January, 2019

• 8 January

  Oil trading losses no cause for panic on China’s Sinopec

  

  Bloomberg Sinopec Corp’s trading losses shouldn’t deflect investors from the potential opportunity presented by its shares holding near a two-year low. The refining giant, officially called China Petroleum & Chemical Corp, has slumped 10 percent in the past month amid a global oil rout and after it reported losses on derivatives linked to crude prices at its main trading unit …

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• 8 January

  Macquarie seeks to buy IL&FS energy assets

  

  Bloomberg Macquarie Infrastructure & Real Assets and NTPC Ltd, India’s largest power utility, are among companies interested in buying some of the renewable energy assets of beleaguered shadow financier Infrastructure Leasing & Financial Services Ltd, people familiar with the matter said. GAIL India Ltd and Solar Energy Corporation of India have also submitted expression of interest to buy the assets, …

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• 8 January

  Hydro One Avista deal hits roadblock again

  

  Bloomberg Idaho regulators rejected Hydro One Ltd’s $3.4 billion takeover of Avista Corp, the second time state officials cited political risks in Ontario as grounds to nix the Canadian company’s effort to buy the US utility. The Idaho Public Utilities Commission said “the management of Hydro One is subject to the province’s political pressure,” and the takeover would therefore be …

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• 8 January

  US drivers could pay less for gas in 2019

  Bloomberg American drivers are likely to pay a little less for gas this year and President Donald Trump is happy to take credit. The projected $2.70 a gallon pump price for 2019 is 3 cents lower than 2018 levels, although this year’s high could reach $3 as soon as May and top $4 in some cities, according to GasBuddy’s Price …

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• 8 January

  US stocks surge after Donald Trump sees China progress

  

  Bloomberg Stocks surged on Tuesday after the Trump administration said there was progress coming out of its two-day mid-level trade talks with China. The dollar rose with Treasury yields, and crude climbed towards $50 a barrel on expectations the market will be tightened by OPEC’s output cuts. All major US equity benchmarks were higher. The S&P 500 and Nasdaq gauges …

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• 8 January

  India stocks rise ahead of quarterly earnings

  

  Bloomberg India stocks rose as investors positioned for the corporate earnings’ season that begins this week amid estimates that economic growth may be slower than forecast. The S&P BSE Sensex climbed 0.4 percent to close at 35,980.93 in Mumbai after swinging between gains and losses. The broader NSE Nifty 50 Index rose 0.3 percent. India’s largest companies this week begin …

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• 8 January

  Fed may get less bang for buck if it repeats 2016 rate pause

  

  Bloomberg For the Federal Reserve, 2019 has started out looking a lot like 2016: the last time uncertainty over global growth roiled financial markets for months on end. Fed Chairman Jerome Powell pointed to the 2016 episode to underscore the US central bank’s ability to be flexible when necessary, recalling the Fed held interest rates steady almost all year. But …

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• 8 January

  World Bank president Kim steps down early

  

  Bloomberg Jim Yong Kim abruptly resigned as president of the World Bank more than three years ahead of schedule, potentially sparking an international tussle over who replaces him as the Trump administration questions the development lender’s purpose. Kristalina Georgieva, the bank’s second in command, will take over as interim president on February 1, the Washington-based bank said in a statement. …

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• 8 January

  New Indian bank plans $11.7bn merger

  

  Bloomberg Bandhan Bank Ltd, India’s newest lender, will combine with mortgage financier Gruh Finance Ltd in a $11.7 billion deal, bringing the bank closer to meeting shareholding rules and helping it accelerate expansion. Investors in Gruh Finance, controlled by Housing Development Finance Corp, India’s biggest mortgage lender, will get 568 shares of Bandhan Bank for every 1,000 they own, according …

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• 8 January

  Banks face Wall Street pessimism over earnings

  Bloomberg Bank stock downgrades keep piling up as analysts caution about interest rates and credit with fourth-quarter earnings due to kick off next week. Raymond James downgraded 13 banks and lowered earnings estimates for most banks across its coverage. Analysts David Long and Michael Rose expect “abundant” downward revisions to net interest margin “with rates no longer providing such a …

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