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Morning Report: Canadian Overseas Petroleum's Millholland to provide C$200,000 loan

Headlines from the Proactive UK newsroom.

Canadian Overseas Petroleum Limited (LON:COPL) is to receive C$200,000 as a loan from its chief executive, Arthur Millholland, so that it can continue discussions with investors and service providers over plans for the OPL 226 asset. The loan will cover working capital, providing room for the OPL 226 talks to continue.

Ariana Resources’ (LON:AAU) revenues jumped to US$45mln in 2019 as production exceeded guidance by 12%. The fourth quarter saw record income of US$12.8mln with a buoyant gold price boosted by a substantial silver credit.

The trade body for the airline industry has warned airlines will lose more than$29bn in revenue this year due to the coronavirus. Demand for air travel’s expected to fall for the first time in a decade due to the outbreak.

In another gloomy forecast, a leading US investment bank has warned human life might be wiped out by climate change. A report from JP Morgan and seen by the BBC, says there could be ‘catastrophic outcomes’ if action is not taken now.

Pearson’s profits slumped by 50% in 2019 as the education specialist’s struggles against the growth in online competition continued. It says adjusted operating profits will fall again in the current year adding that since 2012 sales of college textbooks in the US have dropped by 90%.

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