April, 2017

• 12 April

  Shell was aware of Nigeria oil payments would go to Malabu

    LONDON / REUTERS Royal Dutch Shell was aware that some of the payments it made to Nigeria for rights to an oilfield under a 2011 deal would go to a company associated with former Nigerian oil minister and convicted money launderer Dan Etete, it said in a statement to Reuters. Shell spokesman Andy Norman said the group “always knew” ...

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• 12 April

  Vedanta-Cairn India merger creates new resources major

  

    Bloomberg Anil Agarwal has sealed the merger of his mining and energy businesses in India, creating a BHP Billiton Ltd.-like resources conglomerate, even as a recent investment in Anglo American Plc raises questions about how far the billionaire’s ambitions stretch. Vedanta Ltd. combined with unit Cairn India Ltd and fixed April 27 as the record date for determining the ...

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• 12 April

  Short is sweet in rupee bonds as supply flood hits longer debt

  

    Bloomberg ‘Short is sweet’ is the mantra at global banks advising investors on India’s sovereign-debt market. Deutsche Bank AG and Standard Chartered Plc are among lenders favoring front-end notes amid bets that a banking system awash with cash will help keep short-term rates in check, even as rising supply and the central bank’s hawkish tone threaten to push up ...

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• 12 April

  China bargain bank stocks miss out on rally

  

    Bloomberg Not even the cheapest shares in 13 years can lure investors to China’s banks. On a price versus book value basis, Chinese financial firms are trading at the biggest discount since 2004 to both the MSCI China Index and their Asian peers. The stocks have underperformed all but two other industry groups this year. While that’s spurred bullish ...

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• 12 April

  China producer price reflation moderates as commodities cool off

  

    Bloomberg China’s producer prices surged again at close to the quickest pace since 2008 last month, though pulled back slightly from February, suggesting the reflationary boon to industrial profits is set to moderate. Producer price index rose 7.6 percent from a year earlier, versus median estimate of 7.5 percent in Bloomberg survey and 7.8 percent increase in February. Consumer ...

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• 12 April

  BHP CEO rejects oil spinoff for third time

  

    Bloomberg The previous two times BHP Billiton boss Andrew Mackenzie ran his ruler over the company’s $29 billion oil unit he decided it was still a good fit for the world’s biggest miner. A fresh review following the urging of billionaire activist Paul Singer came up with the same answer. “I’ve asked the question about the fit of petroleum ...

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• 12 April

  Apple-Qualcomm revenue at risk as dispute grows

  

    Bloomberg Qualcomm Inc.’s countersuit against Apple Inc. threatens a relationship that helped both companies rake in billions of dollars as leaders of the smartphone revolution. The acrimony in Apple’s suit and Qualcomm’s response late on Monday raises the prospect of Qualcomm losing a big portion of the revenue it gets from one of its biggest customers. For Apple, it ...

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• 12 April

  Toyota says American market has peaked as car woes spur discounts

  

    Bloomberg The US auto market has peaked and will shrink this year, with manufacturers using unprecedented incentives to support passenger cars through slumping demand, a Toyota Motor Corp. executive said. Industrywide deliveries may decline to as low as 17 million vehicles from last year’s record of about 17.5 million, according to Bob Carter, president of Toyota’s US sales unit. ...

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• 12 April

  Tesla investors press for board members without ties to Musk

  

    Bloomberg An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar. Five of Musk’s six fellow board members have personal or professional connections to the Tesla chief executive officer, which could jeopardize their ...

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• 12 April

  ValueAct to return $1.25bn after seeing frothy market

    Bloomberg ValueAct Capital Management, the activist fund run by Jeffrey Ubben, plans to return $1.25 billion to investors in May because of concerns that company valuations are expensive. San Francisco-based ValueAct, which manages more than $16 billion, explained its decision to return capital in a letter last week to investors that was viewed by Bloomberg News. It said that ...

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