Treasuries rally has gone too far: Citigroup

Bloomberg The rally in Treasuries has gone too far for now, according to Citigroup Inc. Investors should take profits in long 10-year Treasury positions, as a possible double-bottom technical pattern and potential weakening in momentum suggests yields could bounce back to 2.60 percent in the short term, strategists including Jeremy Hale wrote in a note. “The 10-year yield has bounced ...

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United seeks to oust Avianca chairman after JV agreement

Bloomberg United Continental Holdings Inc is seeking to oust Avianca Holdings SA’s chairman and largest shareholder, just six months after the two airlines agreed to form a joint venture. The Colombian carrier’s stock jumped the most in nearly three years. The US airline took legal action in Bogota on a defaulted $456 million loan it made to Avianca Chairman German ...

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Bali flights cancelled after Mount Agung volcano eruption

Bloomberg Indonesia cancelled flights to and from the nation’s main resort island of Bali after the Mt Agung volcano erupted late on May 24. “Currently flights to and from I Gusti Ngurah Rai Airport have been cancelled.” Polana Pramesti, director general of civil aviation, said on the ministry’s Twitter page. “We will continue to update the latest condition on the ...

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Taco Bell plans big expansion in India

Bloomberg Taco Bell has set its sights on bringing more Mexican food to India, the third-largest consumer market in the world, as the fast food chain seeks new drivers of growth outside of the slowing US market. The Yum! Brands Inc unit is planning 600 restaurants in the Asian nation over the next decade with master franchisee Burman Hospitality. That’s ...

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US not rushing Boeing 737 Max back to flight: FAA chief

Bloomberg US aviation regulators won’t be rushed and have no timeline on when to return Boeing Co’s grounded 737 Max jet to flight, an official said as the government prepares to hold discussions with dozens of other nations on the plane’s fate. Federal Aviation Administration acting chief Daniel Elwell said the agency’s technical experts will leave “no stone unturned” as ...

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Massmart names Walmart veteran Mitchell Slape as CEO

Bloomberg Massmart Holdings Ltd fell the most in three months as the troubled South African retail chain warned on profit and majority shareholder Walmart Inc sent one its own to help stem declines. Earnings may drop as much as 50 percent in the first five months of the year compared with a year ago, Massmart said, when the company also ...

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Sheikh Zayed an icon of tolerance, humanitarian giving: Sultan bin Zayed

ABU DHABI / WAM HH Sheikh Sultan bin Zayed Al Nahyan, the President’s Representative, said that the late Sheikh Zayed bin Sultan Al Nahyan was an exceptional leader and an icon of tolerance and humanitarian giving. In a statement marking Zayed Humanitarian Work Day, Sheikh Sultan bin Zayed said that the Founding Father established a tolerant country that gained global ...

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Aramco inks 20-year US LNG deal with Sempra Energy

Bloomberg Saudi Aramco agreed to a buy a stake in Sempra Energy’s Texas LNG export terminal, giving the world’s biggest oil exporter a foo-thold in the fast-growing global gas trade. The proposed deal, which also includes an agreement to buy gas from the plant, would mark Aramco’s first entry into production of oil or gas outside Saudi Arabia. Aramco can ...

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DP World chief, Brazil minister discuss FDI engagement

DUBAI / WAM Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem in the Brazilian capital, Brasilia. They discussed social reform, a stable and efficient regulatory framework to attract investors alongside public private partnerships to encourage foreign direct investment (FDI). The meeting preceded Bin Sulayem’s discussions with President ...

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Tata faces $14bn in auto debt, slowdown in China

Bloomberg Signs of a turnaround at its marquee Jaguar Land Rover unit may not be enough to ease the challenges facing India’s oldest and most-storied business empire. The Tata Group bought the British luxury carmaker in 2008 for $2.3 billion, and it’s lately become a drag on the salt-to-software conglomerate, racking up losses in three quarters through December. Although Jaguar ...

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