Thursday, May 4th, 2017

 

Shell’s profit surges as oil sector rebounds

LONDON, May 4 — Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year downturn. A 55 per…


Opec heads for rollover, bigger oil cut unlikely, delegates say

LONDON, May 4 — Opec and non-Opec oil producers look likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three Opec delegates said today, downplaying the chance of additional steps such as a bigger…


Wall Street slips as Facebook and energy stocks weigh

NEW YORK, May 4 — Wall Street edged lower this morning, weighed down by a drop in energy stocks after oil prices dropped and as Facebook led technology shares lower. Facebook’s 1.1 per cent fall weighed the most on the S&P 500 and Nasdaq….


Crude oil erases Opec rally as cuts seen ineffective at easing glut

LONDON, May 4 — Oil dropped to the lowest since late November on growing signs that Opec’s production cuts are failing to clear a surplus of crude. Futures fell more than 2 per cent on both sides of the Atlantic. US crude output rose to 9.29…


European shares hit 20-month high, Brent buckles below US$50

European shares hit 20-month high, Brent buckles below US$50

LONDON/SINGAPORE (May 4): Signs that centrist Emmanuel Macron was heading for victory in France’s presidential election and buoyant business confidence helped European shares to a…


Viacom plunges after being relegated to high-priced Charter tier

LOS ANGELES, May 4 — Viacom Inc plunged after Chief Executive Officer Bob Bakish acknowledged that some of the company’s most popular channels have been relegated to a higher-priced tier of service on Charter Communications Inc. Six Viacom…


UMW Holdings demerger receives shareholders approval

UMW Holdings Bhd (UMWH) has received shareholder approval to demerge from UMW Oil & Gas Corporation Berhad (UMWOG). Shareholders voted and approved the resolution for the demerger exercise at UMWH’s Extraordinary General Meeting (EGM) this morning. On 19 January 2017, UMWH announced its plans to exit the Oil & Gas sector through the ‘distribution in specie’ of all its shares in UMWOG to all entitled shareholders of UMWH. Following its exit from the Oil & Gas sector, UMWH’s activities will be focused on its core businesses of Automotive, Equipment andRead More


Google to pay €306m to settle Italian tax dispute

MILAN, May 4 — Alphabet Inc’s Google has agreed to pay €306 million (RM1.4 billion) to settle a tax dispute with Italy, the company and the country’s tax authority said today. Last year Italian tax police alleged that Google had not paid…


Kellogg’s quarterly profit beats on tax benefit, lower costs

NEW YORK, May 4 — Cornflakes maker Kellogg Co reported a better-than-expected quarterly profit as continuing cost cuts and a planned tax benefit boosted earnings. Shares of the company, which also makes Pop-Tarts and Fruit Loops, were up…


ECB guidance may evolve as euro zone growth firms, Praet says

BRUSSELS, May 4 — Euro zone growth appears increasingly solid and parts of the European Central Bank’s policy guidance may change over time, ECB chief economist Peter Praet said today, reinforcing expectations for a more upbeat assessment next…