The 99-year-old trucking company made it official on Sunday, filing for bankruptcy and ending the employment...
The 99-year-old trucking company made it official on Sunday, filing for bankruptcy and ending the employment of its 30,000 workers following years of financial struggle and a labor battle with the Teamsters. But for most outside the trucking industry, the big question loomingnow is whether the company’s plan to sell off its assets will enable it to pay back the controversial $700 million pandemic-era loan it got from the government or whether other creditors like Apollo Global Management will get whatever is left from the freight company.
From Twitter: Egypt signs oil & gas exploration contracts worth $320 Million
Egypt has unveiled a strategic move by...
Egypt has unveiled a strategic move by formalizing three contractual agreements aimed at the exploration and extraction of natural gas and crude oil within the Mediterranean region.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oilfor September delivery fell 88 cents to $81.94 a barrel Monday. Brent crudefor October delivery fell 90 cents to $85.34 a barrel.
Wholesale gasoline for September delivery rose 2 cents to $2.80 a gallon. September heating oil fell 4 cents to $3.02 a gallon. September natural gas rose 15 cents to $2.73 per 1,000 cubic feet.
Dow posts best day in 7 weeks as stocks resume rally
U.S. stocks closed higher Monday, with the Dow posting its best...
U.S. stocks closed higher Monday, with the Dow posting its best day in about seven weeks. The Dow Jones Industrial AverageDJIA rose about 408 points, or 1.2%, ending near 35,473, according to preliminary FactSet data. It snapped a 3-session decline and marked the Dow’s best daily percentage gain since June 15, according to FactSet data. The S&P 500 IndexSPX gained 0.9%, while the Nasdaq Composite IndexCOMP closed up 0.6%. Investors were looking to gauge the possibility of yet another rate hike from the Federal Reserve next month, with the U.S. economy still able to navigate higher rates without slipping into a recession. A key focus will be on Thursday’s July reading of the consumer-price index as an inflation update but also, continued corporate earnings results.
Siemens Energy Sees €4.5 Billion Hit, Wind Losses Prompt Review
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business...
(Bloomberg) Siemens Energy AG launched a strategic review of its wind power business as problems with its turbines are expected to cause a €4.5 billion ($5 billion) net loss in one of industrial Germany’s biggest debacles.
The worsening outlook, which compares with a previous roughly €1 billion net loss prediction, marks the latest setback for the German manufacturer in getting to grips with quality flaws and unprofitable contracts weighing on its wind unit. Siemens Energy’s other businesses are performing well and the company has strong cash reserves.
