Category: Business News

OPEC on Track to Extend Production Cuts

OPEC Secretary General Mohammad Sanusi Barkindo said that while it is “premature” to say for certain whether the oil cartel will extend its production cuts past May, the current cuts could be described as “so far, so good.”

The S&P 500 Turned 60 Over the Weekend

The S&P 500 , the world’s largest stock exchange with almost $2.4 trillion indexed to it, turned 60 on Saturday. The S&P is considered a more accurate measure of large-cap American equities since it is weighted by market cap as opposed to the Dow with is weighted by price.

Deutsche Bank Stock Falls Premarket on Capital Increase Plan

Deutsche Bank shares were down 1.5% premarket Monday as the market reacts to the investment bank’s plan to increase capital by $8.5 billion, the fourth time in seven years the company has sought to increase capital. Deutsche Bank CEO John Cryan has said in the past that a capital increase would only be implemented as a measure of last resort.

Stock Futures Move Lower as Geopolitical Tensions in Asia Rise

Stock futures are under pressure on Monday as Wall Street faces rising geopolitical tensions in Asia and renewed concerns over a looming travel ban executive order from the president. Stock futures were under pressure on Monday as Wall Street faced rising geopolitical tensions in Asia and renewed concerns over a looming travel ban executive order from the president.

M&A Litigation Moves Away from Delaware

Patterns of merger litigation have changed significantly in response to developments in Delaware law, four scholars find in a recent paper . Lawyers for stockholder plaintiffs have filed fewer fiduciary duty cases in Delaware since Chancellor Andre Bouchard essentially barred disclosure-only settlements last year in in a case arising from the sale of Trulia to Zillow , instead opting to file such matters in the courts or other states or bring securities law cases in federal court.

Rev’s Forum: Delayed Reaction to 2 Big Events Threatens Market

First, President Trump’s speech before a joint session of Congress produced a very strong positive response that surprised many folks who were looking for a “sell the news” response to occur. The explanation for the strength was that the president gave a very serious and focused speech that promised aggressive action on fiscal policy that would stimulate the economy.

Price war among brokerages offers opportunity for investors

This Thursday, June 16, 2016, file photo shows a sign outside of a Fidelity Investments office in the Century City section of Los Angeles. On Tuesday, Feb. 28, 2017, Fidelity became the latest company to cut its fees in an ongoing industry battle that’s helped mom-and-pop investors keep more of their own dollars.

Car deal

Vauxhall and Opel are being sold to the company that owns Peugeot and Citroen for 2.2bn euros . We look at the logic behind the deal.

Sprint is Trying to Sell Trump on a Comcast or T-Mobile Merger –

Sprint and Softbank boss Masayoshi Son met with the Trump administration last month to sell the administration on a megamerger between Sprint and either T-Mobile or Comcast, notes the New York Times . In presentations to the Trump camp, Softbank executives made the case that “because of a lack of advanced digital investments,” the competitiveness of the United States economy was at risk.

Wall Street Cops Reined In as SEC Braces for Trump Budget Cuts

When Wall Street bond dealmakers congregated in Las Vegas last week for their annual get-together, one group of folks was conspicuously absent: SEC enforcement officials. For years now, they’ve been crashing the marquee event, trying to, somewhat awkwardly, mingle and make industry contacts while sniffing around for their next big case.

Deutsche Bank’s Cryan Has New Strategy: Reverse the Old One

Deutsche Bank AG Chief Executive Officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort flopped. Germany’s largest bank late Sunday approved measures — most crucially, plans to raise about $8.5 billion in a share sale — that effectively restart what has already been the most turbulent transformation in its recent history.

Kenyan Minister Opposes Regulations to Break Up Vodafone Unit

Kenya’s government opposes using regulation to force East Africa’s biggest mobile operator Safaricom Ltd. to be broken up, after a draft study found the company is dominant in the country’s telecommunications industry, Information, Communications and Technology Secretary Joseph Mucheru said. The government disapproves of measures that would stifle innovation as it wants companies to expand by investing in new products and technology, Mucheru said in an interview Friday from the capital, Nairobi.

Deutsche Bank Shares Tumble In Frankfurt After $8.5 Billion Capital Raising Confirmation

Deutsche Bank stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around $8.5 billion in capital and sell parts of its asset management business. Deutsche Bank AG stock fell sharply in Frankfurt Monday after Europe’s biggest bank confirmed it will raise around a 8 billion in capital from shareholders and plan the partial sale of its asset management business.

Aberdeen, Standard Life Combine in $13.5 billion Asset Management Tie-up

Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a $13.5 billion all-share merger Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a A 11 billion all-share merger The deal will see Aberdeen shareholders owing around 33% of the combined group, while Standard Life shareholders will received 66.7%. The merged group will remain in Scotland, the companies said, and will have around A 660 billion in assets under management, making it the second-largest in Europe behind Allianz SE .

Nikkei Falls on Strong Yen, N.Korea Missile Launches

Japanese shares fell on Monday in thin trade as the yen firmed and as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan’s exclusive economic zone. Landmine maker Ishikawa Seisakusho jumped 5.1 percent, while Mitsubishi Heavy Industries rose 0.2 percent and Kawasaki Heavy Industries 0.3 percent.

Equity Futures Drop as Risk Appetites Hit

U.S. stock futures dropped but Asian shares were resilient on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of China’s slower 2017 growth target. Risk appetites also took a hit on rising geopolitical tensions in East Asia, as North Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defense deepened.

Prosecutor Says Samsung Scandal a Sign of – Chronic Corruption’

South Korea’s special prosecutor accused Jay Y. Lee and other Samsung Group executives of conspiring to create fake documents to mask millions of dollars in bribes funneled to a confidante of the nation’s president. Lee, the de facto head of Samsung, is alleged to have committed perjury when he said he didn’t know his company had paid money to entities controlled by Choi Soon-sil, and that he wasn’t asked by President Park Geun-hye to provide financial support.

Amazon Chief Bezos Expected to Unveil Further Private Space Exploration Plans

The burgeoning space-transportation company owned by Amazon.com chairman Jeff Bezos this week is expected to announce some customers and new initiatives, the latest step toward its long-term goal of building rockets powerful enough to penetrate deep into the solar system, according to industry officials. The moves by the typically secretive Mr. Bezos, these officials said, are anticipated to disclose further details about Blue Origin LLC’s strategy to create a family of reusable rockets initially intended to take tourists on suborbital voyages, and then propel spacecraft into Earth’s orbit and eventually blast both manned and robotic missions to the Moon and various planets.

Saudi Aramco’s Green Energy Push Seen Widening Appeal of IPO

Aramco is the world’s largest oil company, but when it sells shares next year its foray into renewables is what may lure investors who would otherwise be forced to stay away. Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.

Singapore Managers Can Expect Pay Increases of 5% At Most

About 93 percent of companies in Singapore say they will keep or raise headcount this year, according to a survey by recruitment consultancy Michael Page of almost 450 businesses in the city state . Only 36 percent said they will recruit new hires.  Singapore’s unemployment rate recently hit a six-year high of 2.2 percent, though the country still remains one of the easiest places in the world to find work.

Papua New Guinea Asks Energy Explorers: Can We Keep Some of Our Gas?

Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. The Pacific island nation wants some of the world’s top explorers to allow a portion of its natural gas to stay in the country, said Nixon Duban, the minister for the government’s petroleum and energy department.

Yen Gains, Topix Falls on Korean Missile Report: Markets Wrap

U.S. stock futures were also lower as Japan Prime Minister Shinzo Abe said the government will hold a National Security Council meeting today after North Korea fired four ballistic missiles. The move comes as South Korea and the U.S. undertake annual military drills that Pyongyang has called a prelude to an invasion. Tensions have been rising over North Korea, which also conducted a missile test during Abe’s state visit to the U.S. last month and is suspected of being behind the assassination of its leader’s half brother in Malaysia.

Yen Gains, Topix Falls on Korean Missile Report: Markets Wrap

U.S. stock futures were also lower as Japan Prime Minister Shinzo Abe said the government will hold a National Security Council meeting today after North Korea fired four ballistic missiles. The move comes as South Korea and the U.S. undertake annual military drills that Pyongyang has called a prelude to an invasion. Tensions have been rising over North Korea, which also conducted a missile test during Abe’s state visit to the U.S. last month and is suspected of being behind the assassination of its leader’s half brother in Malaysia.

Two Killed in Tecumseh Disturbance

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