a phased manner but was resigned to cutting back on overall capacity and had already agreed to sell six of its ships. (Reuters) – Carnival Corp (CCL.N) reported a record $4.4 billion in quarterly losses on Thursday, as the COVID-19 pandemic crippled the world’s biggest cruise operator …

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Tesla shares surge past $1,000 as Musk revs up the Semi

Tesla Semi Truck

REUTERS, JUNE 10, 2020 SHANGHAI – Tesla Inc’s (TSLA.O) stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.” Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. …

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Port of Los Angeles Adopts $1.5 Billion Fiscal Year 2020/21 Budget

PortandTerminal.com, June 5, 2020 The budget is based on expectations of slower cargo volumes in the near term (decreasing by approximately 15.6%) and a continued slowdown in the worldwide economy, due to market uncertainties related to the COVID-19 pandemic and lingering impacts from the 2019 trade war. LOS ANGELES, CA – The Los Angeles Board of Harbor Commissioners has approved …

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