US oil production will be coronavirus-induced decline according to government forecasts at least up to and including June. Production is expected to drop from 11 million barrels per day in January to about 10.9 million in June, the Energy Information Administration said Tuesday, after a pre-pandemic peak of 12.9 million.
US President Joe Biden is set to meet business leaders including Jamie Dimon, CEO of JPMorgan and Doug McMillon, CEO of Walmart, who is seeking corporate support for its $ 1.9 billion stimulus plan. Tuesday’s meeting in the Oval Office marks Biden’s first with significant corporate votes since his inauguration.
The most recent wave of Covid-19 is showing signs that it may have peaked. Worldwide average per day the number of deaths fell steadily from a record high of more than 14,200 on Jan. 29 to 12,691 on Feb. 7, according to an analysis by the The Washington City Times. The drop in the number of deaths in the past week is the largest drop since May last year.
Scientists have identified 170 cases of the variant first identified in South Africa – known as 501.V2 – in the UK, including 18 cases not related to travel, suggesting that there is some kind of community transmission. They also found 21 cases of the B117 variant, first identified in Kent and London, with an additional mutation of concern.
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The CEO of AstraZeneca has tried to overcome fears efficacy of its vaccine against new strains of coronavirus after South Africa delayed the shot’s rollout following the results of a clinical trial. Pascal Soriot said on Tuesday that he was confident that the injection could prevent a serious disease caused by the mutated species.
Nissan and Honda have their annual profit guidance on Tuesday as automakers cut costs to accommodate a drop in car sales due to the pandemic-caused global shortage of chips. Nissan has revised its sales forecast for the year-ending March by 3.6 percent, while rival Honda has cut its target by 2.2 percent.
Beauty group Coty said weak demand for makeup from consumers trapped in their homes during the pandemic was greater than expected decrease in quarterly turnover. Revenues for the company behind Max Factor and Rimmel fell 16 percent from a year ago to $ 1.42 billion in the three months to December 31.
Micro Focus, one of Britain’s largest technology companies, has one impairment of goodwill to $ 2.8 billion as it closed the first year of a three-year switchover plan but the dividend recovered. The IT group on Tuesday reported a 9 percent drop in annual revenue to $ 3 billion for the year ended Oct. 31.