and the oil giant saudi aramco releases eagerly awaited results for the 1st quarter we'll look at how the global economic part is hitting the world's biggest oil company. i'm sumi so much kinder it's good to have you with us the coronavirus pandemic has brought the work of nurses into sharp focus as they struggle to care for patients suffering from cope at 19 and today on international nurses day and nurses from around the world are speaking out to demand better protection as they were thrown live to do their jobs in pakistan several nurses took part in a protest calling for safer working conditions dozens of health care workers in pakistan have been infected with coke at 19 and at the vatican pope francis prayed for nurses saying he has always noticed their heroin. them all this nurse's day also marks the 200th anniversary of the birth of a pioneer of modern nursing sorenson. the original queen of hygiene florence nightingale she revolutionized battlefield medicine during the crimean war when more british soldiers were dying of infections than battle wounds and principles remain is j

saudi aramco is such an interesting player.me ways, they have control of the price, and they cannot afford, as a country, for it to be week for long. what did you make of what saudi aramco said today? ellen: i think the announcement that it made $16.7 billion in profits in q1 was a positive sign for the company, particularly when you compare it to exxon, which announced a loss, one of the first indicates -- in decades. that is mostly true due to two factors. low production cost, but also the average price of oil for aramco was $51. all of that says, going into q2, we can expect a real shift into what is happening. the drop in prices was really only felt for about 25% of the first quarter. when we look at the second quarter, that is when the full saudi oilboth overproduction will hit aramco, but also the drop in demand. saudi aramco maintained its massive dividend payout. do you expect that to continue and achieve its full-year target of $75 billion? ellen: this is a promise that they have made to their nongovernment shareholder

and the oil giant saudi aramco releases eagerly awaited results for the 1st quarter we'll be looking at how the global economic crisis is hitting the world's biggest oil company. i'm brian thomas great to have you with us today the krona virus pandemic has brought the work of nurses into sharp focus as they struggle to care for patients suffering from covert 19 now since today is international nurses day we're focusing on the sacrifices they've been making to save lives starting with a look at the woman credited with creating the modern profession florence nightingale today also marks her birth 200 years ago. the original queen of hygiene florence nightingale she revolutionized battlefield medicine during the crimean war when more british soldiers were dying of infections than battle wounds the principles remain is just think not be the same today as they did you i'm sure you see i reach it is you need to wash your hands and you need to make sure that the environment is incredibly clean. and. thanks treating patients and the need for ventilation the coronavirus pandemic has overwhelm

we will talk saudi rob -- saudi aramco shortly.is bloomberg. ♪ francine: this is "bloomberg surveillance." saudi aramco is still on track for shareholders to have $75 billion this year. 25% is despite reporting a drop in first-quarter profit after a price war with russia and of course after the coronavirus and prices crushing. for more, annmarie hordern joins us from new york. it is pretty bold sticking to the defendant. annmarie: it is, but we know the dividend is crucial for all weak oil companies, especially for saudi aramco. that is because the kingdom's about government has 97% of a stake in shares in saudi aramco. yesterday was a testament to the depth of the financial crisis in saudi arabia. from the energies ministry and the finance ministry, cutting another one million barrels a day. reduction is below 70 -- below 7.5 million barrels a day. credit suisse talking about bottom line, times are tough globally, but including for saudi arabia. by their calculation, they say by oil prices being low, the government will generate $

this year yet so far it has not fallen anywhere near as sharply as the overall price of oil saudi aramco reports 1st quarter results on tuesday analysts are not expecting a pretty picture. of the pandemic continues to wreak havoc on international supply chains getting those for medicines many of the components of common medications come from countries like china and then move on the secondary countries so what happens when production of the raw material stops to look. it's loud in here stuffy and smelly manufacturing antibiotics is a dirty process and back in march production at penn laboratories near delhi was going full blast churning out $150.00 tons a month the final product goes to 60 countries including some in europe where it's pressed into pill form but the precursor substances come from china and the coronavirus shut down their threatened production here it just shows how utterly dependent the world is 80 percent of medicinal raw materials come from china india used to produce them too but chinese products are cheaper than had been in lost revenue by 30th seed in there that the.

can i talk enough until aramco drops? probably not. scroll back and have a look at markets. , the market futures is going to test of the fed. negative rates are not there. as you have one overarching theme which is blended isolation. you need to google what blended isolation really is. rolet overcome a have a look at the s&p 500. offered.e dollar is market, is that custer's last stand? have won theht battle against shale, but what have they done? money flows in. talking about the curve steepening, this is one part of it. bond investors are set to absorb a record level of debt. refundinget to raise for the coronavirus pandemic. joining us with more is dani burger, our markets reporter. what has been the reaction? dani: in part it is exactly what you have been talking about and it is the steepening of the yield curve becoming the consensus trade. you have to look at exactly what is being pulled. you would think that in times of a pandemic, investors would want the longer dated bonds. however, the treasury is reintroducing the 20 year opt

anna: checking in on aramco. from aramco. the stock on the move. up by 0.3%.ow the market digests the latest from aramco. the company took further steps apex.timize 2020 c paying a dividend for the first quarter. -- saudiaramco profit aramco profit took a 25% plunge. the stock is making a small move to the upside, about 0.3%. that is get to the broader market picture. opening broadly lower. as concerns over a new pickup in the virus justifies concerns. froms talk to esty dwek natixis. global equities sold off from march into april and know they have recouped about half of the losses they have made since the march low. do we had higher from here? is there a enough solid information to take us higher? i think we are probably going to see some consolidation and probably with a little more volatility in the coming weeks because we have priced in a lot of the good news already. especially a lot of the stimulus. ,arkets are looking forward looking to 2021 but there are still a lot of question marks .bout 2020 given the size of the rebound and given that it is consen

-- the bloomberg, a , and off of saudi aramco this is norway.assive selling from sovereign wealth funds didn't really materialize, and now we are seeing it. can you walk me through the impact of that? damian: it is interesting. what are they going to have to sell? what are they going to have to liquidate to meet the government's demands? it is fairly obvious to me, they are going to have to sell bond funds. rebalance their rebalance their weight ing. i think that makes sense with yields in the u.s. touching the zero bound, and globally, this negative or lower for longer environment we are in. alix: that leads me back to the this atd the risk of the same time when treasury is ramping up supply, when the fed is still trying to pare back their daily liquidity and back-checking -- daily liquidity injection. michael: certainly of sovereign ,ealth funds are pulling back there's one less buyer out there, but that doesn't seem to be a concern in terms of overall marketability to absorb what is coming. at the same time, we are seeing bond issues, the sov

saudi aramco has already felt the impact of. its stock price has been in steady decline since the i.p.o. yet so far it has not fallen anywhere near as sharply as the overall price of oil that may be because the company still plans on paying out a $25000000000.00 dividend for the next 5 years however in what looks an increasingly barren time for the sector all bets are off in the oil kingdom. germany's development bank says the country's economy will probably not return to its pre-crisis level until fall of next year it is predicting germany's economy to shrink by 6 percent this year that is a fall in g.d.p. of 3 $100000000000.00 euros as a result of the pandemic fears of getting ill are also likely to dent in consumer spending for several months to come even as businesses start to reopen. all right our financial correspondent in frankfurt chelsea delaney is with us hi shell see so a 6 percent contraction that sounds extreme how likely is this could we see even in an even steeper decline. it is certainly a term addict klein and i

. >> saudi aramco with a crash as the bite in crude faces its bottom line. defining a trend in the energy sector >>> boris johnson facing criticism over his return to work guidance. the country looks to gradual reopening. we'll talk about the lockdown's effects on the economy >>> thank you for joining us we've been watching on the market today they have fallen 10% after the steel giant saw its net loss widen to nearly 1 billion euros in the second quarter. the coronavirus hit all of the business lines from steel to car parts. let's get out to annette for more typically, some companies will try to sell assets, which was exactly the strategy in the last few months yet selling assets in this environment is not an easy one >> that has been the case. they have been able to sell their crown jewel. the elevator business is going to a private equity consort yum. they are apparently looking for co-investors it seems with the crisis, the price is quite a burden with them as well but now thyssenkrupp is going ahead saying they don't know of any problems with the sale o

the dividends are crucial for saudi arabia's government which owns 98 percent of aramco.bloomberg business flash. economy maystria's take a few years to reach precrisis levels. that is according to sebastian kurtz. there is support on the european level for countries like spain. matt: will that be enough or will there needs to be some sort of shared fiscal union in europe to help your second trading partner? ,ebastian: this package is good but we are not in favor of ideas like corona bonds or mutual is asian of debt the european union debt in thetion of european union. matt: how important to you as the membership of other countries like italy? sebastian: there is no debate about membership. we are united in the european union. there is good cooperation and i think we will manage this crisis and we will be able to manage the economic situation. of course, it will be enormous difficulty. matt: austria, germany, the netherlands were well prepared before the crisis hit but other european countries like italy and spain were already in a bad fiscal situation. paymuch are you pr

saudi aramco is the biggest. but it is not just viruses that cause global disasters.ten, it is climate change. you make the point that the more disasters caused by the biggest companies, the narrower the spread between aramco and microsoft becomes. matthew w: absolutely. what is stunning is that aramco, which is not really freely traded yet because it was an ipo in december, has actually shrunk as a company 13%, which is saying a lot because it came in just under $2 trillion as an ipo. it all of this period where is shrinking, microsoft is gaining. perhaps a better contrast is tesla, which is the clean company, and tesla is up more than 90% this year. and what is tesla all about? everything online, zero emissions. car companies are scrambling to borrow a page from tesla because people don't want to be together too much. they are going to have to buy , so this remotely engaged economy that microsoft has really created more than any other, because macro soft goes all the way back not just the past two decades, but further, is very much in opposition to aramco, which is

are among some of the facilities being affected in the us at lepanto and fighter jets after saudi aramco plants were attacked last september dozens of u.s. military personnel will be reassigned when asked about the report president trump would not give out specific answers well i don't want to talk about it but we're doing some things will make it a lot of moves in the middle east and elsewhere we're doing a lot of things all over the world militarily we've been taken advantage of all over the world our military and. in the sense that we are and this is nothing to do with saudi arabia this has to do with other countries frankly much more we have the most powerful military in the world here's a quick look at the recent news by the white house in the middle east trump reportedly warned that if saudi arabia did not cut oil supplies he would be able to stop the u.s. congress from withdrawing troops from the kingdom that followed the plunge in oil prices and riyadh's price war with russia before that trump warned iran it would pay a heavy price if it attacked u.s. troops stationed in iraq and

deployed more assets there after an attack on saudi aramco plants last september dozens of u.s. military personnel will also be reassigned. the u.s. justice department has asked the judge to drop criminal charges against donald trump's former national security advisor michael flynn it follows mounting pressure from the president the case against flynn was one of the most high profile to come out of special counsel robert muller's investigation into dealings between trump's in a circle and russia back in 2017 flynn admitted lying to the f.b.i. about his interactions with russia's u.s. ambassador but has since tried to withdraw his guilty plea forces loyal to libyan war after of shelled central tripoli resulting in explosions near the turkish and italian embassy and the hotel after has been trying to seize the capital for more than a year he'd issued a warning to turkey on thursday about its support for the u.n. recognize government which he is trying to defeat with more from tripoli. targeted area which is a very close to the city center it's called zoe demand the word civil dipl

and donald trump ari force that al jazeera was jerusalem the world's biggest oil exporting company aramco has reported a 25 percent drop in profits or in the 1st quarter these audi energy giant blames the drop on the corona virus outbreak aramco was listed on the saudi stock market in december in a historic $29400000000.00 i.p.o. but it's been facing heavy losses as the pandemic sent oil prices crashing to their lowest in decades toyota is predicting an 80 percent fall in your profits next year are softer and 86 percent fall in the 1st quarter profits this year the japanese car manufacturer expects the global market will why i'm out around now but warns it will take a long time to recover. and it's being described as a one in a 1000000 discovery a super new zealand researchers say the planet is one of only a handful ever detected that has an orbit and size that's close to our own it's a bit larger than earth though it was found using a technique called gravitational microlensing sometimes barely perceptible objects distort the light of stars when they pass in front of them scientists look

saudi aramco is looking for a controlling stake in petrochemical -- oil collapsed -- aramco is pushinghe second payment for its 70% holding and considering reducing the size of that initial installment. this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- saving you up to $400 a year. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. karina: you are watching daybreak australia. global coronavirus infections continue to rise and top 4 million with deaths above 280,000. the u.s. has the most cases and realities with 1.3 million people infected and 79,000 having died. the virus was first reported in china. beijing confirmed 83,000 cases with 4600 fatalities the at europe continues to emerge from lockdown with governmen

the second quarter is likely to be messier than the first four saudi aramco.ust to break even this year, and it seems impossible they will get that, so clearly there is more pain in store for the saudis. if they keep dividends going, it offers some support. >> right. our energy reported there. let's get that check of the business flash headlines. five carriers have been given the lions share of u.s. federal aid, as the travel sector reels from the coronavirus. 5.8ican airlines raking in begin dollars in payroll assistance. -- $5.8 billion in payroll assistance. steven mnuchin has approved help for other companies. 11 musk thank president trump for his support in the reopening of the fremont plant -- elon musk thanked president trump for his support in the reopening of the fremont plant. officials had warned against restarting businesses to something elon musk described as fascist. he congratulated workers, saying he appreciates the drive to make tesla successful. 40% jump for grubhub on news that a potential takeover. build out its food delivery platform. shar

oil prices on the rise, saudi aramco down 25% as oil prices plummeted.the company says that it sees the impact of the coronavirus weighing on earnings for the rest of 2020 despite decline the oil giant is sticking with dividends all companies are looking to see what is next on the dividend payout but management says it's safe. new surveillance video shows au -- ahmaud aubery. cheryl: the video shows the man enter from the garage and takes nothing and aurbery shot to death minutes later in the video. greg and travis mcmichael were arrested. airlines responding to backlash from viral photos of packed planes like this one that was shared from volunteered doctors who returned from helping with covid-19 in new york city. the company tweeted this, starting next week it will notify passengers if their flight is expected to be full and allow them to rebook or they will get credit for that flight. united is also named bret hart as new president. hart is currently executive vice president and chief administrative officer and new job and part of succession plan at

an arms buildup that began as tension but the ron increased last year after saudi aramco plants were attacked dozens of military personnel are also being redeployed and when asked about the report president on but not give specifics. i don't want to talk about it but we're doing some things will make it a lot of moves in the middle east and elsewhere we're doing a lot of things all over the world militarily we've been taken advantage of all over the world our military and. in the sense that we're and this is nothing to do with saudi arabia this has to do with other countries frankly much more we have the most powerful military in the world libya's capital has come under renewed attack from forces loyal to warlord khalifa haftar our shells landed near the turkish and italian embassies and a hotel in the city center after our war in turkey on thursday against supporting the u.n. recognized government for the headlines keep it here on al-jazeera much more news to come when i went east as that next. point of prime minister takes a lump of coal into his own parliament that call means a lo

the energy ministry ordering aramco to make an additional cut of one million barrels a day next monthsobal oil demand has slumped by 1/3. shanghai disneyland is the first disney resort in the world to reopen under strict conditions. visitors have to show a health certificate to get in. the crisis has hit disney hard with being part closures sla shing income by 1.3 billion eurozone the first quarter. the world health organization has expressed hope that germany can get a recent flareup of fires infections under control. the country has been scrambling to contain outbreaks. health officials are keeping a watchful eye on the recent uptick in the country's infection rate. as germany walks a tricky path towards reopening the economy. >> racing has become the name of the game in germany. now angela merkel is waiting to see the effects of gradually easing restrictions in recent weeks. >> it is important to me to once again draw attention to the fact that we are now and the new face of the pandemic. it will now be necessary in easing restrictions that we ensure safety. following the basic requ

cities that's received a government approval to ease coronavirus restrictions also while giant saudi aramco releases eagerly awaited results for the 1st quarter it looked.

and the oil giant saudi aramco releases eagerly awaited results for the 1st quarter.

he needs oil giant aramco or get 25% drop in its first quarter profits that's even before oil places prices plummeted last week months and negative- the head b. p. meanwhile as we speak to the financial times he says that while he expects oil demand too recovever in the short term he thinks the indndustry mayay have right. he described as peak oil hehe says the weaeakening demand couldd prove permamanent even after a. pandemic has passed. k. moody thank you much. into can we do that without all the business action to stop the effect of the look down here in front of the cool stuff to prediction that things could be worse for sometime to come business down by some 27% for the month o o april i'd say here in france. what most of us watching from twenty four. hello and welcome to the friends twenty four interview our guest today is supper oct centrality that day. she's in that reunion activist she's the author of a book that was just published here in france i'll translate the title. deeds of freedom is not a crime it's written with the remark as corey it's published by. and in its- you

american weapons and fighter jets were sent to the kingdom last year after saudi aramco oil facilities were attacked they were also intended as a deterrent as tensions rose between tehran and washington but the reduction in the u.s. military presence is believed by some to be based on assessments iran no longer poses an immediate threat to u.s. strategic interests when asked about the decision president trump stayed away from giving specific details well i don't want to talk about it but we're doing some things we're making a lot of moves in the middle east and elsewhere we're doing a lot of things all over the world militarily we've been taken advantage of all over the world our military and. in the sense that we're and this is nothing to do with saudi arabia this has to do with other countries frankly much more we have. the most powerful military in the world the military relationship between the u.s. and saudi arabia goes back almost a century since the search for oil in the gulf state began in 1933 now since then the u.s. military has advised the kingdom and kept troops there and c

saudi aramco is pushing up payments. and considering reducing the size of its installments. is possible to lower of the deal $59 billion price tag. emirates is planning to secure more debt after profit fell 28%. net income of the world's biggest a long-haul carrier fell to $453 million. it is looking for more and its fiscal year beginning april. the company has not declared a dividend. reliance industry has sent thursday as the date determining shareholder eligibility for $7 billion issue. the first share offering three decades. and reliance embarks on a debt reduction drive. they have pledged to cut reliance debt to zero by next march. shery: we have some great guests in the next hour. we have a tribeca investment partner. in the cofounder and ceo of set -- cloudflare. matthew prince. and we will speak to mr profound as shanghai disneyland reopens. there is a live picture. during the covid-19 pandemic, s have been close. we are waiting the shanghai reopening of disney. inney took such a big hit the second quarter when profits plunged by half. the biggest to division is the

is in talksi aramco about delaying payments.initialze installment to the kingdom su's sovereign wealth fund. if it is possible to reduce the price tag. in west group is looking for financing after 20% drop in for your profit. airliner of the biggest raised $2.4 billion to provide a cushion for the coronavirus impact. elon musk is lashing out at the california county blocking tesla from reopening it's only u.s. car plant. he says the carmaker will sue and has filed a complaint with the district court in san francisco. that is the bloomberg business flash. francine? the european commission has threatened to sue germany twice in a weekend for challenging the -- commission president ursula von on leyen said the final word law is always spoken in luxembourg, nowhere else. courtters, she said the ruling is being analyzed with an infringement process against germany. argus joins us. he sits in the european parliament and is on the committee for economic and monetary affairs. thank you so much for joining us. when you look at what this

last september of last year there was a bold attack i mean they hit them hard these are the famous aramco oil fields in saudi arabia one of them are kurds right here this is called and i'll try pronouncing it but it's a blue kill right here in this region and the other one occurred here in the region known as coup rise those are 2 big giant major oil fields they knocked out oil production for more than 2 weeks shut them down and there is reason to suspect that you know who was behind it iraq iran behind the attack so what happened saudi arabia turns to the united states after this incident and they say please help us united states so the united states sent them several batteries of patriot missiles and 2 jet fighter squadrons to defend these particular oil fields so guess what happened within the past week the united states says to saudi arabia sorry charlie we're going to take those patriot missiles and the fighter squadrons back you're on your own because the saudis were still producing and shipping out too much oil causing the price of u.s. crude to tank and all the businesses here wer

conversation for the rest the segment above i want to i want to move on to another point here now saudi aramco announced tuesday a 25 percent drop in 1st quarter net profit as the pandemic has ravaged the oil demand now opec members are of course pledged deeper cuts which helped push prices up a little bit on tuesday what's the future outlook for oil at this point. when our oil is up to go trying to rally it's up you know to some around the $30.00 level and again will it will it stay here look at the end of the day if we get the economy open and we get the economy flowing and we start increasing demand then yes we get oil can start to will it go back to 50 i don't think so i don't see major high prices until we can get a full year. and start to use completely but the meantime we're going to cut back on what you make here saudi arabia there everybody's going to cut back and try to create a supply shortage we've got such a glut to begin with that it could be a long time to go through what you already have in stock in what we have stockpiled but you know again i think if we have a smooth and this

refineries and storage sites in texas and louisiana one has already completed a delivery to a saudi aramco owned refinery in texas but with oil prices sinking to record lows and threatening u.s. produces some politicians in washington want the vessels turned around as there's nowhere for them to store the oil and he is director of energy policy advisors an energy and mining research advisory company he says that it will be a while before we see the impact of the production cuts. normally in the oil market data is quiet for delayed when we look at the actual april data you saw production increases coming through so thus on the back of the original breakdown of the aipac deal the size of the cut pretty staggering from a when you look at them in relation to april so i think there are going to be some countries the are going to quite reach their target certainly at the beginning of the month but there is there is a real issue into as well in terms of storage capacity filling up around the world and whether. countries and companies can actually produce and sell the oil i think the the data will

refineries and storage sites in texas and louisiana one has already completed a delivery to a saudi aramco and refinery in texas but john hendren now explain storage is becoming a more precious commodity than the oil itself. cushing oklahoma is a small town with a big job in the oil industry it is the oil pipeline crossroads of america and that made it the logical place to become the nation's oil storage hub right now we're just shutting in wells and doing whatever we can to just reduce production work to the minimal mccree we can now one tank after another stands in a landscape lined with storage farms brimming with crude waiting for delivery but with oil at historically low prices the crude keeps flowing in is sellers wait for higher prices and cushing is filling up fast it's the world's largest storage now. it has. 6 no you bottles. storage however right now there and else on. everyone scrambled on and. that's why i'm saying use of oceangoing tankers just a little or no tankers with no destination full of oil waiting for better days and bigger prices nearby gas sells for under a dollar

saudi aramco is talking about again delaying their payments to the petrochemical giant.y are trying to see if the $69 billion ties -- price tag can be reduced under pressure because of the collapse in oil prices. shanghai disneyland has reopened after an almost four-month coronavirus shutdown. they have to have their temperatures scanned. are have to show that they using a smartphone app for tracking infected persons. it is disney's first theme park to reopen. that is the bloomberg business flash. tom: thanks so much. there was green on the screen come a little bit, a day after the jobs report in america, sort of a turning around. right now, read on the screen. we pulled back with the exuberant vix on friday. still under the 30 love, but a little bit of a churn here as the two-year u.s. yield comes in fractionally as well. that gets my attention. i also put up brent crude right at the cusp of 30. i cannot make a thing out of it, other than the report that francine lacqua survive mother's day. francine? francine: i did. i survived mother's day. this is what i am looking a