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Saudi’s SABIC slips after Q1 results, Gulf sluggish on oil

DUBAI / Reuters Shares in petrochemical giant Saudi Basic Industries (SABIC) fell on Tuesday after the company reported first-quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows. Egypt followed emerging markets higher. SABIC posted a first-quarter net profit of 5.24 billion riyals ($1.40 billion), up 80 percent from the same period last ...

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Global stocks climb amid earnings as yen weakens

  Bloomberg Global stocks headed for a fresh high as many markets reopened with investors focusing on stronger corporate earnings. The yen extended losses while Treasuries maintained declines. The MSCI All-Country World Index was poised for a record close, while European shares advanced. US stock futures edged lower. European government bonds fell across the board. Treasury yields climbed after Steven ...

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Modi’s misguided economics will catch up with him

  It’s been almost three years since Narendra Modi took over as prime minister of India—but, in many ways, it feels longer. Modi’s domination of Indian politics, and of Indians’ imagination, is complete; no alternative seems possible, every challenger has been defeated. But bad economics has a habit of catching up with its practitioners eventually. And for all his political ...

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Singapore Air axes its safety net

  Singapore Airlines Ltd. likes to project a certain consistency. Its female flight attendants wear a uniform that hasn’t significantly changed since the airline’s founding. The shares have traded for several years at an almost fixed price of S$10 apiece. And its board hardly ever takes on a cent of net debt. That’s about to change, Abhishek Vishnoi of Bloomberg ...

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Start worrying about emerging markets

  For all the hand-wringing over when and how the Federal Reserve would begin tapering its massive bond-buying program, emerging nations appear to be relatively well-prepared for higher U.S. interest rates. Compared with the period before the 1997 financial crisis, many of them have ably shored up their defenses — freeing exchange rates, amassing foreign-exchange reserves and paring back their ...

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Crescent Point turns focus to production

  Bloomberg After five years of snapping up more oil assets than any of its peers in North America, Crescent Point Energy Corp. is turning its focus to getting more out of them. Chief Executive Officer Scott Saxberg says that rather than scouting for new assets to buy, the company is trying to keep a lid on costs, drilling new ...

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Oil rises from one-month low

  Bloomberg Oil rose from its lowest close in a month amid estimates that while the US crude inventory glut is continuing to shrink, although refined products are growing more plentiful. Futures gained as much as 0.6 percent in New York after dropping 1 percent. US crude stockpiles are forecast to have decreased for a fourth week from a record ...

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OPEC may need to extend cuts to end of next year

  Bloomberg OPEC is certain to extend cuts in oil output when its ministers meet later in May and will need to keep limiting production until as late as the end of 2018, a veteran market analyst said. The reaction of global crude inventories to the cuts will determine how long the Organization of Petroleum Exporting Countries and allied producers ...

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