Tuesday, March 21st, 2017
HONG KONG/MUMBAI (March 21): Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It’s not, and big banks blame in-house teams of advisers that have proliferated as the country’s top family-owned conglomerates tighten their grip.
This week’s US$23 billion tie-up between Idea Cellular, controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks.
NEW YORK, March 21 — During his brief tenure as Uber Technologies Inc.’s president, Jeff Jones toured far-flung offices in India, the Netherlands and other key markets for the global ride-hailing giant. In meetings with local staff, Jones…
BERLIN, March 21 — Business executives and scientists today urged the world’s leading economies to put global warming back on the G20 agenda after finance ministers and central bankers failed to reaffirm their readiness to finance measures…
CARACAS (March 21): Venezuelan state oil company PDVSA will honour some US$17 billion in bond payments due this year thanks to stronger oil prices, Economy Vice President Ramon Lobo said in a newspaper interview published on Tuesday.
Brent crude, the international benchmark for oil, surged in January above US$58 per barrel in the wake of output cuts, although it slipped last week to a three-month low.
BEIJING (March 21): Hebei Steel Group, China’s biggest steelmaker by output, has won approval for a 42.4 billion yuan (US$6.2 billion) project that will reduce its steel capacity by nearly 2 million tonnes and upgrade old technology, Hebei province’s economic planner said.
China, the world’s biggest producer and consumer of steel, is prioritising supply-side reform in its steel and coal sectors, seeking to tackle pollution and cut an output capacity glut that has weighed on both domestic and global prices.
LONDON (March 21): Britain is set to ban passengers from carrying most electronic devices on flights from certain countries in the Middle East, Sky News reported on Tuesday, following similar measures introduced in the United States.
The United States imposed restrictions on carry-on electronic devices bigger than cellphones on planes coming from 10 airports in Muslim-majority countries in the Middle East and North Africa on Tuesday, in response to unspecified security threats.
WASHINGTON (March 21): The Trump administration on Tuesday imposed restrictions on carry-on electronic devices on planes coming to the United States from 10 airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified terrorism threats.
The Department of Homeland Security said passengers travelling from those airports could not bring devices larger than a cellphone, such as tablets, portable DVD players, laptops and cameras, into the main cabin. Instead, they must be in checked baggage.
KUALA LUMPUR (March 21): Based on corporate announcements and news flow today, companies that may be in focus on Wednesday (March 22) could include: Yong Tai, Mulpha, Ranhill, Alam Maritim, Redtone, TM, UMW Holdings and T7 Global.
Property developer Yong Tai Bhd is planning two new developments with an estimated gross development value of RM2.3 billion in Melaka, to complement its Impression City master development.
DUBAI (March 21): Saudi Arabian Oil Co plans to raise about US$2 billion in its debut bond sale, the first step of a plan by the energy giant to tap markets for US$10 billion, according to people familiar with the matter.
Saudi Aramco, as the company is known, will sell riyal-denominated Islamic bonds, or sukuk, as early as the second quarter, the people said, asking not to be identified as the discussions are private. The sukuk may be privately placed with investors, they said.
NEW YORK (March 21): All the three major US indexes opened higher on Tuesday, with the Nasdaq Composite hitting yet another record high, lifted by Apple.
Apple rose 0.66 percent to an all-time high of US$142.40 after the company unveiled a new version of its iPad tablet. The stock was the biggest boost to all the three major indexes.
The gains were broad, with all the 11 major S&P sectors higher, led by technology and healthcare stocks.