May, 2018

• 1 May

  BP profit beats estimates even as oil-spill fines push debt higher

  

  Bloomberg BP Plc capped a shaky Big Oil earnings season on a more upbeat note, as shareholders reacted positively to the highest profit in years even as the continuing burden of oil-spill payments pushed debt higher. The results show how investors in the London-based company are feeling the effects of two life-altering events. BP is still paying its way through …

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• 1 May

  Record growth in businesses buying renewable power

  Bloomberg Companies are buying renewable power at a record pace. AT&T Inc. and Walmart Inc. are among 36 businesses, government agencies and universities that have agreed to buy 3.3 gigawatts of wind and solar power so far this year. That’s on track to shatter the previous high of 4.8 gigawatts of disclosed deals last year, according to a report by …

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• 1 May

  Angola oil slump may send OPEC cuts deeper

  

  Bloomberg While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a …

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• 1 May

  Sabic profit rises 5.4%

  Bloomberg First-quarter profit at Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, rose on higher prices and sales volumes, in spite of a 1.1 billion Saudi riyal ($290 million) charge for restructuring. Net income increased 5.4 percent to 5.51 billion riyals compared with the same quarter a year earlier, the Riyadh-based company said in a statement to the …

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• 1 May

  Marathon-Andeavor merger gives stealth access to cheap American oil

  Bloomberg Inside the largest refiner merger of all time is a hidden pipeline grab. Andeavor purchased a 25 percent stake last week in Phillips 66 Partners LP’s Gray Oak pipeline, which will haul Permian shale oil to the US Gulf Coast starting in the end of next year. The integrated refining company also owns oil gathering assets in the world’s …

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• 1 May

  US stocks start may lower, with eyes on Apple; dollar rallies

  

  Bloomberg US stocks opened lower on Tuesday, when much attention will be focused on Apple Inc.’s earnings report after the close. The dollar extended its rally, while UK equities climbed during a lackluster session in which many major markets were closed. The S&P 500 Index fell in morning trading, with industrial and energy stocks leading a broad-based, if shallow, decline …

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• 1 May

  Plus500 hits record on crypto trades as Barclays mulls entry

  

  Bloomberg Plus500 Ltd., the brokerage for complex derivatives sold to retail investors, soared to the highest on record as demand for cryptocurrencies swelled, while British lender Barclays Plc signalled it may begin to trade in similar products. Shares in Plus500 surged to the highest level since the Haifa-based firm first sold shares to the public in 2013, as revenue more …

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• 1 May

  Boeing buys jet parts supplier KLX Aerospace in $4.25bn deal

  

  Bloomberg Boeing Co. is acquiring KLX Inc. for $4.25 billion in an all-cash transaction that includes $1 billion of net debt, as the world’s largest planemaker bolsters a fast-growing new division that offers maintenance, spare parts and other services to airlines. The aircraft maker will pay $63 per share for the purchase that includes KLX’s Aerospace Solutions Group and the …

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• 1 May

  Heathrow confident of getting Parliament’s nod for new runway

  

  Bloomberg London’s Heathrow airport is putting the champagne on ice in anticipation of final approval for the new runway it’s been seeking for decades after a poll showed the plan has the overwhelming backing of lawmakers. The company survey suggests the 16 billion-pound ($22 billion) project is supported by 75 percent of parliamentarians, Chief Executive Officer John Holland-Kaye said on …

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• 1 May

  Prologis buys rival to boost presence in growth markets

  

  Bloomberg For Prologis Inc., the world’s largest warehouse owner, the biggest challenge to growth has been acquiring land in the markets most important to its e-commerce tenants. The solution: buy a rival. The real estate investment trust agreed to acquire DCT Industrial Trust Inc. for $8.4 billion in stock and assumed debt. REITs that lease out space at warehouses and …

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