•   
  •   

Tech & Science Australia's Caltex to extend planned shutdown for refinery as virus hits demand

01:10  07 april  2020
01:10  07 april  2020 Source:   reuters.com

China's factory activity rebounds as work slowly resumes

  China's factory activity rebounds as work slowly resumes Factory activity in China rebounded in March from a record low, according to official data released Tuesday, returning to expansion territory while the coronavirus pandemic continues to devastate the global economy. Businesses have gradually resumed work after being brought to a standstill this year to contain the spread of the deadly pathogen, although further challenges loom on the horizon -- such as sluggish external demand as the virus spreads rapidly across the world.

The planned shutdown of Lytton refinery is now set to start in May 2020, with operations likely to restart once margin conditions recover, the company said in Caltex added it was well placed to carry out the sale of a 49% stake in core freehold retail sites, marking the divestment of a second tranche of

Takeover target Caltex Australia Ltd on Monday said it would bring forward and extend the planned shutdown of its sole oil refinery Lytton refinery to The company said that operations at the refinery will restart once margin conditions recover. (Reporting by Shreya Mariam Job in Bengaluru Editing by

a close up of a sign: A Caltex sign is seen at a petrol station in Melbourne © Reuters/Mick Tsikas A Caltex sign is seen at a petrol station in Melbourne Takeover target Caltex Australia Ltd said on Monday it would bring forward and extend the planned shutdown of Lytton oil refinery to ward off an expected hit to refining due to the pressures on demand amid the coronavirus pandemic.

Within weeks, the global oil refining industry will need to cut output by 30% or more as the virus pandemic keeps much of the world at home, with little need to drive or fly, resulting in the deepest and fastest drop in fuel demand.

In February, the firm's interim CEO Matthew Halliday said profit margins at its refinery had come under pressure with the oil industry battling the economic impacts of the coronavirus.

Amazon workers threaten strikes over virus gear

  Amazon workers threaten strikes over virus gear Some US workers at Amazon and Instacart are threatening to strike over inadequate coronavirus protections.Some US workers at Amazon and US food delivery firm Instacart are threatening strikes, and have accused the firms of not providing proper protection.

Takeover target Caltex Australia will bring forward and extend the planned shutdown of its sole oil refinery Lytton refinery to ward off the expected hit to refining amid the pressures on demand from the coronavirus pandemic. The company says operations at the refinery will restart once margin

Caltex to extend planned refinery shutdown . Australian Associated Press. Gold Weekly Price Forecast – Gold Markets Showing Signs of Resiliency. Asia-Pacific Currencies Pressured by Demand for Highly Liquid U. S . Dollar. FX Empire. N.Y. Has Most Deaths in a Day; Italy Has Fewer

The planned shutdown of Lytton refinery is now set to start in May 2020, with operations likely to restart once margin conditions recover, the company said in a statement. The shutdown had been previously planned for August.

Caltex added it was well placed to carry out the sale of a 49% stake in core freehold retail sites, marking the divestment of a second tranche of sites for alternative uses, and to issue hybrid capital securities in the second half of 2020.

The convenience store, petrol station and refinery firm has been evaluating takeover offers from rival bidders Canada's Alimentation Couche-Tard Inc and Britain's EG Group, even as it works to boost margins for its businesses.

Caltex cut its outlook for group capital expenditure for 2020 to below A$250 million ($149.90 million) from the previously stated target of about A$300 million.

The company also said it would be unable to provide an updated production forecast for Lytton for 2020. The company did not mention details of the earlier forecast.

Cries for mortgage help 'levelling out', says CBA boss .
Commonwealth Bank chief executive Matt Comyn says there are early signs of a slowdown in the number of new cries for help from mortgage customers seeking to have their payments delayed.In the three-and-a-half weeks since banks said stricken customers could defer their loan repayments for up to six months to cope with the crisis, CBA on Monday said more than 70,000 of its 1.8 million home loan borrowers had requested such a delay.

—   Share news in the SOC. Networks
usr: 3
This is interesting!