Brookfield Asset Management Slips To Loss In Q2; Declares Dividend – Quick Facts

Oil Turns Lower As IEA Lowers 2020 Oil Demand Forecast

Oil prices turned lower on Thursday after the International Energy Agency (IEA) cut its forecast for global oil demand for the whole of 2020 to 91.9 million barrels per day, saying the Covid-19 pandemic has cast a long shadow over oil demand.

Benchmark Brent crude eased 0.3 percent to $45.30 a barrel, after having gained around 2 percent in the previous session on U.S. government data showing a fall in inventories.

West Texas Intermediate crude futures were also down 0.3 percent at $42.55 a barrel after gaining 2.6 percent in the previous session.

The IEA said in its latest monthly report that it expects demand to fall by 8.1 million barrels per day year-on-year in 2020.

The aviation and transport sectors, in particular, are struggling with the fallout from the lockdowns aimed at reining in the disease, the IEA said and added that it expect demand to recover somewhat next year to 97.1 million bpd.

OPEC forecast in a monthly report on Wednesday that world oil demand will likely tumble by 9.06 million barrels per day (bpd) this year, more than the 8.95 million bpd decline expected a month ago.

Gold Holds Above $1,900 As Dollar Slips

Gold firmed above $1,900 on Thursday and the dollar weakened as investors awaited the latest weekly U.S. jobless claims numbers for clues to economic recovery.

Spot gold rose 0.7 percent to $1,929.25 per ounce, after having fallen below $1,900 in choppy trade the previous day. U.S. gold futures were down half a percent at $1,939.35 per ounce.

The U.S. recovery will be gradual and slow until the pandemic is contained, three Federal Reserve officials said on Wednesday.

“The forecast for the U.S. economy this fall is quite uncertain, but my view is that the recent slowdown in economic activity that we have seen in high-frequency data is likely to continue,” Boston Fed President Eric Rosengren said during an online event.

San Francisco Fed president Mary Daly and Dallas Fed President Robert Kaplan also voiced similar concerns amid a stalemate in Washington over a new coronavirus relief bill.

There’s an atmosphere of uncertainty swirling around Congress as negotiations for the next stimulus package have stalled.

House Speaker Nancy Pelosi said Democrats and the Trump administration are “miles apart” on a new fiscal plan, with little prospect of any new negotiations bearing fruit in the near future.

Thermo Fisher Terminates Merger Deal With QIAGEN – Quick Facts

Thermo Fisher Scientific Inc. (TMO) said the company’s offer to acquire all of the ordinary shares of QIAGEN N.V. (QGEN) has lapsed as the minimum acceptance threshold condition to the offer has not been satisfied. Thermo Fisher has terminated the acquisition deal with QIAGEN, and QIAGEN will pay to Thermo Fisher an expense reimbursement payment of $95 million in cash.

By the end of the acceptance period on August 10, 2020, a total of 107,546,187 QIAGEN shares, representing 47.02% of the issued and outstanding ordinary shares of QIAGEN, were validly tendered into the offer.

Answering your vehicle-related queries

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Varsha S: I have been using a Maruti Suzuki Wagon R automatic and I’m now looking to upgrade to a newer model. I like the seat height in my car as I’m 5 feet tall and I’m able to avoid the glare of oncoming headlights. With a budget of ₹4-6 lakh, please recommend which car I should go for. I want a car that is low on maintenance, spacious and comfortable enough for four occupants. I drive less than 10km a day and only within the city.

The new Maruti Suzuki Wagon R AMT is the one for you. It carries over all the strengths of your existing car, and is better in every single way — space, engine, comfort, interiors and a nice high seating position, which is useful for drivers who are not tall. You can get the VXi AGS variant in your budget.

Head over wheels

Mahasweta Das: My boyfriend and I bought our first car, a Mercedes-Benz E 220d, back in 2018. However, it is barely being used now and it is becoming difficult to keep the car in running order. Should we sell it or keep it as a remembrance?

Whether keeping the car as a remembrance or not is a personal decision that only you can make. Do keep in mind that premium cars such as yours depreciate in value really fast, so you will be lucky to get decent resale value. But if it is merely gathering dust and you don’t see it being used in the future, you’d do well to sell it off, rather than dealing with potential issues that may arise due to non-usage of the vehicle.

Brookfield Asset Management Slips To Loss In Q2; Declares Dividend – Quick Facts

Brookfield Asset Management Inc. (BAM, BAM-A.TO) on Thursday reported a net loss for the second quarter attributable to shareholders of $656 million or $0.43 per share, compared to net income of $399 million or $0.24 per share in the year-ago quarter.

Funds from operations or FFO for the quarter were $1.16 billion or $0.73 per share from $1.11 billion or $0.73 per share in the prior-year quarter.

Bruce Flatt, CEO of Brookfield, stated, “We had our best fundraising period, ever; with $23 billion of capital added to our franchise, increasing total capital for deployment to $77 billion.”

Revenues for the quarter declined to $12.83 billion from $16.92 billion in the same period last year.

The company’s board also declared a quarterly dividend of $0.12 per share, representing US$0.48 per annum, payable on September 30, 2020 to shareholders of record as at the close of business on August 31, 2020. The Board also declared the regular monthly and quarterly dividends on its preferred shares.