May, 2019

• 1 May

  BP profit on target as cash flow grows

  

  Bloomberg BP Plc boosted cash flow and hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices. The company’s performance brightens a mixed picture for Big Oil earnings. While the industry has moved beyond the worst downturn in a generation it’s still enduring volatile ...

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• 1 May

  ‘Mexican private oil output not yet enough to restart auctions’

  

  Bloomberg Mexican President Andres Manuel Lopez Obrador said that oil output from private companies hasn’t risen to a level that would justify restarting auctions that his administration put on hold. Lopez Obrador said private companies are only producing 4,000 barrels of crude per day, based on the information he has from state-owned oil company Petroleos Mexicanos. As of two weeks ...

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• 1 May

  Sinopec Q1 profit declines 20%

  

  Bloomberg Sinopec said its first-quarter profit declined 20 percent amid lower crude prices and shrinking refining earnings. Net income dropped to 15.47 billion yuan ($2.3 billion) from 19.31 billion a year ago, the company said in a statement to the Hong Kong stock exchange, using international accounting standards. A drop in oil prices typically drags down the value of the ...

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• 1 May

  Mnuchin calls latest round of China trade talks ‘productive’

  

  Bloomberg The latest round of US-China talks wrapped up in Beijing, with US Treasury Secretary Steven Mnuchin calling the meetings “productive” in a tweet. Negotiations will continue in Washington next week, Mnuchin said in his tweet after Wednesday’s round concluded slightly later than scheduled. He took part in a photo session with US Trade Representative Robert Lighthizer and China’s Vice ...

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• 1 May

  India’s RCom enters bankrupcy again

  

  Bloomberg Indian businessman Anil Ambani’s Reliance Communications will fall back into bankruptcy as an appeals court allowed the beleaguered company’s request to enter the process in an attempt to sell assets. The National Company Law Appellate Tribunal allowed RCom to withdraw its appeal against insolvency proceedings initiated last year and lifted interim orders that temporarily halted the bankruptcy case. The ...

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• 1 May

  LG Chem sues rival for stealing secrets

  Bloomberg LG Chem, the South Korean electric-car battery giant, sued local rival SK Innovation Co in the US for allegedly stealing trade secrets by poaching scores of highly knowledgeable employees. The lawsuits, filed with the US International Trade Commission and the District Court of Delaware, alleges SK hired 77 employees from LG, some of whom stole trade secrets that helped ...

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• 1 May

  Singapore office market sees debt-laden Oxley make profit

  

  Bloomberg Singapore’s office market is running hot — so much so that debt-laden Oxley Holdings Ltd just sold a building for S$365 million ($268 million) more than it paid less than 18 months ago. Oxley agreed to sell Chevron House, a 32-story tower in the central business district, to Golden Compass (BVI) Ltd for S$1.025 billion in cash and assumed ...

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• 1 May

  What exactly have Indian PM’s foreign travels achieved

  

  Bloomberg As Indian Prime Minister Narendra Modi bids for reelection, his party has said his skillful diplomacy on the world stage has increased India’s global stature and brought in a flood of investment. But what exactly have Modi’s foreign travels achieved? With 92 trips to 57 countries since coming to power in May 2014, Modi has flown abroad nearly twice ...

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• 1 May

  Uber IPO oversubscribed by day two of roadshow

  

  Bloomberg Uber Technologies Inc. has demand for all of the shares offered in its initial public offering days after it began marketing the sale, people familiar with the matter said. The initial investor feedback comes after Uber kicked off its IPO roadshow with meetings in London, the people said, asking not to be identified because the discussions were private. Uber ...

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• 1 May

  France holds pace as Spain sees fastest growth since 2017

  

  Bloomberg Economic growth held pace in France and accelerated in Spain to the fastest since 2017, easing pressure on the European Central Bank to ramp up stimulus for the euro region. French consumer spending, boosted by French President Emmanuel Macron’s tax cuts after the Yellow Vest protests, buoyed the euro area’s second-largest economy enough in the first quarter to repeat ...

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