(Bloomberg) — Oil edged higher as production was disrupted by two storms approaching the U.S. Gulf Coast.

Futures rose 0.8% in New York. Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura — the latter of which is forecast to become a hurricane — are coming from different directions and have the potential to cause billions of dollars in damage. The weather systems could force refineries to shut and also hit demand when they near land.

Crude, and other risk assets including equities, received a boost on Monday amid a thaw in U.S.-China relations. President Donald Trump’s team was said to be privately seeking to reassure American companies that they can still do business with the WeChat messaging app in China.

a screenshot of a video game: Oil trades near 50- and 100-day moving averages

© Bloomberg
Oil trades near 50- and 100-day moving

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The Ministry of Information & Broadcasting on Sunday released the standard operating procedures (SOP) for the resumption of film and television shooting and production activities in the country. While no production activity will be allowed in containment zones, State governments can impose additional measures in line with local conditions.

While social distancing will need to be ensured while sitting or standing at shoot locations, sound recording studios and editing rooms, even during shooting of scenes, sequences, set-ups at various camera locations, physical distancing norms will need to be followed. At the same time, staggered call and pick up timings by studios having multiple sets and staggered meal timings will need to be planned, as per the SOP.

Crew members handling or working with common or shared equipment will need to wear disposable gloves. Masks and face covers are mandatory except in front of the camera, frequent hand washing and sanitisation

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HOUSTON (Reuters) – Oil producers shut 13% of offshore crude oil production by Saturday in the U.S.-regulated northern Gulf of Mexico as tropical storms Laura and Marco were forecast to cross the region next week, the U.S. government said.

Royal Dutch Shell Plc

said it began shutting down production at most of its offshore operations on Saturday, joining energy majors BP Plc

and Chevron Corp

, which began shutdowns on Friday.

In addition to the 240,785 barrels per day (bpd) in oil production shut in as energy companies were evacuating workers, 4.39%, or 119 million cubic feet per day (mmcfd), of natural gas output from the Gulf was turned off by Saturday, the U.S. Bureau of Safety and Environmental Enforcement said.

Storms Marco and Laura are poised to enter the Gulf early next week, with each forecast to make landfalls on the coast by mid-week. However, neither storm is expected

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VANCOUVER, BC / ACCESSWIRE / August 20, 2020 / AMPD Ventures Inc. (“AMPD” or the “Company”)(CSE:AMPD)(FRA:2Q0) is pleased to announce that it has signed a letter of engagement with Versatile Media LTD (“Versatile”) outlining the framework for a multi-year definitive agreement through which AMPD is expected to provide technology, infrastructure, and services to Versatile in the rapidly burgeoning virtual production sector.

Under the terms of the engagement, it is expected that AMPD will provide the on-premise technology requirements for Versatile’s initial 12,000 sq. ft. studio, as well as provide on-going data centre-based rendering and other hosted infrastructure. Once a definitive agreement is entered into, the deal could generate revenue for AMPD of approximately $1.6M over the next 36 months.

Versatile is a creative production studio developing a brand new 12,000 sq. ft purpose-built virtual production facility in Vancouver, BC, Canada. Versatile is the North American arm of Versatile Media Asia,

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To cater to the rising demand for super capacitors in various industrial fields, Kerala-based electronics corporation Keltron is planning to set up a production facility at Keltron Component Complex Ltd (KCCL), Kannur.

The facility uses most the advanced technology developed by VSSC/ISRO (Vikram Sarabhai Space Centre/Indian Space Research Organisation) in super capacitor production, it said.

The MoU for technology transfer has been signed between KG Krishna Kumar, Managing Director, KCCL, and Elangovan, Deputy Director, VSSC.

The ₹42-crore project report will be submitted to the State Industries Department for approval. The indigenous production facility will have the capacity to produce more than 18 lakh super capacitors in a year.

A super capacitor (also known as ultra capacitor, or electrical double layer capacitor) is a high-capacity capacitor whose capacitance is much higher than normal capacitors but with lower voltage limits (up to 2.7 V). It typically stores up to 100 times more

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  • Airbus isn’t slowing down development on its A321XLR despite the coronavirus’ impact on the aviation industry, according to Bloomberg.
  • The downturn has slowed production for three Airbus aircraft families but the A321XLR is pushing ahead because it’s better-positioned to weather a pandemic.
  • Airlines will use the jet to open new long, thin routes and ease back into 2019 levels of air service following a devastating 2020. 
  • Visit Business Insider’s homepage for more stories.

The coronavirus pandemic has pumped the brakes on aircraft manufacturing with Airbus and Boeing significantly reducing their output and delaying some new products as most airlines have no desire right now to take on additional planes.

Boeing has delayed production of its new 777X flagship and is ending the 747 program while across the Atlantic, Airbus has lowered production rates for three aircraft families and is building its last A380 as the program comes to a close.

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Pharmaceuticals firms in the US are mass-producing influenza vaccine for the coming flu season. This comes as US authorities try to lessen the burden on hospitals that are currently more focussed on serving Covid-19 patients, Agence France Presse reported.

According to the Centers for Disease Control and Prevention (CDC), pharmaceuticals are planning to serve the population of 330 million by making 196 million doses of the influenza vaccine, an 11 per cent increase from the last year’s 175 million doses.

Pharmacy chain CVS, which administers flu vaccines without prescription, is planning to double the order of the doses. The company is planning to order 18 million doses.

Vaccine maker Seqirus and Sanofi are planning to accelerate their production by 15 per cent — from 52-60 million doses and 70-80 million respectively.

Every year the World Health Organization along with US health officials select the four strains of the influenza virus

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By Jill Mislinski

Note: This commentary has been updated to incorporate the July data for Industrial Production.

Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method.

There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process. They are:

The Latest Indicator Data

Today’s report on Industrial Production for July shows a 3.03% increase month-over-month, which was at the Investing.com consensus. The year-over-year change is -8.18%, up from last month’s YoY decrease.

Here is the overview from the Federal Reserve:

Total industrial production rose 3.0 percent in July after increasing 5.7 percent in June; even so, the index in July was 8.4 percent below its pre-pandemic February

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Even as some tea traders and packeteers have sought duty-free import to tame the rise in price of Indian teas, the latest production data coming from different countries show a shortage of nearly 75 million kg (mkg) in the global production of black tea due to lower output in almost all the countries except Kenya.

Adverse weather, country-wide lockdown and closure of factories in the global fight against Covid-19 in many countries led to a lower production.

“Our compilation of the official production data received from various countries shows that in the first half of current calendar, the global black tea output has fallen to 831.49 mkg from 906.10 in Jan-June 2019,” Rajesh Gupta, compiler of annual ‘Global Tea Digest’ told BusinessLine.

This fall of 74.61 mkg marked a decline of 8.23 per cent.

The maximum loss has happened in India where the H1 (first half) output has fallen

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