June, 2018

• 27 June

  Kazakh oil output dips

  Bloomberg Add Kazakhstan to the list of oil producers whose supply is restricted. The central Asian nation’s output slipped by about 240,000 barrels a day, data from the country’s Ministry of Energy show. The cause and duration of the dip aren’t known, but the country suffered a few supply outages earlier this year involving the giant Kashagan field in the …

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• 27 June

  US stocks pare gains amid fresh tough talk on trade

  

  Bloomberg US stocks pared gains amid fresh tough talk on trade by a Trump administration official. Treasuries advanced with the dollar and oil gained. The S&P 500 pared two-thirds of a gain that reached 0.9 percent, while the technology-heavy Nasdaq indexes turned lower after Larry Kudlow said America is not retreating in its approach on trade. Stocks rose at the …

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• 27 June

  Crypto exchange Uphold to buy New York broker-dealer

  

  Bloomberg Uphold, an exchange for digital coins and currencies, agreed to acquire New York-based broker-dealer JNK Securities Corp., the latest push by a crypto platform to position itself in more regulated markets. “Many crypto assets (particularly ICO tokens) may be treated as securities in some cases,” Uphold Chief Executive Officer Adrian Steckel said. “Through Uphold’s new securities division, the digital …

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• 27 June

  Heathrow’s third runway wins UK parliament nod

  

  Bloomberg London Heathrow airport’s 16 billion-pound ($21 billion) expansion plan may have cleared its last major political hurdle, but the project has yet to convince British Airways, the hub’s biggest customer. After UK lawmakers backed the construction of a third runway by 415 votes to 119, BA owner IAG SA responded by saying that the financing arrangements proposed by Heathrow …

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• 27 June

  Conagra creates frozen food giant with $8.1bn deal

  

  Bloomberg Conagra Brands Inc. agreed to buy Pinnacle Foods Inc. for about $8.1 billion in cash and stock, gaining freezer-aisle brands such as Birds Eye to capitalise on growing demand for frozen foods. The deal values Pinnacle at $68 a share, the companies said in a statement. The price is 23 percent above Pinnacle’s closing level on April 19, when …

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• 27 June

  Trade war: China airlines become collateral damage

  

  Bloomberg Chinese airlines ordered more than $100 billion of planes from Airbus SE and Boeing Co. in the past decade. Paying those bills is getting harder with the prospect of a trade war pushing the local currency to its lowest level in six months. A weaker yuan means Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp. …

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• 27 June

  Air Tanzania introduces Mumbai flight

  Bloomberg Air Tanzania Co. Ltd. will fly to Mumbai three times a week starting in September, it’s first flight outside the continent, after taking delivery of a Boeing 787-800 Dreamliner next month, the Dar es Salaam-based Daily News newspaper reported, citing Commercial and Business Development Director Patrick Ndekana. Tanzania is revamping its erstwhile struggling national carrier after investing in new …

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• 27 June

  Steinhoff Africa falls as Tekkie Town CEO quits amid lawsuit

  

  Bloomberg Steinhoff Africa Retail Ltd. shares fell after Tekkie Town head Bernard Mostert quit alongside fellow senior managers following a legal claim lodged against the retailer by the shoe chain’s founding shareholders. STAR, as Steinhoff Africa is known, has repeatedly said it shouldn’t be held liable for the claim by Tekkie Town founders led by Braam van Huyssteen, which relates …

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• 27 June

  TCI, Axon accuse India real estate firm of $1.5bn fraud

  

  Bloomberg Hedge funds run by Christopher Hohn and Dinakar Singh accused one of India’s largest real estate developers of defrauding its foreign investors of at least $1.5 billion. “If we do nothing, we will largely bleed dry and get nothing back,” Singh, who heads Axon Capital, said at a gathering in New York of investors in a fund started by …

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• 27 June

  London house prices fall

  

  Bloomberg UK house-price growth has slowed to the weakest pace in five years, while London values are falling, according to Nationwide Building Society. The lender said the “subdued economic activity” and squeezed household budgets are keeping a lid on demand, and the national market is unlikely to see any change to the recent trend in the near term. Nationwide’s monthly …

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