Australian independent oil and gas producer Santos has signed a letter of intent (LoI) to sell a 12.5% stake in the Barossa gas field in northern Australia to JERA, the joint venture between Japanese power utilities TEPCO and Chubu Electric.

Shell Australia (Shell) has taken a final investment decision to develop the first phase of Arrow Energy’s Surat Gas Project in Queensland, Australia.

the pan-European STOXX 600 index rose over 1% in early trade, spurred by a drop in the virus death tolls in both Spain and Italy and reassuring statements from two of the continent’s big budget airlines about their survival prospects.

The rupee declined in line with emerging market peers amid worries of a steep global recession due to the pandemic and hit a record low of 76.82 against the dollar.

U.S. total industrial production fell 5.4 percent in March, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to suspend operations late in the month.

ADNOC has terminated $1.65 billion worth of contracts

The coronavirus (COVID-19) pandemic presents a historic challenge. The prices of equities fell sharply, from previously overstretched levels. Oil prices plummeted in the face of weakening global demand and the failure of the OPEC+ countries to reach an agreement on output cuts.

Gold prices fell on Wednesday as investors locked in profits after strong recent gains. It was last at $1,711 an ounce.

The pan-European STOXX 600 index was down 1.6%, after surging almost 8% since April 6 on early signs the health crisis was ebbing and on hopes that sweeping lockdown measures would soon be lifted.

The project was approved by a federal government order in 2018. Tvel said the synchrotron and related infrastructure are scheduled to be commissioned in 2024. Total investment in the project will be more than $580m.

The Philippine index led the gains, rising 3% and hit its highest close in a month. Big caps Ayala Corp and Bank of the Philippine Islands rose 8.3% and 5.2%, respectively.

The Australian dollar rose 0.7% to $0.6432, the New Zealand dollar firmed 0.6% to $0.6131 and the pound added 0.4% to $1.2562 - their strongest since mid-March.

U.S. gold futures GCcv1 settled 0.5% higher at $1,761.40 an ounce and hit their highest since February 2013 at $1,769.50.

France's finance Minister Bruno Le Maire said the economy was now expected to contract 8% this year instead of the 6% flagged as recently as Thursday.

Baker Hughes has approved a plan that will result in restructuring, impairment, and other charges of approximately $1.8 billion