World shares lower…Royal Dutch Shell job cuts
UNDATED (AP) – Share prices in Europe and Asia are lower today after the debate between President Donald Trump and his Democratic challenger Joe Biden. In early trading, Germany’s DAX fell 0.6% and the CAC 40 in Paris lost 0.4%. The FTSE 100 in Britain edged 0.1% lower. In Asia, the Hang Seng in Hong Kong jumped 0.8% but fell back from a 2.1% gain earlier in the day. The Shanghai Composite closed 0.2% lower. Japan’s Nikkei lost 1.5%. On Wall Street, Dow and S&P futures are lower.
UNITED NATIONS (AP) – The United Nations chief says the COVID-19 pandemic has taken “an unprecedent toll” especially on the economies of many developing countries and the world has not responded with “the massive and urgent support those countries and communities need.” Secretary-General Antonio Guterres said that in the United States, Canada, Europe and most of the developed world, governments have adopted packages valued in double-digits of GDP to help tackle the coronavirus crisis and its impact. Guterres on Tuesday urged the international community to increase resources to the International Monetary Fund to allow the developing countries to do the same.
LONDON (AP) – Royal Dutch Shell says it is planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent slide in oil prices during the coronavirus pandemic. The oil giant says around 1,500 employees have already agreed to take voluntary redundancy this year and that it is looking at a raft of other areas where it can cut costs, such as travel, its use of contractors and virtual working. It says that overall, it expects the cost-cutting measures to secure annual cost savings of between $2 billion and $2.5 billion by 2022.
BATON ROUGE, Louisiana (AP) – Louisiana will get nearly $215 million in BP oil spill money for two projects that will restore more than 4,600 acres of marsh and other habitat in the New Orleans area. Gov. John Bel Edwards says work on the projects should begin next year. Coastal Protection and Restoration Authority President Chip Kline says each will set a record. He says the 2,800 acres to be created in St. Bernard Parish will be the largest area ever bid by the agency. He says one in Plaquemines Parish will use the largest amount of dredged material. The money is from BP’s $8.8 billion settlement for natural resources damage in the 2010 Gulf of Mexico spill.
BOSTON (AP) – Seventeen years after it was born with the help of CIA seed money, Palantir Technologies is going public. The data-mining outfit long reliant on spies and soldiers has never been profitable and is dogged by ethical objections for assisting in the Trump administration’s deportation crackdown. The company is highly reliant on government contracts and analysts say it may sink or float on its ability to capture a significant chunk of corporate business. Another potential red flag is the conservative longtime Trump ally Peter Thiel, who with other co-founders will maintain voting control of the company as today’s offering is structured.