June, 2018

• 5 June

  Canadian oil has record day after Enbridge scraps new rules

  Bloomberg Canadian crude surged by the most ever after Enbridge Inc. said it won’t implement a new procedure to stop shippers from claiming more space than they can use on a key pipeline linking Alberta’s oil sands with US refineries. Western Canadian Select jumped as much as $12.20 a barrel to $13.80 below the US benchmark, the narrowest spread since …

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• 5 June

  Stocks struggle to maintain momentum; dollar climbs

  

  Bloomberg The global rally in risk assets that sent US stocks to a 12-week high sputtered on Tuesday, with the S&P 500 struggling to push higher. Treasuries rose while Italian bonds fell. Contracts for the S&P 500 had signalled the underlying gauge would extend gains following its highest finish since mid-March, but momentum faded as the open neared. After a …

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• 5 June

  Oil slides as US asked OPEC for supply increase

  

  Bloomberg Crude declined after the US government was said to have asked Saudi Arabia and other OPEC producers to raise oil supply. The request for a 1 million-barrel-a-day increase follows Washington’s decision to re-impose sanctions on Iranian crude exports that had removed roughly the same amount from global markets when restrictions were previously in place earlier this decade. OPEC pumped …

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• 5 June

  UK sells $3.3bn RBS stake after crisis-era bailout

  

  Bloomberg The British government sold a 2.5 billion pound ($3.3 billion) stake in Royal Bank of Scotland Group Plc, reducing its majority holding a decade after it bailed out the lender during the financial crisis. The state sold 7.7 percent in the lender at 271 pence per share to institutional investors, it said in a statement on Tuesday. Shares in …

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• 5 June

  Wall Street leads chorus to get back into the emerging-market game

  

  Bloomberg This year won’t see a re-run of nightmare on EM street, according to a trio of top American banks, more than a few money managers and even a former central banker. Goldman Sachs Group Inc. says fundamentals in emerging markets are mostly intact in the wake of the recent stress test from higher US interest rates, a rally in …

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• 5 June

  Central bank covers GCB Bank of Ghana’s $461mn takeover liability

  

  Bloomberg GCB Bank of Ghana Ltd. said it received a 2.2 billion-cedi ($461 million) bond from the central bank for taking over the assets of two failed lenders in 2017. Ghana’s biggest lender by branch network acquired the liabilities and some assets of UT Bank Ltd. and Capital Bank Ltd. in August after the companies collapsed as they failed to …

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• 5 June

  SocGen reaches agreements on benchmark, Libya probe

  Bloomberg Societe Generale SA agreed with US authorities to settle probes into interest-rate manipulation and the bribery of Libyan officials, drawing a line under two of the French bank’s biggest legal headaches. SocGen agreed to pay undisclosed penalties to resolve US investigations that it submitted misleading numbers for the London interbank offered rate and, in a separate case, bribed Libyans …

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• 5 June

  Bank Negara Malaysia governor offers to resign

  Bloomberg Malaysia’s central bank Governor Muhammad Ibrahim offered to resign from his post two years into his term, according to people familiar with the matter, who declined to be identified because the discussions are confidential. The move comes less than a month after Prime Minister Mahathir Mohamad won a surprise election victory and his newly installed finance minister, Lim Guan …

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• 5 June

  Boeing sharpens threat to suppliers with Safran deal

  

  Bloomberg Boeing Co. is deepening its intrusion on suppliers’ turf by teaming up with France’s Safran SA to design and build auxiliary power units, the compact turbines tucked below a jetliner’s tail that are used to start its main engines and provide power on the ground. The 50-50 partnership will be based in the US, the companies said in a …

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• 5 June

  Aussie decries China pressure as Qantas yields over Taiwan

  

  Bloomberg Australian Foreign Minister Julie Bishop says companies should be able to operate free from pressure from foreign governments after Qantas Airways Ltd. bowed to demands that it refer to Taiwan as being part of mainland China. Australia’s flagship carrier is one of 44 airlines asked by the Civil Aviation Administration of China to modify how they refer to Taiwan …

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