Monday, August 1st, 2016

 

Wall Street opens lower as energy stocks weigh

NEW YORK, Aug 1 — US stocks were slightly lower today as a drop in oil prices weighed on energy stocks. Oil prices fell 1.9 per cent due to increases in Opec production and US oil rig additions. Oil majors Exxon and Chevron were down 1.5 per cent and 1.1 per cent, respectively. The S&P 500 index hit a new intra-day high on Friday for the seventh time in a month, while the Nasdaq ended July with a rise of 6.6 per cent. Growth in US gross domestic product in the secondRead More


Wall St opens lower as energy stocks weigh

NEW YORK, Aug 1 — US stocks were slightly lower today as a drop in oil prices weighed on energy stocks. Oil prices fell 1.9 per cent due to increases in Opec production and US oil rig additions. Oil majors Exxon and Chevron were down 1.5 per cent and 1.1 per cent, respectively. The S&P 500 index hit a new intra-day high on Friday for the seventh time in a month, while the Nasdaq ended July with a rise of 6.6 per cent. Growth in US gross domestic product in the secondRead More


Indonesia’s Pertamina to take stake in French oil company

PARIS, Aug 1 — Indonesia’s state oil company Pertamina will become the top shareholder in Maurel & Prom and intends to make a public offer for the French oil operator that pumps most of its oil in Africa, the companies announced today. Pertamina will by the 24.5 per cent stake owned by Pacifico, the company owned by Maurel & Prom’s board chairman Jean-Francois Henin, at a price that values the company at least €822 million (RM3.7 billion) compared with its market capitalisation of €557 million at close of trading onRead More


India in talks to bring home workers stranded in Saudi

NEW DELHI, Aug 1 — India said today it is negotiating with authorities in Saudi Arabia to repatriate thousands of migrant workers after they lost their jobs, leaving them destitute and with no money to return home. Foreign minister Sushma Swaraj told parliament she was sending a junior minister to Riyadh after reports that around 10,000 workers had lost their jobs and been left to starve. Indians are among millions of poor Asians working in the Gulf states, where human rights groups say many suffer exploitation and abuses including non-paymentRead More


Trina Solar agrees to be taken private in US$1.1 bil deal

BENGALURU (Aug 1): Solar panel maker Trina Solar Ltd said it agreement to be acquired by an investor consortium that includes Chief Executive Jifan Gao, in an all-cash deal valuing the Chinese company at about US$1.1 billion. The consortium also includes Shanghai Xingsheng Equity Investment & Management Co Ltd and Shanghai Xingjing Investment Management Co Ltd, Trina Solar said.Categories: Latest NewsManagementCorporate Source: The Edge Tags: chinese


Wanda scraps US$5.6 bil reorganisation of entertainment assets

(Aug 1): Billionaire Wang Jianlin’s Dalian Wanda Group Co shelved a US$5.6 billion reorganisation of its entertainment assets, saying the plan was premature and that market conditions had changed. In May, Wanda Cinema Line Co. said it would buy Legendary Entertainment and Chinese film-making assets from the parent group for 37.2 billion yuan (US$5.6 billion). On Monday, Wanda Cinema said in a statement in Shenzhen that the deal wouldn’t be in the best interest of minority investors. The company may reconsider the restructuring plan after this year, it said.Categories: LatestRead More


Wall St opens lower as energy stocks weigh

BENGALURU (Aug 1): U.S. stocks were slightly lower on Monday as a drop in oil prices weighed on energy stocks. Oil prices fell 1.9% due to increases in OPEC production and U.S. oil rig additions. Oil majors Exxon and Chevron were down 1.5% and 1.1%, respectively. The S&P 500 index hit a new intra-day high on Friday for the seventh time in a month, while the Nasdaq ended July with a rise of 6.6%.Categories: Latest NewsCorporate Source: The Edge Tags: oil price


Gold eases on higher dollar, silver hits 3-week high

LONDON: Gold inched lower on Monday, retreating from a near 3-week high hit in the previous session, as the dollar recovered from the lows, but uncertainty on the Federal Reserve’s interest rates path limited losses. Spot gold was down 0.2 percent at $1,348.05 an ounce at 1135 GMT. Bullion hit $1,355.10 on Friday, its highest level since July 12, after after much slower-than-expected US economic growth weighed on the dollar. US gold eased 0.2 percent at $1,355.00 an ounce. The US Commerce Department reported that GDP grew at an annualRead More


U.S. manufacturing growth cooled in July from one-year high

WASHINGTON (Aug 1): U.S. manufacturing expanded in July, though at a slower pace, indicating gradual improvement that could help the economy emerge from a weak first half of the year. The Institute for Supply Management’s index cooled to 52.6 from a one-year high of 53.2 a month earlier, the Tempe, Arizona-based group’s report showed Monday. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 53.Categories: Latest News Source: The Edge No tags for this post.


Citigroup says no 'significant negative impact' from Brexit

BENGALURU (Aug 1): Citigroup Inc said on Monday it did not experience any “significant negative impact” on its results or client activity, as a result of Britain’s vote to exit the European Union. Citi said in a regulatory filing that while market activity increased following the referendum in the UK, the bank expects the operating environment to continue to be challenging. The bank’s UK asset exposure was US$108.4 billion as of June 30, according to the filing.Categories: Latest NewsManagementCorporate Source: The Edge No tags for this post.