The Pandemic Could Wipe 20% of Exxon’s Oil and Gas Reserves Off the Books

That’s what you get when you’re as evil as Exxon.Photo: David McNew (Getty Images)The oil industry isn’t looking too great, folks. That’s especially true for Exxon, which has lost upward of $1 billion due to the economic crisis last quarter alone. Its downward spiral isn’t over, though. In a filing to the Securities and Exchange…

That’s what you get when you’re as evil as Exxon.Photo: David McNew (Getty Images)The oil industry isn’t looking too great, folks. That’s especially true for Exxon, which has lost upward of $1 billion due to the economic crisis last quarter alone. Its downward spiral isn’t over, though. In a filing to the Securities and Exchange Commission on Wednesday, the oil giant laid out how much the coronavirus has damaged its business. With the world on pause, all the oil these companies typically sell to fuel planes and cars have been sitting around with nowhere to go. Oil prices have also been suffering across the board due to the pandemic. The company said in its filing that if prices stay the way they are for the rest of the year, its proven oil reserves to drop 20% from the 22.4 billion oil-equivalen
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This popular Telemundo anchor was just let go amid COVID-19 layoffs in Miami

María Celeste Arrarás is putting on a brave face after being let go from “Al Rojo Vivo” on NBCUniversal’s Telemundo.The veteran journalist, 59, announced the unfortunate news Wednesday via Instagram.“With profound sadness, I want to inform you that [Tuesday] was my last day with ‘Al Rojo Vivo’ and on the Telemundo screen,” read her post…

María Celeste Arrarás is putting on a brave face after being let go from “Al Rojo Vivo” on NBCUniversal’s Telemundo.The veteran journalist, 59, announced the unfortunate news Wednesday via Instagram.“With profound sadness, I want to inform you that [Tuesday] was my last day with ‘Al Rojo Vivo’ and on the Telemundo screen,” read her post next to a picture of her smiling. “This morning I was informed by the company that they have decided to
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Nearly one third of people that have gone back to work after being laid off during the coronavirus pandemic have lost their jobs again, study finds

As many as 31% of workers who were initially added back to payrolls after COVID-19 layoffs have been laid off again, a study from Cornell University showed.In addition, another 26% that have returned to work have been told by employers that they’re at risk of another layoff or furlough, according to the study. That’s “a remarkably…

As many as 31% of workers who were initially added back to payrolls after COVID-19 layoffs have been laid off again, a study from Cornell University showed.In addition, another 26% that have returned to work have been told by employers that they’re at risk of another layoff or furlough, according to the study. That’s “a remarkably high number of people who were reemployed by businesses that may not be able to afford to keep them on,” Daniel Alpert, Cornell Law School senior fellow and adjunct professor, told Business Insider. Visit Business Insider’s homepage for more stories.

A second wave of coronavirus layoffs is happening, even for workers who have returned to their jobs after losing them when coronavirus first hit the economy. As many as 31% of workers who went back to work after being initially laid off or furloughed in the first wave of COVID-19 job losses have been laid off a second time, according to a survey conducted by Cornell University  and the US Private Sector Job Quality Index released Tuesday.An additional 26% of those still on payrolls have been warned by their employers that they may be laid off again, according to the survey. That means roughly 3 out of 5 worker
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The Bad Number Went Up Again

Screenshot: DoLAccording to data released today by the Department of Labor, about 500,000 more Americans went on unemployment between July 11 and 18, pushing that number above 31 million in total. In economics, it’s sometimes the case that big number equals good. This is not such a case.Half a million is a grim improvement over…

Screenshot: DoLAccording to data released today by the Department of Labor, about 500,000 more Americans went on unemployment between July 11 and 18, pushing that number above 31 million in total. In economics, it’s sometimes the case that big number equals good. This is not such a case.Half a million is a grim improvement over the huge unemployment filing numbers the U.S. saw during the initial wave of economic freefall created by covid-19, but it’s troubling that the bad number is going up at all this many month into the pandemic. Unemployment benefits are, of course, something of a lagging indicator, insofar as some layoffs or furloughs may transition to full-on job loss, and many states are still catching up on a historic number of backlogged claims.
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New jobless claims fall to lowest level since March – Washington Examiner

 | August 06, 2020 08:31 AM The number of new applications for unemployment benefits last week was 1.2 million, the Labor Department reported Thursday, marking the 20th straight week that claims have been over 1 million. It is also the lowest number of new claims since the pandemic exploded in the United States in March.…

 | August 06, 2020 08:31 AM

The number of new applications for unemployment benefits last week was 1.2 million, the Labor Department reported Thursday, marking the 20th straight week that claims have been over 1 million. It is also the lowest number of new claims since the pandemic exploded in the United States in March.
Economists predicted that new claims would be 1.42 million.
The weekly totals for workers claiming jobless benefits have been extremely high since the pandemic hit the U.S. By comparison, weekly jobless claims pre-coronavirus were in the 200,000 range for the entire country. Now, California alone had more than 244,000 initial claims for the week ending July 25.
The persistently high number of claims suggests the jobs recovery is moving at a slow pace.
After joble
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Job cuts announced by U.S. companies jump 54% in July: report – Reuters

WASHINGTON (Reuters) – U.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labor market recovery is losing steam. FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June…

WASHINGTON (Reuters) – U.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labor market recovery is losing steam. FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston/File PhotoThe layoffs reported by global outplacement firm Challenger, Gray & Christmas on Thursday were up 54% from June. The job cuts, the third-largest monthly total since the coronavirus pandemic began, followed data this week showing a big step-down in private payrolls in July and further contraction in employment at manufacturing and services industries. Hiring announcements totaled 246,507 in July, almost matching layoffs, Challenger, Gray reported. “The downturn is far fr
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Nissan, unions agree to postpone by one year Barcelona plants closure – Reuters UK

FILE PHOTO: The brand logo of Nissan Motor Corp in Yokohama, south of Tokyo, Japan, July 14, 2020. REUTERS/Issei Kato/File PhotoBARCELONA (Reuters) – Nissan Motor Co. (7201.T) and the unions at its Barcelona plants reached an agreement on Wednesday to postpone by one year, until December 2021, the closure of the three plants, two union…

FILE PHOTO: The brand logo of Nissan Motor Corp in Yokohama, south of Tokyo, Japan, July 14, 2020. REUTERS/Issei Kato/File PhotoBARCELONA (Reuters) – Nissan Motor Co. (7201.T) and the unions at its Barcelona plants reached an agreement on Wednesday to postpone by one year, until December 2021, the closure of the three plants, two union leaders told Reuters after mor
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UPDATE 1-Nissan workers still in talks over Barcelona plants after pact rejection – Reuters

(Recasts with talks continuing, adds details, background) BARCELONA, Aug 4 (Reuters) – Workers at Nissan Motor Co. rejected a plan to postpone the closure of its Barcelona plants in exchange for resuming production in a first meeting with the management on Tuesday, unions said, but a second meeting was still taking place in the evening.…

(Recasts with talks continuing, adds details, background) BARCELONA, Aug 4 (Reuters) – Workers at Nissan Motor Co. rejected a plan to postpone the closure of its Barcelona plants in exchange for resuming production in a first meeting with the management on Tuesday, unions said, but a second meeting was still taking place in the evening. Nissan has imposed a Tuesday deadline to reach a deal with unions on its proposal to postpone by six months, until June 2021, the closure of its
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Nissan workers still in talks over Barcelona plants after pact rejection – Reuters UK

FILE PHOTO: A man is silhouetted at a show room of Nissan Motor Co. in Tokyo, Japan, February 12, 2019. REUTERS/Kim Kyung-hoon/File PhotoBARCELONA (Reuters) – Workers at Nissan Motor Co. (7201.T) rejected a plan to postpone the closure of its Barcelona plants in exchange for resuming production in a first meeting with the management on…

FILE PHOTO: A man is silhouetted at a show room of Nissan Motor Co. in Tokyo, Japan, February 12, 2019. REUTERS/Kim Kyung-hoon/File PhotoBARCELONA (Reuters) – Workers at Nissan Motor Co. (7201.T) rejected a plan to postpone the closure of its Barcelona plants in exchange for resuming production in a first meeting with the management on Tuesday, unions said, but a second meeting was still taking place in the evening. Nissan has imposed a Tuesday deadline to reach a deal with unions on its proposal to postpo
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