Oil rises 5% on output cuts, demand hopes

Oil producers will be hoping for a third consecutive week of gains as more countries relax lockdowns intended to halt the coronavirus pandemic. Oil prices settled 5 per cent higher on Friday in their second consecutive week of gains as US producers cut production with...

Macquarie cuts dividend as FY profit drops

Macquarie Group has halved its dividend after reporting an 8 per cent drop in full year profit, and said challenging market conditions due to the coronavirus pandemic make it hard to predict its fiscal 2021 performance. Macquarie’s profit for the year ended...

Oil firms as OPEC+ begins record cuts

Oil producers should start the week buoyant after two industry benchmarks posted their first weekly gains in four weeks as OPEC and its allies cut output to tackle a supply glut from the coronavirus crisis. In April, US crude fell to an all-time low and traded...

Copper steady following production cuts

Copper prices steadied as the market focused on stagnating economic activity and falling demand due to the coronavirus crisis, but production cuts by major miners due to lockdowns provided support. Benchmark copper on the London Metal Exchange was up 0.3 per cent at...

Aristocrat Leisure cuts jobs, pay, payout

Gaming giant Aristocrat Leisure will cut staff and impose pay cuts on employees and management and won’t declare a dividend as it copes with the fallout from COVID-19 lockdowns. The machine manufacturer is standing down 1,000 staff from May 1 until June,...