Month: April 2020

China oil majors spill red ink in blow to economic revival plan

BEIJING — Leading Chinese state-owned energy groups PetroChina and Sinopce reported net losses for the first quarter through March, hurt by falling oil prices and the loss of demand from the coronavirus pandemic.

The losses, reported Wednesday by the two companies’ Hong Kong-listed arms, eclipse profits earned a year earlier.

Fellow energy giant China National Offshore Oil Corp., or CNOOC, said the same day it managed to stay profitable, but it will cut capital expenditures due to diminished revenues.

These setbacks come as the Chinese government enlists state-owned enterprises to pull the world’s second-largest economy out of its slump. All

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Coors Light boosts morale with new ads, free beer in ‘sucky times’

Dive Brief:

  • Coors Light is giving away up to $1 million of beer in a new social media contest that aims to boost morale among Americans in lockdown, the company announced Tuesday.
  • The #CouldUseABeer effort is part of a larger campaign by the Molson Coors brand​. A 45-second anthem spot and shorter 15-second clip discuss the tough times that American has weathered, such as the Revolutionary War and the Great Depression. Actor Paul Giamatti voices the ads, which will appear on primetime TV and on social channels. The campaign includes a Twitter element that lets people virtually send a round
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Google ad revenue rises 10%, masking slowdown from pandemic

Dive Brief:

  • Google’s total ad revenue including YouTube rose 10% to $33.8 billion in Q1, per its quarterly report. Describing the first three months of the year as a “tale of two quarters,” parent company Alphabet’s CFO Ruth Porat said in a conference call with analysts that advertising sales were strong in January and February before falling in March amid lockdowns on businesses.
  • YouTube’s 33% yearly growth in ad sales to $4 billion was much faster than the 8.7% gain to $24.5 billion in Q1 for Google Search, a more mature business that’s the biggest source of revenue for
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Soul of discretion: What’s selling in the COVID-19 pandemic?

When the COVID-19 pandemic first forced Americans to stay home, shopping was all about panic. Consumers who were used to purchasing for severe weather events such as snowstorms and hurricanes worried that supply chains would shut down, so they stockpiled essential goods such as toilet paper and hand sanitizer.

However, as the quarantine dragged on, it appeared that supply chains were not as impacted as had been previously anticipated. That’s when shopping habits began to shift from hoarding essentials to buying things to make life more, well, livable.

Marshal Cohen, chief industry analyst, retail, at The NPD Group, a global

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