Indonesian business tycoon Tahir is keen to gain control of PT Bank Permata, a larger rival to his PT Bank Mayapada International, as he seeks to put his lender in the ranks of the nation’s biggest banks. Tahir’s Mayapada Group wants to buy the 90 percent of Permata that is owned by Standard Chartered Plc and PT Astra International and merge it with Bank Mayapada to create Indonesia’s largest non-government bank by assets after PT Bank Central Asia, he said.
Category: World News
Jazz Pianist Turns Hedge Fund Quant With Sale of Options Startup
Larry Richards, a trained jazz pianist and former phone-company executive, is an unlikely entrepreneur in the esoteric world of stock options. Just three years after taking an online course on equity derivatives, Richards set up his own company in 2013 to develop trading software for individual investors and small funds.
Tycoon Eyes StanChart’s Indonesian Bank Stake in March to Top
Indonesian business tycoon Tahir is keen to gain control of PT Bank Permata, a larger rival to his PT Bank Mayapada International, as he seeks to put his lender in the ranks of the nation’s biggest banks. Tahir’s Mayapada Group wants to buy the 90 percent of Permata that is owned by Standard Chartered Plc and PT Astra International and merge it with Bank Mayapada to create Indonesia’s largest non-government bank by assets after PT Bank Central Asia, he said.
Germany Picks Ex-Foreign Minister Steinmeier as President
A special assembly elected former German foreign minister Frank-Walter Steinmeier by an overwhelming majority Sunday to be the country’s new president. Steinmeier was elected in Berlin by the assembly made up of the 630 members of parliament’s lower house and an equal number of representatives from Germany’s 16 states.
Even a Le Pen Win Won’t Be Enough to Break Up Euro, Banks Say
An attendee looks towards a table selling campaign materials during a presidential campaign event in Lyon, France, on Feb. 5. Whatever the outcome of France’s presidential elections, it probably won’t raise the odds of an exit from the euro, most analysts say. The chances of anti-euro candidate Marine Le Pen winning the second round on May 7 are slim and even if she does, the National Front party leader is unlikely to get a majority in the legislative vote in June, according to banks including Barclays Plc and UniCredit SpA.
Germany Picks Anti-Trump President as Trans-Atlantic Bonds Fray
The Social Democrat who served two stints as foreign minister under Chancellor Angela Merkel emerged as her governing coalition’s candidate last November as the parties sought to avoid a political spat over the appointment in an election year. With the support of Merkel’s Christian Democratic-led bloc and the Social Democrats in a special assembly on Sunday, Steinmeier is all but assured victory to the mostly ceremonial post. While Merkel steered clear of sharing her views on Trump before his election as president, her top diplomat vociferously derided what he saw as a campaign that broke taboos and threatened trans-Atlantic bonds.
Wall Street Week Ahead: Energy Stocks Look for Catalyst out of Doldrums
Buoyant oil prices since Donald Trump’s election have provided no lasting halo effect for energy stocks as the sector’s profit rebound has lacked vigor, but that could change in the week ahead with a fresh crop of quarterly scorecards. Helped by OPEC output cuts, oil prices are up roughly 20 percent since Trump’s victory, and U.S. crude has held above $50 a barrel since mid-December.
Trump’s Tax Talk Drives Wall St to Record High
U.S. stocks hit record highs for the second day on Friday as investors remained upbeat about a tax reform plan that President Donald Trump vowed to unveil in the coming weeks. Trump’s promise of a “phenomenal” tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his protectionist stand and the lack of clarity on policy reforms.
Stock Futures Point to Further Gains as Investors Hope for Tax Reform
Stock futures trade higher Friday as investors hope for U.S. tax reform following comments from Donald Trump on Thursday. S&P 500 futures rose 0.04%, Dow Jones Industrial Average futures increased 0.09%, and Nasdaq futures gained 0.08%.
Oil Prices Stable on Strong Chinese Imports
Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample U.S. fuel inventories weighed on the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.68 per barrel at 0427 GMT, up 5 cents from their previous close.
Oil Rises After Drop in U.S. Gasoline Stocks
Oil prices rose on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure. Brent crude futures, the international benchmark for oil prices, were trading at $55.41 per barrel at 0515 GMT, up 29 cents, or 0.5 percent, from their last close.
Berlin Festival Tightens Security After Christmas Attack
“We have no intel on a planned attack during the festival, but we will be on high alert,” says a Berlin police spokesman. Berlin prides itself on being the casual alternative to Cannes, but in the wake of the Christmas market attack in the German capital in December, the festival has tightened security.
Oil Prices Fall on Bloated U.S. Fuel Inventories, Stalling China Demand
Oil prices slid on Wednesday to extend falls from the previous session, as a big increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures were trading at $54.81 per barrel at 1257 GMT, down 24 cents from their previous close.
This Is The State Of Gender Diversity On Boards Around The World
One particular problem the recent Snap IPO news brought to light yet again is how few women sit on the boards of directors of major public companies. This, in light of the fact that recent findings from MSCI ESG , a global research firm, indicate that companies with strong female representation on boards generated a Return on Equity of 10.1% per year versus 7.4% for those without.
Singapore Air Extends Jet Fuel Hedging as OPEC Cuts Sway Oil
Singapore Airlines Ltd., Southeast Asia’s biggest carrier, extended some of its fuel-hedging contracts to as long as five years, betting on an upswing in crude oil prices amid OPEC production cuts and renewed tensions between the U.S. and Iran. The marquee airline, which reported a 36 percent drop in profit for the three months through December, said Tuesday that it has entered into longer-dated Brent hedges with maturity extending to 2022.
Oil Falls on Bloated U.S. Fuel Inventories
Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close.
Hyundai may source car batteries from China amid political tension
Hyundai Motor said on Wednesday it may procure electric vehicle batteries from Chinese companies for a planned China model after South Korean battery makers failed to make a list of approved vendors last year. The decision comes at a time of growing concern in South Korea that Beijing may be retaliating over Seoul’s decision to deploy a U.S. anti-missile system.
Saudi Aramco Said to Pick Moelis to Advise on Biggest IPO
Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to a person familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
Oil Prices Slip as Reviving Shale Balances OPEC Cuts
Oil prices slipped on Tuesday as lower production by OPEC and other exporters was undermined by growing evidence of a revival in U.S. shale production and sluggish demand. Benchmark Brent crude was down 30 cents at $55.42 a barrel by 1330 GMT.
Qatar Petroleum Hunts for Gas Abroad as Local Growth Limited
Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments. The world’s biggest producer of liquefied natural gas known as QP must cope with local limits on growth as it seeks to expand its LNG business and increase its production and reserves of crude oil and gas, Saad Sherida Al Kaabi, the company’s chief executive officer, said Monday in Doha.
Oil Prices Stable, But Kept in Range by Mixed Price Signals
Oil was stable on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year. Brent crude futures, the international benchmark for oil prices, were trading at $55.77 per barrel at 0753 GMT, up 5 cents from the last close.
BP Expects Producers’ Cuts to Keep Oil Prices Above $50 a Barrel
BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers’ output cuts to keep prices above $50 a barrel this year. BP’s annual profits slumped to their lowest level in at least a decade to $2.59 billion, while fourth-quarter profit missed analysts’ forecasts hit by $328 million in one-off charges.
Brazil Airline Azul Files for U.S. Initial Public Offering
Azul SA, the Brazilian airline led by JetBlue Airways Corp. founder David Neeleman, filed for an initial public offering in the U.S., following at least two previous delays because of slumping Brazilian stocks. The Sao Paulo-based airline filed Monday for a $100 million IPO, a placeholder amount used to calculate fees that may change.
Indian Bank Shunning Corporate Loans Sees Stock Tripling in Year
Indian Bank, a century-old state-owned lender based in the country’s south, has emerged as Asia’s top-performing bank stock in the past year, driven by a focus on consumer loans that are less likely to sour than corporate advances. The Chennai-based firm is aiming to boost retail lending, which includes mortgages and loans underpinned by gold as collateral, to account for 60 percent of its loan book over the next two years, up from 52 percent at the end of December, according to Chief Executive Officer Mahesh Kumar Jain.
Toyota Faces Trump Trade Heat and Flagging Demand in the U.S.
Toyota Motor Corp. recently ceded its title as the world’s best-selling automaker to arch-rival Volkswagen AG. Yet the Japanese company’s biggest adversary this year may be U.S. President Donald Trump.
Futures Flat as Investors Seek Fresh Catalysts
U.S. stock index futures were little changed on Monday as investors looked for fresh trading catalysts after a strong jobs report last week. U.S. stocks climbed on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as President Donald Trump moved ahead with deregulation action and a strong payrolls report.
Oil Trades Near $54 as Iran Tension Offsets Rising U.S. Drilling
Oil traded near $54 a barrel as increased tension between Iran and the U.S. countered expectations of rising American production. Futures rose 0.2 percent in New York, extending a third weekly gain.
Ex-Catalan leader on trial for holding vote on independence
Former President of the Catalan regional Government Artur Mas, center, waves to the crowd as he arrives next to former Education Minister Irene Rigaua, left, and former Vice President Joana Ortega at the Catalonia’s high court in Barcelona, Spain, Monday, Feb. 6, 2017. Thousands took the streets of Barcelona Monday to accompany the three Catalan politicians as they walked to a high court where they face charges for disobeying a Constitutional order two years ago banning a vote on the region’s independence.
Oil Edges Up on Iran Tensions
Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to affect crude supplies, but markets were capped by further signs of growing U.S. production. Tensions between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted U.S. President Donald Trump’s administration to impose sanctions on individuals and entities linked to Iran’s elite Revolutionary Guards military unit.
Top Trader Vitol Sees Oil Rattled as Trump Makes Market Fret
Donald Trump and global crude producers are set to take prices on a bumpy ride this year, according to the world’s biggest independent oil trader. As investors are kept on tenterhooks over U.S. policies and whether OPEC and other nations will curb output as pledged, global benchmark Brent crude may vacillate between $52 and $62 a barrel, according to Kho Hui Meng, the head of the Asian arm of Vitol Group.
Australia’s Housing Dilemma Will Keep RBA From Changing Rates
In the east, Sydney and Melbourne are seeing booming property prices and spiraling household debt; on the western side of the continent, housing and rental costs in Perth are falling as mining companies retrench. The upshot: interest rates aren’t likely to be going anywhere soon.
Iran Avoids Taking Trump Bait to Collapse Nuclear Deal, for Now
Since the U.S. imposed new sanctions on Tehran over a ballistic missile test Friday, Iran’s conservative media has railed against the government for being too soft, the military has tested another projectile, and officials have generally thumbed their noses at a White House warning that they were now “on notice.” What hasn’t happened, however, is as important: no official has threatened to abandon the nuclear deal signed in 2015 under the previous U.S. administration of President Barack Obama.
U.A.E. to Adopt System Seeking to Lure Top Foreign Talent
The U.A.E. government approved a new visa system designed to attract top foreign talents in fields such as medicine, science and research to the country, Prime Minister Sheikh Mohammed bin Rashed Al Maktoum said on Sunday. “The United Arab Emirates is the land of opportunities,” Sheikh Mohammed said on Twitter after the cabinet meeting.
Dubai Said to Agree $3 Billion Loan to Fund Airport Expansion
Dubai agreed a $3 billion loan with banks to fund the expansion of Dubai World Central airport and logistics hub as it prepares to host the World Expo in 2020, people familiar with the matter said. The emirate will pay interest of 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on the seven-year facility, said the people, asking not to be identified because the talks are private.
CRTC hearing to tackle costly and hard-to-control cellphone charges
The current wireless code didn’t help cellphone customer Rosemary Pick, who got dinged for about $1,700 in data overage charges when her son approved exceeding the cap without her knowledge. Sophia Harris has worked as a CBC video journalist across the country, covering everything from the start of the annual lobster fishery in Yarmouth, N.S., to potash prices in Saskatchewan.
The U.A.E. Sets Its Sights on Biggest Solar Farm Ever
The U.S. solar market has moved away from massive solar farms in recent years, favoring smaller developments that plug into the grid a little more easily. But international markets aren’t shying away from giant solar projects, particularly in desert locations.
Oil Set for Weekly Gain as U.S. Imposes New Iran Sanctions
Oil headed for a third weekly gain as the U.S. imposed fresh sanctions on Iran after a missile test and OPEC reached about 60 percent of its output-cut target. Futures rose as much as 1.3 percent in New York.
Take a Look at the Ford Raptor — It’s a 450 Horsepower Pickup Truck About to Take China by Storm
The upscale version of Ford’s pickup truck will be a hit with dealers in a country that’s never seen anything quite like it. Chairman Mao Tse Tung, the Communist revolutionary founder of the People’s Republic of China, in his wildest dreams couldn’t imagine Ford’s Raptor pickup truck, much less a day when his country would import them.
Brexit Bulletin: In Case of Emergency
Tucked away in the final pages of the government’s 75-page plan for the Brexit negotiations was the line that the government would draft emergency laws to protect the economy in the event that the talks break down without the sweeping free trade deal May wants. “The government is clear that no deal for the U.K. is better than a bad deal for the U.K.,” the white paper said.
Apple Set to Begin Making iPhones in India by April’s End
Apple Inc. will begin assembling iPhones in India by the end of April, a regional minister says, heightening its focus on the world’s fastest-growing major smartphone market as growth slows elsewhere. The U.S. company has tapped Taiwan’s Wistron Corp. to put together its phones in the tech capital of Bangalore in Karnataka, said Priyank Kharge, the state’s information technology minister.