Teck Resources Ltd's surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada's climate policy, underscores a global struggle to balance energy growth with environmental concerns.
The Dow Jones Industrials was on track for its biggest daily decline in two years and the S&P 500 fell more than 3% on Monday, as investors fled riskier assets as fears about the global economic impact of the coronavirus intensified after a surge in cases outside China.
While Wall Street's broader indexes fell sharply on Monday on concerns about coronavirus, investors turned to some consumer companies as they bet on stock-piling of products such as disinfectants and shelf-stable foods.
Drugmaker Mallinckrodt Plc has begun confidential discussions with creditors and is considering placing its U.S. generic drug business into bankruptcy to address the debt maturities and liabilities arising out of the opioid crisis, WSJ reported citing people familiar with the matter.
Oil prices slumped by nearly 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.
Stocks across the globe were on track to fall by the most in two years on Monday and oil prices tumbled as a jump in coronavirus cases outside of China drove investors to the perceived safety of gold and government bonds on fears of the impact to the global economy.
Bank of America has appointed Jérôme Morisseau as its head of investment banking for France as it seeks to bolster its Paris franchise and win more business from large French clients, a memo seen by Reuters said.
As fears about the coronavirus catch up to U.S. markets, investors are watching closely to see if the outbreak freezes global supply chains and spreads far enough to be called a pandemic.
As concerns over the spreading coronavirus outbreak hammered U.S. stocks, one corner of the market was confronted with another potentially game-changing prospect: a Bernie Sanders nomination.
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.
