PARIS: French energy major Total now faces a revenue shortfall of at least $12 billion due to the crash in oil prices, CEO Patrick Pouyanne said on Friday, a third higher than its previous forecast made two months ago.Total announced a plan in March to find cost savings, saying it said it expected a revenue shortfall of around $9 billion due to the crisis in the oil market. Pouyanne's comments on Friday indicate it will have to make more far-reaching cost cuts.Total had expected the oil price to be at around $60 per barrel this year, but as the price is now at around $30, it will leave the company with a much bigger shortfall, Pouyanne said. "It is globally at least $12 billion that we believe we must cover through our action plan due to the crisis," he told a shareholders' general assembly meeting.Total, like other oil and gas companies, announced plans to cut its investments this year by around 20%. It has also suspended its share buyback programme, and has said it will find … [Read more...] about Total needs to cover $12 billion shortfall due to crisis: CEO
12 billion is how many million
After years of trade war turmoil, US policy makers are now starting to take aim at the financial industry amid growing skepticism over American firms plowing money into a country perceived as a big geopolitical foe. Policy makers and lawmakers are looking at restricting US pension fund investments in Chinese companies and limiting the ability of Chinese companies to raise capital in the US. … [Read more...] about Wall Street has billions to lose in China from rising strain
Last week Hike Messenger , the messaging app, became the latest startup to join the so-called ‘unicorn’ pack in India—companies valued at at least $1 billion. Hike has been the fastest of the pack to reach the milestone, in just about three and half years after launch. It took e-commerce major Flipkart five years, rival Snapdeal seven years and analytics firm Mu Sigma nine years to become unicorns. Hike is also the lone company in the unicorn pack that is free. It is yet to make money. Hike will only “start to try making money by 2018, perhaps 2020”, says 28-year old founder Kavin Bharti Mittal. Yet, thanks to the $175 million collected from a clutch of overseas investors (see Plenty of Funds), the app is valued at $1.4 billion. Mittal believes the $175 million raised by Hike “is like Flipkart raising $1 billion. That’s the value we see and we are the only local rich messaging app with scale in the country.” Says Vishal Tripathi, … [Read more...] about Is Hike Messenger worth the hype and $1.4 billion?
Underpinning this interest from PEs is the government backing for the sector, starting from the grant of infrastructure status to the logistics and warehousing industry in 2017 and the drafting of an independent national policy framework for the states to ensure uniformity in rules across the country, reports T E Narasimhan. … [Read more...] about PE investors put logistics sector in high gear
WASHINGTON: India and the US could strike a “smaller” trade deal in the coming weeks, India's ambassador Taranjit Singh Sandhu has said while acknowledging that the unprecedented challenges posed by the COVID-19 pandemic has been a "bit of a setback" in moving ahead as the governments are focused on tackling the health crisis. Addressing the virtual West Coast Summit of US-India Strategic Partnership Forum (USISPF), Sandhu said that India's supply of antimalarial drug hydroxychloroquine (HCQ) to the US has given the two countries enough confidence and have played an important foundation. India, which is one of the major manufacturers of the drug, has sent several million doses of the HCQ to the US as part of its humanitarian gesture. “The top leadership has also been talking about it and I feel that perhaps in the coming few weeks, we should be able to strike the smaller trade deal,” Sandhu said. “I continue to be very optimistic about the trade deal. … [Read more...] about India, US could strike a ‘smaller’ trade deal in the coming weeks: Indian envoy