July, 2018

• 8 July

  Giuliani keeps Trump cliffhanger going

  

  Bloomberg Donald Trump is still weighing whether to agree to an interview in Special Counsel Robert Mueller’s investigation but there’s concern about what he sees as a corrupt and tainted probe, the president’s lead attorney said. Trump’s lawyers are close to making a determination, but a decision has been put off as more details emerge about “bias” on the part ...

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• 8 July

  Imran Khan aims to make graft-prone Pakistan welfare state

  

  Bloomberg Imran Khan stepped onto a makeshift stage in a trash-ridden Karachi district to address hundreds of supporters who’d been waiting for hours. His message: vote out the city’s rulers who have failed to provide jobs, education, sanitation and healthcare. “This is the first opportunity to free yourselves — they, despite taking turns for the last 30 years, couldn’t give ...

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• 8 July

  Good week for S&P 500 held bad news for active funds

  

  Bloomberg A week of tumult on the trade front was also the best week in a month for S&P 500 bulls. Active stock managers weren’t celebrating. They’ve watched in shock as the best-laid efforts to beat benchmarks are squeezed as the contour of the rally shifts. Funds are being betrayed by the companies they love, including tech megacaps and banks, ...

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• 8 July

  Swiss plan first end-to-end exchange to trade digital assets

  

  Bloomberg SIX, the owner of Switzerland’s securities exchange in Zurich, is creating platform for trading digital assets, boosting a nascent industry that some countries are trying to suffocate. The new platform will offer a “fully integrated, end-to-end trading, settlement and custody service,” the world’s first to do so, the bourse said. The parent exchange, regulated by Finma and the Swiss ...

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• 8 July

  World’s largest crypto exchange eyes $1bn profit amid rout

  Bloomberg This year’s cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist. Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said. Average daily turnover ...

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• 8 July

  ‘Sticky’ money investors return to oil sector they once shunned

  

  Bloomberg Energy companies long-spu-rned by institutional investors are crawling back into favour. After declining for most of the past decade, energy made up just 6.4 percent of institutional investors’ holdings at the end of the first quarter, Royal Bank of Canada analysts wrote in a May note, citing company filings. That’s beginning to turn around with US benchmark crude up ...

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• 8 July

  China’ CNPC bails out Petrobras’s $14 billion refinery misadventure

  

  Bloomberg China National Petroleum Corp plans to help complete a refinery in Rio de Janeiro that already cost Brazil’s state-controlled oil company Petrobras $14 billion before it was halted amid a widespread graft investigation. CNPC, as the Chinese producer is known, signed a letter of intent adding the Comperj refinery to a partnership the two companies signed last year. The ...

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• 8 July

  Saudi fund plans boosting stake in ArcelorMittal joint venture

  Bloomberg Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the ...

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• 8 July

  BP is front-runner to buy BHP’s US shale unit

  Bloomberg BP Plc has emerged as the front-runner to buy BHP Billiton Ltd.’s onshore oil and gas operations in the US, acco- rding to a person familiar with the matter. The London-based oil major has made the highest offer for the assets, which BHP prefers selling in a single package, said the person, who asked to not be identified because ...

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• 8 July

  Europe plans to push for more ambition on climate

  

  Bloomberg Trump or no Trump, the European Union (EU) is set to spur businesses to do more to meet the Paris climate accord goals. Taking a long view and encouraging companies to front-load actions to cap future costs will be among the thrusts of the climate push for the bloc’s executive suites. In its longer-term strategy to be presented in ...

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