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The industry has been affected by the pandemic as local power cuts have reduced demand for oil and gas.

Exxon Mobile oil refinery in Shannaon, Illinois. Industry has been affected by the pandemic, as the blockades have reduced demand for oil and gas. Tannen Mauri/EPA, via Shutterstock.

Exxon Mobil and Chevron, the country’s two energy giants, reported quarterly losses on Friday as the oil and gas industry continued to recover from the pandemic.

Demand for oil and gas fell this spring when governments and companies shut down the economy and kept millions of people at home, causing prices to fall. Although it has since recovered somewhat, demand is still lower than before the pandemic, and the recent increase in the disease in Europe and the United States could further reduce it.

Exxon Mobil reported a loss of $680 million in the third quarter, the third consecutive quarter loss. Chevron reported a quarterly loss of $207 million, compared to a profit of $2.6 billion in the same quarter of 2019.

Exxon’s results were better than analysts expected. The Company’s loss for the September three months ended was approximately $400 million lower than in the second quarter as oil and natural gas prices recovered somewhat from the sharp decline in the spring.

Exxon reported that oil and gas production increased by 1% compared to the previous year. However, revenue fell 29 percent to $46.2 billion compared to the same period in 2019, as demand for oil and gas remained weak.

We continue to believe in our long-term strategy and the fundamentals of our business and are taking the necessary steps to preserve value while protecting our balance sheet and dividends, said Darren Woods, Exxon’s President and CEO, in a statement.

Chevron had quarterly revenues of $24 billion, up from $35 billion at the same time last year. Oil and gas production declined seven percent year-over-year, while refining and other refining and marketing revenues declined to $141 million this quarter from $389 million last year.

The global economy is still operating below pre-crisis levels, affecting demand for our products, which is closely linked to economic activity, said Michael K. Wirth, Chairman of Chevron and CEO, in a statement.

Economic production in the Eurozone could fall further if Germany, France and other countries ask restaurants and theatres to close and restrict freedom of movement.

Economic output in the euro zone could fall further as Germany, France and other countries close restaurants and theatres and limit travel…Arnd Wigmann/Reuters

Growth in Europe picked up significantly in the third quarter of the year, according to data released Friday, but hardly anyone celebrated that. Economic activity is still much lower than a year ago, as the increase in coronavirus cases and new blockages have increased the risk of a further slowdown in growth.

According to the Statistical Office of the European Union, the gross domestic product of 19 countries using the euro increased by 12.7% from July to September compared with the previous quarter. But economic growth was 4.3% lower than last year, which is a serious recession in all respects and could get even worse as Germany, France and other countries want to close restaurants and theatres and limit traffic.

European countries are increasingly eager to contain the virus before it swells up the hospitals. But the economic costs will be high, especially in sectors that depend on personal contacts. The longer the pandemic lasts, the greater the risk of mass bankruptcies of companies such as hotels, fitness centres and manicures, with permanent scars on the economy.

Unfortunately, there is still no evidence that you can simply turn the economy on and off like a switch without causing further structural damage, perhaps even short circuits, Carsten Brzezky, head of Global Macro Economics at ING Bank, told his customers.

  • Stocks fell again on Friday and Wall Street is back on track for the biggest weekly decline in months.
  • The S&P 500 dropped by almost 1% at the beginning of the week, after already dropping by about 4.5% during the week. A fall of over 4.8% this week would have been the worst since March, when the financial markets were hit by the pandemic wave.
  • The last withdrawal was part of a second wave of companies that forced Europe to stagnate further, threatening economic recovery and deterring investors around the world. In the United States, a record number of cases led local authorities to introduce certain restrictions on meetings.
  • Technology stocks, which because of their size play a major role on Wall Street, tended to be weaker, even after many of them reported strong earnings growth. Apple fell about 3% in the beginning of the year after the company announced a 20% drop in iPhone sales in the last quarter on Thursday due to a delay in the iPhone 12 version.
  • Twitter fell more than 15% and became one of the worst stocks in the S&P 500 after user growth disappointed investors. Amazons and Facebook were also lower. Alphabet was the only one of the four technical giants to publish its results on Thursday, which rose by about 6% after seeing an increase in advertising on Google and YouTube.
  • Stocks in Europe also fell slightly on Friday. In Germany, the DAX index fell by 0.5%, while in France the CAC index rose by 0.1%. In the UK, the FTSE 100 fell by 0.1 per cent as the government resisted pressure to impose a second national blockade rather than stricter restrictions on cities.
  • The data released on Friday show that the European economy showed the strongest growth in the third quarter, after a 12.7% quarterly increase in the countries sharing the euro. But recent blockages have had economists fearing a double-dip recession, when economic growth is thwarted by weeks of house orders and the closure of bars, restaurants and trivial shops.
  • IAG, the parent company of British Airways and Iberia, recorded an operating loss of almost EUR 2 billion in the third quarter. Luis Gallego, the airline’s new CEO, said he did not expect passenger demand to return to pre-crisis levels by at least 2023 and called on governments to allow more pre-flight testing for coronavirus to ease travel restrictions. IAG’s shares, however, rose by 2.5% on Fridays as traders bought shares that had been traded at a low level for several years.

Walmart sells weapons in about half of its approximately 4,000 stores in the United States.

Walmart sells firearms in about half of its 4,000 stores in the United States. Brendan McDermid/Reuters

Referring to the civil unrest in Philadelphia, Walmart removed all weapons and ammunition from the sales floor of its stores for the safety of its partners and customers.

Walmart, which is the country’s largest retailer, which sells guns and firearms in about half of the estimated 4,000 stores in the United States, said Thursday the move was due to isolated civil unrest.

In an e-mail, a company spokesman said the decision was due to the protests and robberies that took place in Philadelphia this week after police murdered Walter Wallace Jr., a mentally ill black man who approached her with a knife.

In June, during massive protests against the murder of George Floyd by a police officer from Minnesota, Walmart took a similar decision by removing firearms from his showroom. Thursday’s decision has already been published in the Wall Street Journal.

It is important to note that we only sell firearms in about half of our stores, especially where there are large numbers of hunters and athletes, Walmart said in a news report. These items are always available for customers to buy.

Amazon, which operates the warehouse in Germany, said it almost tripled its profit compared to last year.

Amazon, which operates the warehouse in Germany, said it almost tripled compared to last year. Ralph Orlowski/Reuters tribute.

Armed with money and the services and products Americans need at home, the big technology companies – Amazon, Apple, Alphabet, Microsoft and Facebook – withstood the first days of the pandemic better than most.

Recovery can be another catalyst to help them create a level of prosperity that has not been available in any industry for generations.

With a broad user base and the financial resources to strive for leadership in areas such as cloud computing, e-commerce and digital advertising, companies have once again proven that economic disadvantage, outperformance and bold antitrust regulation have little impact on their bottom line, New York Times journalists Daisuke Wakabayashi, Karen Weise, Jack Nicas and Mike Isaac write.

Together, five companies made quarterly net profits of nearly $52 billion this week.

Amazon's quarterly results significantly exceeded analysts' expectations.

Amazon’s quarterly results far exceeded the analysts’ already ambitious forecasts. Credit…Kevin Mohatt/Reuters

Four technology companies with a combined market value of $5 trillion – Alphabet, Amazon, Apple and Facebook – announced their latest profits after the markets closed on Thursday. The DealBook newsletter contains large numbers:

$64.7 billion: Apple sales grew only 1%, but exceeded expectations, with analysts predicting a decline due to a delay in the release of the new iPhone. The sale of services helped to cover the shortfall.

197 % : Amazon’s quarterly income has almost tripled to $6.3 billion. Premium statistics : In addition, the company hired almost 250,000 new employees during this period, more than a million people for the first time.

2.54 billion: The number of people using one or more applications from the Facebook family – Instagram, WhatsApp, Messenger and the flagship application – has increased by 15%.

Five billion dollars: Google’s YouTube advertising revenue reached a record high and increased by 30% compared to home advertising impressions.

Kraft Heinz said the demand for his products increased in the second half of September.

Kraft Heinz said the demand for his products increased in the second half of September. Amr Alfica/The New York Times legal notice.

In response to concerns about a new wave of coronavirus infections around the world in recent months, shoppers again shopped and lined up in warehouses, resulting in an increase in Kraft Heinz food sales in the third quarter.

Ketchup producer Heinz, Kraft macaroni and cheese macaroni and deli maker Oscar Mayer said Thursday that organic sales, excluding currency fluctuations, acquisitions and divestitures, increased 6.3% to $6.4 billion in the third quarter compared with the same period last year. On the phone with Wall Street analysts, CEO Miguel Patricio said Kraft Heinz saw another increase in demand for its retail products in the second half of September.

Kraft Heinz, struggling with its pre-pandemic product line and structure, reported that net income for the quarter dropped 33.7% to $597 million as a result of allegations arising from the September announcement that it sold some of its cheese businesses, including Cracker Barrel and Polly-O, to the French company Lactalis.

However, like other major food producers, Kraft Heinz took advantage of the fact that consumers could eat more at home during the pandemic. In the hope that this trend will continue until the end of the year, Kraft Heinz has increased its outlook for the year 2020 as a whole. On the eve of the closing of the market, Kraft Heinz’s share rose by 3.8% to $30.34.

The grain giant Kellogg said that sales of grains and snacks increased in the third quarter, but at a slower pace than in the previous period. After rapid growth of 9.2% in the second quarter, Kellogg’s organic sales grew 4.5% to approximately $3.6 billion in the third quarter. Net income has risen to $348 million compared to $247 million a year ago.

Officials said consumers in the Pringles neighborhood ate Pringles crisps and carts of Eggo waffles and meat alternatives from Morningstar Farms, including a new line of vegetable and chicken nugget burgers called Incogmeato.

In the late afternoon, Kellogg’s shares were unchanged at $63.51.

Consumer preference for tacos and burritos drove Yum Brands sales in the third quarter by 8% to $1.45 billion. Net income rose 11% on the previous year to USD 283 million.

Taco Bell was a big winner for the company, people bought big bags of food for families and accepted a new product – a burrito with grilled cheese.

Taco Bell, whose sales have fallen since the start of the pandemic due to lower breakfast and late meals, reported that sales increased 3% in the third quarter. This profit offsets the losses of two other major networks, Yum Brands, KFC and Pizza Hut. Although both companies experienced the same rate of growth in the United States, in both cases there was a decline in global sales due to a lag in demand.

Weak international markets may also impact Nyam’s brands in the fourth quarter. While Europe represents less than 10 percent of Pizza Hut sales and 5 percent of KFC sales, executives said they were monitoring the area closely as France moved to another country and Germany moved closer to the area in response to the increase in coronavirus cases.

The US and Chinese markets recovered faster than expected for the Starbucks coffee chain, resulting in lower global sales in this quarter compared to the same period last year.

As more Starbucks opened short-run stores in the U.S. and China, which account for 61% of the company’s stores worldwide, sales in those same stores improved significantly from the 40% decline in the previous quarter.

Last quarter, revenues fell eight percent to $6.2 billion, while net income was halved to $392 million.

On the phone with analysts, CEO Kevin Johnson said the company is adapting to changes in consumer structure. Traffic has shifted from the dense metro areas to the suburbs, and the morning coffee routes have shifted to the morning coffee routes, Johnson said.

Starbucks autumn menu, namely the Pumpkin platform, was also a blessing because the Pumpkin Cream Cold Brew Coffee was a long-time favorite of fans – Pumpkin Spice Latte.

  • Individual income recovered to 0.9% in September after a revised decline of 2.5% in August, said the Ministry of Commerce Friday. Consumer spending rose by 1.4%, the fifth consecutive monthly increase.

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