Oil prices jump over $1 ahead of the expiry of the WTI June contract

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual fuel demand recovery as more countries ease curbs imposed to stop the spread of the coronavirus pandemic.

Brent crude was $1,19, or 3.7 percent, a barrel of 0240 GMT at $33.69, after hitting a high since April 13. U.S. West Texas Intermediate crude has risen to $1.26, or 4.3 percent, a barrel of $30.69, since rising to its highest since March 16. The June WTI contract expires on Tuesday, but there was little indication that WTI was repeating the historic plunge below zero seen last month on the eve of the expiry of the May contract amid indications that demand for crude and related fuels is recovering from its nadir.

Output is also dropping as U.S. energy firms for a second consecutive week cut the number of oil and natural gas rigs operating at an all-time low. That helped partly to alleviate worries about the distribution point of the WTI contract in Cushing, Oklahoma, which runs out of capacity.

The Chicago Mercantile Exchange, which hosts WTI futures trading, brokerages and the United States Oil Fund LP, the country's largest oil-focused exchange-traded stock, have all taken steps to minimize open positions ahead of the expiry of the WTI contract.

As in the U.S., optimistic attitude has been improved. Federal Reserve Chairman Jerome Powell later this year issued an positive forecast for economic recovery. The Organization of Petroleum Exporting Countries ( OPEC) and its partners, including Russia, a coalition known as OPEC+, are also raising the oil prices.

Saudi Arabia, the world's biggest exporter, reported last week that it will cut a further 1 million barrels per day in June, while OPEC+ wants to hold current oil cuts past June when the group is next to meet.

Kuwait and Saudi Arabia have agreed to halt the production of oil from the joint Al-Khafji field for a month, starting on June 1, the newspaper Al Rai reported on Saturday.

U.S. Department of Justice plans to file an antitrust charges against Google

The Justice Department plans to file antitrust charges against Google as early as this summer, two people with knowledge of the situation said, in what would be one of the United States' biggest antitrust actions since the late 1990's.

The Department of Justice is still investigating the internet business and has made progress on its case, the people said, who spoke on the condition of anonymity because the specifics were confidential. The regulators concentrate on Google's dominance in the online advertising industry and the lawsuit would also contain claims that the company exploited its dominant position in online search to hurt rivals, the people said. State attorneys general are likely to file their own antitrust complaint against Google, or enter the case at the Justice Department later this year, a individual with state investigation information said.

Taken together, these lawsuits against Google, which dominates about 90 percent of all global web searches, will be one of the biggest antitrust cases in the U.S. since the 1990s when the Department of Justice joined 20 states to prosecute Microsoft. In 2001 the two sides arrived at resolution. The moves will also set a precedent for how regulators and policymakers perform inquiries into other major tech companies such as Facebook and Amazon, which are being scrutinized by the Federal Trade Commission, state attorneys general and Congress for their market dominance and corporate behaviour. Google , Facebook, Amazon, Apple and others have evolved for nearly two decades, with little oversight from American authorities, to become gateways to internet search, advertisement, electronic messaging, digital entertainment, and e-commerce.

Europe has for years been ahead of the United States in taking regulatory action against Google and other tech behemoths. In recent years , European authorities have fined Google for, among other items, discriminatory advertisement laws and its misuse of dominance in the cell phone industry.

Black light experiment video shows how quickly a virus can spread in a restaurant

 
Video of an experiment with black light designed to demonstrate how quickly a virus can spread in a restaurant setting is rapidly viral.

 The video, shot by the public broadcaster NHK in Japan, features 10 people going through a simulation designed to simulate the atmosphere in a pre-pandemic buffet restaurant or cruise ship. One person is designed as the infected patient in the video, and a special black light-ready solution is given for rubbing into his hand.

Without a black light, the solution is invisible, so participants at the demonstration can not see it during the simulation. Everyone in the experiment then does what people usually do at a restaurant buffet — they eat food, talk, and drink. A black light is switched on at the end of the video, and the "virus" can be seen just about anywhere.It appears on utensils, cups, food and even on the faces of some of the participants.

US Government Sees a new $737.9 trillion monthly deficit

In April, the federal government racked up a massive deficit, usually a month of significant budget surpluses. The Treasury Department said Tuesday last month the government ran up a $737.9 billion deficit. That was more than three times the previous record $235 billion monthly deficit set in February. The deficit so far climbed to $1.48 trillion for the fiscal year which began Oct. 1.

Nancy Vanden Houten, the leading US financial economist for Oxford Economics, estimates that the deficit could reach $3.2 trillion or higher for the entire fiscal year, depending on whether Congress passes further relief packages. House Speaker Nancy Pelosi introduced a $3 trillion bill on Tuesday, allocating almost $1 trillion for states and cities. In the Senate the proposal faces uncertain prospects.

Treasury usually runs surpluses in April because of the annual April filing deadline for tax payments, as government revenues swell. But this year, the April 15 tax deadline has been deferred to July 15 among the many measures that the government has taken to try to cushion the coronavirus shutdowns blow.

The Congressional Budget Office has estimated all of the government's spending on dealing with what is expected to be a sharp recession will push the deficit to $3.7 trillion for the whole year. That would break the previous high of $1.4 trillion set in 2009, the first of four years in which annual deficits soared past $1 trillion as the government fought out of the Great Recession to pull the nation off.

Revenues totaled $1.85 trillion for the first seven months of the fiscal year, a drop of 9.7 per cent from the same timeframe a year earlier. Government spending amounts to $3.33 trillion, a 29.3 per cent rise from a year earlier. The $1.48 trillion deficit for the first seven months of this budget year is 79 per cent higher than the $530.9 billion deficit reported in the last budget year's first seven months.

Prince Harry finds himself surrounded by 'Team Meghan' at the couple's $17.9 million LA villa

A new report revealed that the $17.9 million villa where Prince Harry and Meghan Markle currently live is largely surrounded by "team Meghan," including some of her closest friends.

According to Daily Mail, the 90210 postcode is renowned for its star-studded neighbors in Beverly Hills, Los Angeles, where the Duke and Duchess of Sussex are currently based, including long-term mates of former 'Suits' actress Benita Litt, Heather Dorak and Abigail Spencer. Serena Williams, another close friend of Meghan's, also resides with her family in a neighboring gated community. In her inner circle, Meghan reportedly told her friends she was delighted to be back in her hometown where her friends and mother, Doria Ragland, reside.

Nevertheless, her friends have expressed concern that Harry can become highly dependent on Meghan as he has few connections or friends in LA. Conservation campaigner Jane Goodall said Harry would find his new life somewhat difficult-a prediction she had made after talking to him last month. The couple reportedly stayed at the Beverly Hills ultra-luxury mansion which belongs to Tyler Perry. Although the pair has never been seen with Perry, their mutual close friend Oprah Winfrey claims they all met.

Harry and Meghan have been calling home the manor valued at $18 million since moving to LA. Perry's house features eight suites, 12 bathrooms and is located in the exclusive Beverly Ridge Estates guard-gated community on 22 acres, on top of a hill. Whether the Duke and Duchess of Sussex rent the property or are staying there as guests is currently unknown. There was, however, no official record showing the mansion sold.

Perry reportedly sent his $148 million private jet to whisk Harry and Meghan from their former home in Canada days before the coronavirus outbreak plunged the nation into lockdown. That was the reason the pair stopped being noticed by the paparazzi on their way to the United States, according to an source. Another earlier source clarified how the former royal couple had selected the place to live.

Meghan and Harry were extremely prudent in keeping their LA base under wraps. Their team wisely helped them pick the location for their Los Angeles transition. Beverly Ridge has its own guarded gate and Tyler's property has its own gate which their security team watches. Beverly Ridge is a perfect spot to look out. Instead of showing business gossips, the neighbors are mostly old money and mega-rich business types. The location is, of course, stunning-just one of the most beautiful and desirable areas in LA,

During the coronavirus pandemic, business is booming for those 14 companies

For industry the coronavirus pandemic was, to say the least, bleak. Widespread layoffs and furloughs have caused about 21 per cent of U.S. workers since mid-March to file for unemployment compensation, and analysts believe the U.S. is possibly now in recession. And, even as states start reopening, many of the jobs lost may never return. Yet several businesses have been flourishing during this upheaval due to drastic changes in customer behavior. Restaurants, pubs, offices and gyms are mostly barren, with millions of Americans staying home to avoid the coronavirus spread. That created new opportunities for many businesses.

Activision Blizzard, Electronic Arts and Nintendo

Popular video games such as first-person shooters, football and adorable animals were a boon for top gaming firms. Activision Blizzard (ATVI) said "Call of Duty: Modern Warfare," which came out in September, has sold more copies at this point after its release than any other "Call of Duty" title. In the first quarter, revenues were $1.52 billion, up 21 per cent from last year's $1.26 billion.

For Electronic Arts (EA), sales for the fourth quarter went up 12 percent from last year. FIFA, Madden NFL, The Sims 4 boyed it up. Unlike Activision, people sitting at home and looking for escape have benefited from it.


The breakout success of "Animal Crossing: New Horizons," a game set on an island utopia, has powered sales this spring. In its first six weeks the company sold more than 13 million units of the game. The Nintendo Switch console is also still hard to find, with the business shipping over 21 million units in the last fiscal year.

Clorox Company and Reckitt Benckiser

People can not avoid getting their dwellings sanitized, bleached and washed every nook and cranny. Clorox and Reckitt Benckiser, the makers of the world's leading cleaning products, benefit from this.

Clorox (CLX) said last week that the first quarter saw its total sales leap 15 percent. Clorox's cleaning product revenues, including its wipes and beaches, have jumped 32%. There has also been "increased consumer demand" for cat litter and grilling needs, which has fuelled a 2 percent increase in sales in its household segment.

Reckitt Benckiser (RBGLY), the British company which produces Lysol and Dettol, also experiences record sales. Sales of disinfectants rose 13.5 percent in the first quarter due to "solid market demand" (More than just strong demand for its products, the company was also in the spotlight.)

Sales of aerosol disinfectants jumped from this time last year in March and April 230.5 per cent and multipurpose cleaners 109.1 per cent, according to research firm Nielsen.

Peloton

In-home fitness items, including bikes and treadmills, are made by Peloton (PTON). Unsurprisingly, a blowout quarter announced on Wednesday: sales increased by 66 percent and membership rose by 30 percent for its app. The business, which has a loyal following, has also increased its full-year outlook, as it does not expect to decline in demand anytime soon.

Publix and Kroger

Some of the country's largest grocers also gained from the need for household essentials and food, which stayed open as critical businesses. Publix recently said revenues soared 10 per cent to $1 billion for the first three months of the year. Sales in open shops rose by 14.4 percent at least a year.

The pandemic had also benefited Kroger (KR). Recently, the grocery store said sales in open stores rose by 30 per cent in March for at least a year. The bestselling pieces were packaged meals and paper and cleaning products. As a result, Kroger said its first-quarter results are projected to be better than anticipated.

Beyond Meat

Beyond Meat (BYND)'s revenue more than doubled in the first quarter, the company reported Tuesday. Sales hit $97.1 million in the first three months of the year, up 141 per cent from $40.2 million in the same time last year.

The results "rose above our expectations," CEO Ethan Brown said. Retail sales in the United States rose 157 per cent compared to last year's same time. The meat business based on plants is in a good position as it expands into the Chinese market and faces a regional meat shortage in the USA.

3M

3M (MMM) said that the virus spurred "solid development" for its personal safety products, including gowns and the medical professionals' N95 respirator masks required. Revenue in the first quarter rose by almost 3 per cent to $8.08 billion. This was accompanied by an rise of 21 per cent in its healthcare segment and 4.6 per cent in consumer products, such as Scotch-Brite sponges

Wayfair and Overstock

With much of the country working from home it leaves plenty of time to refresh the room. For its most recent quarter, Wayfair (W)'s sales increased by 20 percent compared to the same period last year. The online retailer said it is seeing "strong growth in new and recurring customer orders," with the number of orders rising to 9.9 million by 21 per cent.

Rival Overstock (OSTK) also said its April retail sales were up 120 percent compared to last year's same month, with growth occurring in its "core categories of home furnishings."

Slack and Zoom

Slack and Zoom have become standard networking devices for people who can operate remotely.

Slack (WORK) Technologies said it added 9,000 new paid customers between February 1 and March 25, an 80 percent increase compared to the previous quarter. Not only do they add more people, users are becoming more chatty: "The number of messages sent per user per day has increased globally by an average of 20 per cent," Slack said in a press release.

Zoom (ZM), a platform for video conferencing, was obviously the biggest brand to break out. According to CEO Eric Yuan the organization hosts 300 million meeting participants a day. Zoom previously said in March it passed 200 million members in the regular meetings. Its stock for the year is up 120 per cent.

Source: CNN Business

Roche wins U.S. nod research for COVID-19 antibody

Roche wins U.S. nod research for COVID-19 antibody, aimed at improving performance

Roche (ROG.S) has earned U.S. approval for the emergency. Food and Drug Administration (FDA) for an antibody check to determine if the coronavirus has ever affected people, the Swiss drugmaker said on Sunday. Thomas Schinecker, Head of Diagnostics at Roche, said the company is aiming at more than doubling test volume from around 50 million a month to significantly more than 100 million a month by year-end.

Governments, companies, and people are searching for blood testing of this type to discover who may have had the disease, who may have some immunity, and hopefully to build plans to help end national lockdowns. Roche, based in Basel, which also carries out molecular tests to recognize active COVID-19 infections, said that its antibody test has a specificity rate of over 99.8 percent and 100 percent sensitivity, indicating that tests will produce very few false positives and no false negatives.

A false-positive outcome could lead to the incorrect inference that somebody has immunity. Roche said their research is based on intravenous blood samples, with greater precision than finger-prick tests.

Companies including U.S .- based Abbott Laboratories (ABT.N), Becton Dickinson (BDX.N), and Italy's DiaSorin (DIAS.MI) have also developed similar antibody tests. Abbott said his test's accuracy and sensitivity were 99.5 percent, and 100 percent, respectively. Diasorin said their Liason XL test has sensitivity of 97.4 percent and specificity of 98.5 per cent.

When demand for antibody tests escalates, an number of distributors with no history or proven testing expertise have also entered the seasoned companies in an all but unregulated marketplace in the United States. Roche has not disclosed a price for its research, but has said it will be the same worldwide.