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.
Category: World News
Poor Pacific Nation Asks Drillers: 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.
German Chancellor Angela Merkel to Testify on Volkswagen Emissions Scandal
German Chancellor Angela Merkel, a staunch defender of the country’s car industry, testifies this week before a parliamentary investigation into Volkswagen AG’s diesel cheating that is looking into any relationship between her lobbying and the scandal. Lawmakers will focus on Ms.
Action Alerts PLUS: Markets Stage Late Retreat
This commentary was excerpted from the Weekly Roundup sent to subscribers of Action Alerts PLUS , a charitable trust co-managed by Jim Cramer and the AAP staff . Click here to learn about this actively traded stock portfolio.
Standard Life Eyes Aberdeen to Create $811 Billion Manager
Standard Life Plc, Scotland’s largest insurer, is in talks to acquire Aberdeen Asset Management Plc, creating one of Europe’s biggest fund managers overseeing 660 billion pounds . Under the terms of the potential deal, Standard Life shareholders would own 66.7 percent of the combined group, according to a joint statement on Saturday.
Africa: Strict Rules Keep African Firms Away From Stockmarkets
Tight requirements coupled with a fear of public scrutiny have locked out 420 local companies from being listed on stock exchanges in Africa. The PwC 2016 Africa Capital Markets Watch estimates that Africa has 700 companies with annual revenues in excess of $500 million, but only 40 per cent are listed.
Africa’s Top Hedge Fund Starts Food-Focused Private-Equity
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star.
Geely Chairman Says He Plans to Abandon Bid for Lotus Owner
Billionaire Li Shufu said he’s planning to pull Zhejiang Geely Holding Group Co. out of a bid for Proton Holdings Bhd., saying the Malaysian carmaker keeps changing its plans.
China Roils South Korean Stocks With News of Travel Curbs
South Korean stock trading offered a case in point Friday, with a selloff in hotels, cosmetic makers and other tourism-related companies that made the country’s benchmark the worst performer among Asian equity markets. The slide followed a Yonhap news agency report on China ordering travel agents to halt sales of holiday packages to South Korea.
Where South Korea’s Teetering, Debt-Laden Companies Go to Bank
South Korea’s state-owned lender, the nation’s largest policy bank, and other creditors turned down a bailout request from Hanjin, then one of the world’s biggest shipping lines. That in turn led to a bankruptcy filing in Seoul and a major disruption in global shipping as more than 90 Hanjin ships were marooned offshore and ports in the U.S., Asia and Europe turned the company’s ships away.
Chaebol’s `Grim Reaper’ Prosecutor Takes Aim at Samsung’s Lee
Special prosecutor Park Young-soo is going after South Korea’s most powerful business leaders and politicians, but he’s faced tougher opponents before. In 2015, Park was slashed in the neck with a box cutter by a man he defeated years earlier.
Should we fear the future of Facebook?
Mark Zuckerberg, chairman and CEO of Facebook, speaks at the CEO summit during the annual Asia Pacific Economic Cooperation forum in Lima, Peru, on Nov. 19, 2016. Zuckerberg hopes the platform can help its users become better informed and engaged in local and global politics.
Oil Slips as U.S. Stockpiles Set Record Despite OPEC Cuts
Oil slid for a third day as record U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. Futures declined 1.2 percent in New York.
China’s Didi Said to Weigh Raising Billions in Fresh Capital
Didi Chuxing, the ride-hailing service that acquired Uber Technologies Inc.’s China business last year, has held informal talks with investors about raising billions of dollars to buy more time to build a profitable business model, according to people familiar with the matter. Didi’s investors, numbering more than 100, are divided over whether more capital is needed now, said the people, asking not to be named because the matter is private.
Oil Down For 3rd Day on Record High Inventories
Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Crude stockpiles in the United States, the world’s top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds.
How Saudi Arabia can Affect Oil ETFs
The United States Oil Fund , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund , which tracks Brent crude oil futures, and other oil-related exchange traded products remain beholden to the Organization of Petroleum Exporting Countries .
Oil Down For Second Day
Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration due at 1530 GMT on Wednesday.
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO
Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.
United-Avianca Deal Becomes Target of Lawsuit by Kingsland
Avianca Holdings SA’s chairman and controlling shareholder, German Efromovich, is forcing the Colombian airline into a potential deal with United Continental Holdings Inc. that will hurt minority investors, according to a lawsuit filed Tuesday in New York State Supreme Court. Kingsland Holdings, the second-biggest shareholder in Avianca, is suing the Bogota-based air carrier, Efromovich and Chicago-based United, saying they secretly negotiated an $800 million loan and strategic partnership.
America’s Favorite Cell Phone Perk Is Coming Back, FCC Head Says, Because Of Obama Regs Roll-Back
Ajit Pai, the Republican chairman of the Federal Communications Commission, said that the recent uptick in “unlimited” data offerings from telecommunications companies is due to his reversal of burdensome federal oversight imposed by the Obama administration. Verizon, T-Mobile, Sprint, and AT&T – the four largest wireless providers in the U.S. – all launched new unlimited data plans in recent weeks in an apparent attempt to capitalize on the change.
Netflix employees were personally affected by U.S. President Donald…
Netflix employees were personally affected by U.S. President Donald Trump’s attempt to ban people entering from seven Muslim countries, the company’s CEO said Tuesday. Reed Hastings has been a critic of the temporary travel ban, which Trump hopes to revive in a revised form this week, and told The Associated Press on Tuesday that some of his co-workers had gotten caught up in it.
REFILE-UPDATE 1-Telecoms companies call on Brussels to reconsider merger policy
BARCELONA, Spain, Feb 28 The European Commission should help telecoms companies whose revenues it has eroded through consumer-friendly regulation by allowing more mergers to help them to build scale and boost investment, the CEOs of Vodafone and Orange said on Tuesday. European regulators are still underestimating how the present framework hinders the capacity of telecoms operators to sustain investment, unlike the regulatory landscape enjoyed by their U.S. peers, the carriers argue.
REFILE-UPDATE 1-Telecoms companies call on Brussels to reconsider merger policy
BARCELONA, Spain, Feb 28 The European Commission should help telecoms companies whose revenues it has eroded through consumer-friendly regulation by allowing more mergers to help them to build scale and boost investment, the CEOs of Vodafone and Orange said on Tuesday. European regulators are still underestimating how the present framework hinders the capacity of telecoms operators to sustain investment, unlike the regulatory landscape enjoyed by their U.S. peers, the carriers argue.
FCC announces cooperation agreement with Indian counterpart
The Federal Communications Commission announced on Tuesday a partnership with its Indian counterpart, the Telecom Regulatory Authority of India . During the Mobile World Congress summit in Barcelona, Spain, FCC Chairman Ajit Pai signed a non-binding agreement with TRAI Chairman R.S. Sharma to cooperate with the Indian agency and share best practices.
Global Oil Broadly Flat, in Tight Range
Global oil prices were broadly flat on Tuesday, continuing to trade in a tight range with OPEC’s bullish production cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets.
Samsung’s Big Deals, Decisions Seen on Hold as Lee Faces Trial
The indictment of Samsung Electronics Co. de facto chief Jay Y. Lee and four other top executives on bribery and embezzlement charges threatens the company’s ability to make major strategic decisions, including acquisitions and management changes.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges in the latest blow to the country’s largest conglomerate amid a generational handover. Lee will stand trial over accusations he participated in bribes made in exchange for government favors, with formal changes to be filed Tuesday against him and four other executives.
Samsung Group chief to be charged with bribery, embezzlement amid scandal
Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017. Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges along with four other executives, dealing a blow to the country’s largest conglomerate as it prepares for a generational handover. Formal charges would mean Lee stands trial over accusations of involvement in bribes for government favors.
Saudi Aramco to Invest $7 Billion in Malaysian Oil Refining Hub
Saudi Arabian Oil Co. will invest $7 billion in an oil refining project being developed by Malaysia’s Petroliam Nasional Bhd., according to the Southeast Asian nation’s prime minister.
VietJet Jumps 20% in Trading Debut as Travel Demand Soars
VietJet Aviation Joint Stock Co. surged by the 20 percent daily limit in its trading debut on the Ho Chi Minh City Stock Exchange, reflecting investor interest in Vietnam’s first mainboard-listed carrier as travel demand soars in the nation.
Starbucks Will Open Giant Store in Milan as It Tries to Crack Italy’s Obsessive Coffee Culture
The coffee giant will open a statement-making, 25,500-square-foot roastery in the historic Palazzo Delle Poste in Milan late in 2018, the company revealed on Tuesday. When it debuts, it will mark Starbucks’ first roastery in the European, Middle Eastern and African region, and its fifth international spot.
China says it has received its largest foreign drone order: Xinhua
An undisclosed buyer has placed the largest overseas order for China’s home-developed military drones, the Xinhua news agency has reported, in a boost for the Chinese arms industry’s efforts to increase export volumes. The order for the Wing Loong II was placed before the next-generation unmanned aerial vehicle successfully completed its maiden flight, Xinhua said late on Monday, citing the system’s developer Chengdu Aircraft Design and Research Institute.
Oil Rises as Bullish Bets on Rising Prices Ht Record High
Oil prices rose on Monday as investors showed record confidence in prices rising further, though gains were capped by the prospect of faster growth in U.S. oil production. Brent crude oil rose 55 cents to $56.54 a barrel by 1053 GMT, while U.S. West Texas Intermediate added 39 cents to $54.38.
A ‘complex moment’ – Mexico is looking to strike back…
US Secretary of State Rex Tillerson and Homeland Security Secretary John Kelly visited Mexico this week , where they met with the country’s president, Enrique Pea Nieto, and other senior officials. Mexicans’ ire with US President Donald Trump has been inflamed by his hardline stance on issues like immigration and border control, as well as by his administration’s inconsistencies on some of those policies.
A Hedge Fund Giant in Samsung Empire Finds Hurdles Close to Home
For Samsung’s $1 billion hedge fund, the looming presence of Samsung Electronics Co. — and even the Korean conglomerate’s name — can be part of the challenge.
A Billion India Identities at Risk as Modi Widens Digital Reach
Shivam Shankar Singh woke last month to an e-mail from an Indian government department. It had a name, address, mobile phone number and bank account with a code for money transfers and investments made in a dairy farm.
No Chance’ Brazil Government Waives Oi Debt, Minister Says
Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The government can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab said Sunday in an interview in Barcelona, Spain.
No Chance’ Brazil Government Waives Oi Debt, Minister Says
Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The government can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab said Sunday in an interview in Barcelona, Spain.
Protests erupt after Kyrgyzstan arrests opposition leader
Kyrgyzstan’s former President Roza Otunbayeva attends a rally in support of Omurbek Tekebayev, who was arrested early Sunday morning after arriving at the Central Asian country’s main airport, in Bishkek, Kyrgyzstan, Sunday, Feb. 26, 2017. Hundreds of people protested Sunday in Kyrgyzstan after authorities detained a prominent opposition leader on fraud and corruption charges that his supporters say are politically motivated.