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The big multinational oil-and-gas company Eni posted a roughly $3.15 billion net loss for the quarter on Friday, citing the combined effect of the "ongoing economic recession" due to coronavirus and low prices.

Why it matters: It's a sign of what's to come for the sector in this earnings period and going forward for a while.

  • Bloomberg notes that it "provides signals for the rest of the industry, with the worst impact of oil’s historic plunge likely in the coming quarters."
  • However, Eni said it expects a "gradual recovery in global consumption of oil, natural gas and power in the second half of the year."

Driving the news: The Italy-based company also deepened its planned capital spending cuts. It now expects to cut spending by 30% this year compared to prior plans and 30%-35% next year.

What's next: Larger oil-and-gas majors like will report their Q1 results over the next couple of weeks. U.S.-based majors Exxon and Chevron both report next Friday.

Go deeper:

Go deeper

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Updated Aug 3, 2020 - World

Australia's Victoria enacts strict new measures as coronavirus cases surge

Australian soldiers patrol the streets on Monday of Melbourne, Australia. They and police are imposing the city's 8pm–5am curfew that came into effect Sunday night. Photo: Darrian Traynor/Getty Images

Victoria's premier Dan Andrews said Monday all retailers except for essential services like grocery stores in state capital Melbourne must shut for six weeks, effective Aug. 7, as cases continue to surge in Australia's second-most populous state.

The big picture: A day after he declared a disaster in Victoria to enacted tougher measures, Andrews told a briefing, "we need to dramatically reduce people moving in the community." Restrictions including a nightly curfew in Melbourne began Sunday. Andrews confirmed 429 new cases and 13 deaths from COVID-19 — equaling the state and national death toll record set last month. Australia looked set to suppress COVID-19 in May. Most places have had few or no cases, but Victoria's have spiked in recent weeks.

Trump says Fauci is "wrong" about coronavirus cases surge

President Trump and National Institute of Allergy and Infectious Diseases director Anthony Fauci during an April daily coronavirus task force briefing at the White House. Photo: Drew Angerer/Getty Images

President Trump called out Anthony Fauci Saturday in a comment retweeting a video of the NIAID director explaining why coronavirus cases have been surging in the U.S.

Driving the news: In the video of Friday's testimony, Fauci explained that while European countries shut 95% of their economies, the U.S. "functionally shut down only about 50%." Trump responded, "Wrong! We have more cases because we have tested far more than any other country, 60,000,000.