May, 2018

• 7 May

  China’s oil deal with Rosneft nixed amid fall of suitor CEFC

  

  Bloomberg The big, rushed and opaque deal for an enigmatic Chinese energy company to buy into Russia’s state oil behemoth has disintegrated. CEFC China Energy Co.’s agreement last year to purchase a $9 billion stake in Rosneft PJSC came to end as the sellers decided not to proceed with the deal. Separately, meetings scheduled for investors holding 15.1 billion yuan …

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• 7 May

  Algeria readies to splash cash as oil prices rise

  

  Bloomberg OPEC member Algeria is looking to boost spending outlined in its 2018 budget by 6 percent, capitalizing on high oil prices ahead of presidential elections next year. A proposed amendment to the 2018 budget law would raise spending to almost 9.13 trillion dinars ($79 billion). The additional funds would be directed to the investment budget, which will rise 12 …

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• 7 May

  Crescent Point defeats activist, winning all board seats

  Bloomberg Crescent Point Energy Corp. triumphed over activist investor Cation Capital Inc., with all of the oil producer’s board nominees winning approval from shareholders after a rancorous proxy battle. Cation nominees Dallas Howe and Herbert Pinder each garnered more than 100 million votes but still fell about 30 million votes shy of the nearest company nominees, Calgary-based Crescent Point said …

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• 7 May

  Siemens, Idemitsu among suitors in Vietnam’s energy sell-off

  

  Bloomberg Buyers from Germany, Japan, India and beyond are kicking the tires on Vietnam’s great state asset sale. The government’s hunt for overseas investment in some of the nation’s biggest energy companies has yielded interest from firms including Siemens AG, Idemitsu Kosan Co. and Indian Oil Corp., among others, according to Deputy Minister of Industry & Trade Hoang Quoc Vuong. …

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• 7 May

  Stocks gain as oil rises past $70 a barrel; dollar hits strongest level

  

  Bloomberg US stocks extended gains following a rally in Europe and the dollar resumed its winning ways to reach the strongest level this year. Oil rose past $70 a barrel as traders braced for renewed US sanctions on Iran. The S&P 500 advanced for a second day, led by energy and tech stocks. The Stoxx Europe 600 Index climbed, though …

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• 7 May

  1,800% share jump sets Danish firm Ambu up for benchmark status

  

  Bloomberg The best performer in the Stoxx Europe 600 index over the past five years just added to its remarkable share run with the biggest intra-day jump since 2000. Ambu A/S rose 18 percent at one point on Monday. The Danish medical-equipment maker had a “phenomenal” earnings report and could be set for more gains as trading volume makes it …

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• 7 May

  Goldman’s $1 billion bankers are benchmark in Asia’s wealth race

  

  Bloomberg For years, Asia’s biggest private banks have been on a hiring spree to keep pace with the ranks of newly minted millionaires. Now, they’re squeezing more out of their bankers. Relationship managers who cater to wealthy clients in the region are running larger pools of money, with average assets run by each surging to an all-time high of $341 …

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• 7 May

  Smart money selling emerging markets assets, says JPMorgan

  

  Bloomberg Stocks down for a third successive week, bond yields at their highest since 2016 and a currency market replete with bears. Such have been the declines in emerging markets that the more sanguine commentators have begun saying the selloff has run its course and it may even be time to buy the dip. But JPMorgan Chase & Co. says …

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• 7 May

  Bonds rise as Indian central bank announces $1.5bn debt purchase

  

  Bloomberg Sovereign bonds in India rallied after the central bank said it will purchase debt to meet the cash needs of the banking system. The Reserve Bank of India said it would buy 100 billion rupees ($1.5 billion) of securities with maturities ranging from 2020 to 2033 maturities on May 17. The purchases comes after the shortest bond on sale …

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• 7 May

  ECB warns on trade tensions as ‘economy’ falters

  

  Bloomberg The European Central Bank warned that a rise in trade protectionism would undermine the global economy, and said the US would be among the worst-affected. The cautionary comments coincide with data showing factory orders in Germany unexpectedly slid for a third month in March, another sign of the weakness that’s dogged the euro-area economy since the start of the …

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