Coronavirus puts brakes on sports car maker Ferrari

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MILAN (Reuters) – Luxury sports car maker Ferrari (RACE.MI) cut its 2020 core profit forecast on Monday due to disruption caused by the coronavirus pandemic, which it said would mainly hit second quarter results.

FILE PHOTO: Ferrari Roma is unveiled during its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane

The company, known for its red Formula One racing cars and its prancing horse logo, said it now expected adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to edge down from 2019 levels to 1.05-1.20 billion euros.

In February, Ferrari had projected an increase

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Exxon, Chevron slam brakes on shale as oil demand tumbles

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HOUSTON (Reuters) – Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand.

Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world’s top oil producer and a net exporter for the first time in decades. They each announced global shut-ins of up to 400,000 barrels per day (bpd) this quarter due to lockdowns to

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