(Reuters) – The Philippine unit of Honda Motor Co Ltd (T:) said on Saturday its production facility will shut down next month, as the Japanese automaker struggles to shore up global automobile operations. Japan’s third-largest automaker has seen its profitability decline by more than half in the past two years,Read More →
© Reuters. Foxconn Resumes Some Production at Its Main China IPhone Site (Bloomberg) — Foxconn Technology Group resumed some production Monday at its main iPhone-making site in Zhengzhou, according to local officials, though it was unclear how many workers returned, highlighting the ongoing uncertainties the global tech supply chain facesRead More →
SHANGHAI (Reuters) – U.S. electric carmaker Tesla’s (O:) factory in China’s financial hub of Shanghai will resume production on Feb. 10, a Shanghai government official said on Saturday, adding that authorities would provide assistance to the firm. Xu Wei, spokesman of the Shanghai municipal government, made the comment at aRead More →
By Josh Horwitz and Brenda Goh SHANGHAI (Reuters) – A number of Chinese manufacturers including a subsidiary of Apple Inc (O:) partner Foxconn (TW:) have refitted production lines to make masks and medical clothing, as a deadly coronavirus spreads across China. The move highlights how private companies are pitching inRead More →
By Costas Pitas LONDON (Reuters) – British car output dropped last year at the fastest rate since the 2008-9 recession, hit by slumping exports and diesel demand, as an industry body called for an ambitious post-Brexit trade deal to protect the sector. Investment, however, nearly doubled to 1.1 billion poundsRead More →
Speaking at the International Petroleum Technology Conference (IPTC) in Dhahran, Saudi Arabia, Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa explained why OPEC+ had to take the decision to intervene in the oil market beginning in 2016. He said it was justified because the U.S. government had intervened inRead More →
MONTREAL (Reuters) – Airbus (PA:) sees enough demand for its wide-bodied A330neo passenger jet to keep production stable, Chief Commercial Officer Christian Scherer told Reuters on Wednesday. With some airlines seen unlikely to take delivery of all the jets they have ordered, there has been speculation Airbus would have toRead More →
2019 has been yet another challenging year for oil & gas companies, with S&P Oil & Gas Exploration & Production ETF (XOP) down -9% year-to-date and an astonishing -70% from its peak in 2014, which is a stark contrast to major equity indices breaking to ever higher highs. From aRead More →
© Reuters. FILE PHOTO: A number of grounded Southwest Airlines Boeing 737 MAX 8 aircraft are shown parked at Victorville Airport in Victorville, California By Jamie Freed and Tracy Rucinski SYDNEY/CHICAGO (Reuters) – Boeing (NYSE:) Co has decided to suspend production of its best-selling 737 MAX model from January, theRead More →
By Jamie Freed (Reuters) – Boeing Co (N:) is expected to continue burning cash despite pausing production of its 737 MAX jet, as it will leave its workforce intact and likely provide support to suppliers, analysts said. Some estimated the cash burn at around $1 billion a month. The airlineRead More →
© Reuters. Investing.com – Boeing (NYSE:) will halt production of its currently grounded 737 Max jetliner for January, the Wall Street Journal reported Monday, citing a person briefed on the matter. The aerospace giant had continued to assemble about 40 of the jets per month while waiting for regulatory approvalRead More →
© Reuters. Federal Aviation Administration (FAA) Administrator Stephen Dickson testifies before a House Transportation and Infrastructure Committee hearing at the Rayburn House office building in Washington By David Shepardson and Eric M. Johnson WASHINGTON/SEATTLE (Reuters) – The U.S. Federal Aviation Administration said on Wednesday it was investigating production issues atRead More →
Tullow Oil PLC said Monday that it has cut its production forecast for the near term after 2019 output fell significantly below expectations and Chief Executive Paul McDade has resigned with immediate effect. The energy company TLW, -58.67% said that despite a solid financial performance, it expects net production inRead More →
BERLIN (Reuters) – Volkswagen’s (DE:) German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros ($2.2 billion) in savings by 2023. German carmakers, including Volkswagen’s Audi (DE:) brand, have announced thousands of job cuts in recent weeks toRead More →
OPEC issued a press release on December 6th that stated: The 7th OPEC and non-OPEC Ministerial Meeting, hereby decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would leadRead More →
The Organization of the Petroleum Exporting Countries and their allies are expected to announce an agreement to reduce crude oil output further this week, even as the group, collectively known as OPEC+, struggles to see full compliance from all of its members. A committee of oil producers led by SaudiRead More →
Demand for Apple’s new AirPods is surging ahead of Black Friday sales and the wireless earbuds could see shortages heading into the holiday season, according to Wedbush Securities analyst Daniel Ives. The technology company AAPL, +1.34% has reportedly ramped up production due to the success of its latest product. TheRead More →
YOKOHAMA, Japan (Reuters) – Nissan Motor Co. (T:) is introducing a new, higher-tech production system globally to try to boost efficiency as it looks to reverse a slide in profitability. The updated equipment and other technologies, which include increased automation for applying sealant and installing powertrains, will be rolled outRead More →
Coffee prices have jumped more than 25% in recent weeks, lifted by signs of shrinking production in Latin America. Coffee futures have climbed to $1.173 a pound on the Intercontinental Exchange, surging from a recent low around 93 cents a pound in mid-October amid concerns of a supply glut. PricesRead More →
By Jill Mislinski Note: This commentary has been updated to incorporate the October data for Industrial Production. Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about asRead More →
Australian-based BHP Group (NYSE:BHP) just released its fiscal 2020 Q1 operations update which was defined by the expected impacts of planned maintenance across global segments. The company reiterated guidance for the full year production targets which favorably sees upside growth for iron ore and copper. Despite a trend of firmingRead More →
(Reuters) – United Technologies (N:) expects its customer Boeing (N:) to keep producing 42 737 MAX planes per month in 2019, allaying fears of a manufacturing pause that could cost billions of dollars in losses for the planemaker and its suppliers, Chief Financial Officer Akhil Johri told Reuters on Tuesday.Read More →
Welcome to the stagnate edition of Oil Markets Daily! EIA 914 last week was a bit of a surprise to us. It wasn’t the fact that production in July was down relative to June. We knew GOM shut-in from hurricane was ~320k b/d in July, but it was the factRead More →
Kubota (OTCPK:KUBTY, OTCPK:KUBTF) is a Japanese-based manufacturer of heavy equipment and water products. The company has been manufacturing tractors for rice farmers for decades and continues to grow. Kubota is growing the size of its tractors and will one day produce the large tractors used in row crop farming andRead More →
Centennial Resource Development (CDEV) had a pretty good Q2 2019 report. It announced a 5% increase in its full-year oil production guidance and an 8% increase in its total production guidance while also keeping its capex within its budgeted range (albeit toward the higher end). Centennial’s cash burn is aRead More →
