Archive for Private Equity

Others expressing interest include Chinese state-owned financial institutions Citic Group, China Merchants Group and China Everbright Group

China’s Sovereign-Wealth Fund Interested in Buying HNA’s Deutsche Bank Stake

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  • Currency is Asia’s worst performer so far in 2018, sliding 11%
  •  Trade deficit jumped to 5-year high in July as crude rallied

Forget Turkey and Argentina. The Indian rupee’s real bugbear is the price of oil.

India’s currency had its worst month in three years in August as crude rallied on speculation sanctions on Iran will shrink global supplies. The crude import bill for the world’s fastest-growing oil user surged 76 percent in July from a year earlier to $10.2 billion. That pushed up the trade deficit to $18 billion, the most in five years…

Sinking Indian Rupee Remains Hostage to Oil

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Sep
04

Amazon Hits $1 Trillion Valuation

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It took online retailer just 165 trading days to grow from $600 billion in January to $1 trillion

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  • Shivinder Singh said in statement he sued brother Malvinder
  •  Brothers have seen dramatic fall in their fortunes this year

One of the most dramatic unravelings of an Indian business empire took an unexpected turn as Shivinder Singh, one of the founders of Fortis Healthcare Ltd., said he has sued brother Malvinder for alleged “oppression and mismanagement” of their companies.

Shivinder, in a statement dated Sept. 4, said he filed a case with India’s National Company Law Tribunal against Malvinder and Sunil Godhwani, former chairman of the Singhs’ financial services company Religare Enterprises Ltd. He alleges that the pair were to blame for “a systematic undermining of the interests of the companies and their shareholders.” Malvinder and Godhwani couldn’t be immediately reached for comment…

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  • SDM would channel funds for fighting pollution to poor nations
  •  Push to agree on rules for market by the end of this year

After the United Nations’s first attempt to build a global carbon market fizzled from $33 billion to almost nothing, climate envoys from almost 200 countries are meeting in Bangkok this week to give it another go.

The diplomats gathered in Bangkok this week are working on a so-called Sustainable Development Mechanism that would channel investment into projects that cut pollution in some of the poorest countries of the world. Richer nations that provide much of the finance would get credits in exchange that go to help meet their commitments on reducing emissions, which may allow them to take on more ambitious goals..

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Dollar gains, while investors watch for U.S. data releases and trade talks

U.S. stocks began September with declines as investors looked ahead to a busy week of trade negotiations and economic data.

Stocks drifted lower shortly after the opening bell, then pared declines in the final hours of trading, with the Dow Jones Industrial Average erasing nearly all of its losses for the day…

U.S. Stocks Slip as Materials and Industrials Sectors Fall

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  • Abe push for cheaper services causes shares to yo-yo again
  •  Government still wants households to spend less on wireless

NTT Docomo Inc. shares gained seven of the past eight trading days, rebounding after a two-day plunge triggered by a government official’s comment suggesting Japan’s mobile carriers have room to slash customer bills.

Investors have seen this movie before: A Japanese government official says mobile phone bills are too high, and the three big carriers’ shares tumble, only to recover within days or weeks…

A $14 Billion Mobile Stock Sell-Off in Japan Makes a U-Turn

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  • Argentina leads emerging markets lower; oil trades around $70
  •  U.S. markets were closed Monday for the Labor Day holiday

Asian stocks were mixed Tuesday amid continuing concerns about stability in emerging markets and prospects for escalating U.S.-China trade tensions. The dollar and Treasury yields were steady.

Equity benchmarks swung between gains and losses with little direction after American exchanges were closed Monday for a holiday. The yen fluctuated after the Bank of Japan increased purchases of shorter-term bonds in its regular operations Tuesday, compensating for a reduction in the number of days on which it plans to buy them. Emerging markets fell Monday, with Argentina slumping the most even as it took further steps to restore investor confidence…

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Trump’s latest comments on trade weigh on markets

Global Stocks Saddled as Nafta Rewrite Drags On
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  • ‘Unloved’ European stocks looking ‘increasingly attractive’
  •  Underperformance, undervaluation of banks becoming ‘extreme’

No other region has suffered Europe’s massive outflows this year, and that’s exactly why Morgan Stanley says it’s time for investors to take a fresh look at these stocks.

“From a relative perspective, Europe (and European exposure) looks increasingly attractive,” Morgan Stanley strategists, led by Graham Secker, wrote in a report. “Having seen the largest outflows of any region over the last six months, Europe appears unloved and undervalued just as the growth newsflow starts to pick up.”…

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Aug
30

U.S. Stocks Fall on Tariff Plans

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Report suggesting President Trump wants to move ahead soon with tariffs on $200 billion in Chinese imports pulled down the stock market

U.S. Stocks Fall on Tariff Plans

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Jay Clayton outlines overhaul plans in interview, says changes could happen ‘pretty quickly’

NASHVILLE, Tenn.—The Securities and Exchange Commission wants to make it easier for individuals to invest in private companies, including some of the world’s hottest startups, the agency’s chairman said in an interview.

SEC Chairman Jay Clayton, a Trump appointee wrestling with how to boost flagging interest in public markets, said the commission also wants to take steps to give more individual investors a shot at companies that have been out of their reach because they haven’t gone public…

SEC Chairman Wants to Let More Main Street Investors In on Private Deals

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  • Koo’s company dominates market even as rice consumption falls
  •  Cuckoo exports appliance to 25 countries, including China

Rice is a staple for Koreans, but as New York restaurateur Bobby Yoon explains it, the connection is deeper, almost spiritual.

“We need the perfect bowl of rice for each meal,” said Yoon, whose recently opened barbecue joint in Manhattan is an offshoot of Haeundae Somunnan Amso Galbijip, his grandfather’s venerable Busan institution. “It doesn’t have a flavor, but there is also a certain umami to it when cooked well.”…

How a Quest for the Perfect Bowl of Rice Cooked Up a Billionaire

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  • Auto parts maker has talked to advisers about selling Trico
  •  Crowne bought Trico from private equity firm Kohlberg in 2014

Auto parts manufacturer Crowne Group LLC is considering an $800 million sale of windshield-wiper blade maker Trico Group, people with knowledge of the matter said.

The closely held conglomerate has held talks with investment banks about a sale of its Trico unit, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A final decision hasn’t been made and Crowne could elect to keep the business…

Crowne Is Considering $800 Million Windshield Wiper Unit Sale

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After deciding not to try to remove its shares from the market, the electric carmaker must focus on some stubborn challenges while facing new ones.

So Tesla is no longer seeking to go private. Now what?

On Monday, the electric carmaker began to take stock of the residual damage from its August whirlwind — including the prospect of harsher scrutiny of its bottom line and of its chief executive, Elon Musk…

Elon Musk and Tesla Resolved One Issue. Now for the Rest.

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Shipments are set to decline by a third as shippers pull back from the Islamic Republic months ahead of a Nov. 4 U.S. deadline

Iran oil shipments are declining at a faster-than-expected pace ahead of U.S. sanctions set to begin in November.

Iran expects crude exports to fall by a third in September, according to people familiar with purchasing plans, potentially posing an unforeseen supply risk to markets. Officials at the state-run National Iranian Oil Co. provisionally expect crude shipments to drop to about 1.5 million barrels a day next month, down from about 2.3 million barrels a day in June, say people familiar with the country’s ports loading…

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Toyota Motor Corp. is expanding an alliance with Uber Technologies Inc.through a new investment and a plan to get self-driving cars on the road.

The Japanese automaker is investing $500 million in Uber, the companies said on Monday. The deal values the ride-hailing giant at $72 billion, said a person familiar with the matter…

Toyota Invests $500 Million in Uber to Get Self-Driving Cars on the Road

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  • Shanghai Composite Index remains near post-crash low of 2016
  •  Northbound buying strong in August but domestic volume is low

It’ll take more than dirt-cheap valuations and a spell of supportive policies to cajole Chinese investors to go all in on equities.

The bounce in mainland stocks over the past week hasn’t assuaged concerns. Shanghai’s benchmark index is still in a bear market, trading at a paltry 10 times forward earnings. It’s only a bad day or two away from a post-crash low hit in 2016, and turnover is near the lowest in four years. Onshore traders were more hesitant Tuesday, with stocks opening little changed despite a bullish start across Asia, including Hong Kong…

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  • Discern Analytics hired to review certain Dell financials
  •  Work often given to big firms key to valuing take-private bid

It’s a $21.7 billion proposal to return the world’s largest privately held technology company to public markets. The deal features a who’s who of big names — Michael Dell, Goldman Sachs Group Inc.Silver Lake — alongside one that’s not so well known: Discern Analytics Inc.

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  • NEA, Carlyle pour money into workplace primary-care clinics
  •  Cheapest doctors can have big impact on health-care spending

A group of investors is putting up $165 million to fuel an expansion of Paladina Health, bringing a recent surge of private funds flowing into companies that run primary-care clinics to more than a half-billion dollars.

The venture capital firm New Enterprise Associates is leading the investment after acquiring Paladina for a reported $100 million earlier this year from dialysis provider DaVita Inc. Paladina, which runs medical clinics for employers, plans to use the money to build new clinics and acquire other firms…

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  • With Goldman, too, the CEO has locked up the top banks for M&A
  •  Entrepreneur hasn’t formally proposed transaction to board yet

Elon Musk has hired Morgan Stanley to assist him in his potential bid to take Tesla Inc. private, according to a person familiar with the matter.

Morgan Stanley is advising Musk, not the company, its board or a special board committee formed to to evaluate a potential take-private proposal, said the person, who asked not to be identified because the matter is private. The bank suspended coverage of the stock on Tuesday without explanation…

Elon Musk Hires Morgan Stanley to Help Take Tesla Private

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The slide in Meitu Inc.’s shares makes for grim viewing.

The company behind a photo-retouching app used by hundreds of millions tumbled 13 percent Wednesday, the most in five months. That came after Meitu posted a first-half loss of 127.4 million yuan ($19 million) and said it would “de-emphasize net profit generation” until it transformed into a social media platform. The shares fell 19 percent at one point following the results, the most on record…

China Selfie App Giant Disenchants Investors as Losses Continue

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Get watch collectors riled up, and you’ll be flooded with a litany of reasons why elaborate complications, movement finishing, and the other mechanical intricacies of haute horology matter. But most watch­makers have something else they like to brag about: rare, sumptuous dials handcrafted by elite studios of artisans.

These métiers d’art workshops produce one-of-a-kind, highly ornamental faces, using ­centuries-old techniques to celebrate a company’s history. Elaborate enamel work—which first gained prominence in the 16th century, the early days of the pocket watch—is employed most frequently. Enamel is essentially glass melted together with a pigment, but its application can be quite complex. In the champlevé method, pools and channels are carved in the dial plate to hold the mixture; in cloisonné, visible wires “fence in” the enamel for a stained-glass-window effect; in pailloné, craftsmen insert foil sheets between the glass layers to add sparkle…

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Elon Musk’s bewildering bid to take Tesla Inc. private has taken another turn that’s spurred trading tumult, with Morgan Stanley becoming the second firm to suspend coverage of the electric-car maker’s stock.

Whereas Goldman Sachs Group Inc. paired its announcement last week that it was removing its Tesla rating and price target with the disclosure of a reason why — that it would be advising Musk — Morgan Stanley hasn’t elaborated on what prompted its move. Mary Claire Delaney, a spokeswoman for the bank, and Tesla representatives declined to comment…

Tesla Stays on Rocky Run After Morgan Stanley Drops Coverage

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  • Seeking at least $10 billion of assets in each Asia market
  •  Credit Suisse APAC wealth head de Ferrari speaks in interview

After years of racing to accumulate assets in the key offshore centers of Singapore and Hong Kong, the challenge for wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.

Private banks that want to tap into Asia’s growing onshore wealth need to think less about regional asset totals and more about accumulating a critical mass of wealth in the individual Asian countries, according to Francesco de Ferrari, head of Asia-Pacific private banking at Credit Suisse Group AG. For the Zurich-based bank, the target is at least $10 billion in each of its 11 key markets across Asia, de Ferrari said in an interview earlier this month…

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Auto maker’s tumultuous year has concerned some of its suppliers, which are pushed to extend payment terms or asked to give cash back

Tesla Inc.’s tumultuous year has fueled concern among some of its suppliers about the auto maker’s financial strength after production of the Model 3 car drained some of its cash, according to industry executives and documents.

A recent survey sent privately by a well-regarded automotive supplier association to top executives found that 18 of 22 respondents believe that Tesla is now a financial risk to their companies, according to the document reviewed by The Wall Street Journal…

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The high prices people are paying for gasoline will eventually squeeze demand for oil.

Oil’s popularity isn’t what it used to be.

It’s not just a looming global trade war. As I’ve written, not only will tariffs and retaliatory measures stifle the activity that normally stokes consumption, they’ll squeeze economies everywhere. That’s a good way to stifle demand.

Oil Prices Are Down. Nobody Told the Gas Pumps

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  • Sorrell’s former strategy chief Read tipped to get the top job
  •  Read’s style and approach are a shift from the previous regime

As WPP Plc closes in on appointing a successor to its long-time former CEO and founder Martin Sorrell, one man stands as the front-runner: Mark Read.

Read, Sorrell’s former strategy and digital chief, is the favored candidate internally to run the world’s largest advertising group. There’s growing confidence that he will get the role after a drawn-out process that’s already lasted four months, according to a dozen WPP executives, who asked not to be named discussing a company matter.

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Lira’s plunge makes it harder for nation to pay for needed fuel imports, putting broader economy at risk

Turkey faces another big problem after it deals with the immediate impact of its currency crisis: How is it going to pay for its dependence on imported oil and natural gas?

Turkey imports the vast majority of its fuel needs. Its devalued lira makes paying for such imports more expensive. Meanwhile, the economy is rapidly running out of hard currency to pay for that imported energy and support all its other foreign-currency needs, especially among Turkish companies who have borrowed heavily in U.S. dollars…

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The Dow records biggest one-day gain in four months; Walmart soars

U.S. stocks soared Thursday, bringing the Dow Jones Industrial Average its biggest one-day gain in four months, as upbeat earnings reports and stabilizing commodities prices helped calm investors’ fears about the global economy.

Stocks around the world had slumped just…

U.S. Stocks Surge on Upbeat Earnings

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  • Gulf state’s emir pledges $15 billion of investments
  •  Lira rallies as regulator curbs ability to bet against it

President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country.

The lira extended gains to 6 percent after Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani made the pledge after a 3-1/2-hour meeting with Erdogan in Ankara on Wednesday. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with U.S. counterpart Donald Trump over an American pastor held in Turkey…

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Long-term shareholders were cashing out of HCA Healthcare Inc. in the second quarter, as the stock rallied to record highs in late June — levels since eclipsed by bigger gains this quarter.

Hedge funds Glenview Capital Management, Highfields Capital Management, Wellington Management Group, Magellan Asset Management and Harris Associates cut their stakes in the hospital chain, which saw its shares rise 17 percent in the first half and an additional 27 percent so far this quarter. The investment firms sold a combined 17.3 million shares, according to their latest 13F filings…

Investors Cash Out of HCA Healthcare as Stock Soars to Record

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The currency is down 9.5% so far this year

The collapse of the Turkish lira rippled to India Tuesday, where the rupee fell to an all-time low against the dollar, as investors sold emerging-market currencies.

The Indian currency fell to an intraday, record low of 70.08 rupees to the dollar in early trade, retaining its position as one of Asia’s worst-performing currencies this year. Analysts said the rupee could fall as low as 70.60 in the next few sessions. It later recovered some ground to 69.89…

Indian Rupee Drops as Lira Turmoil Sends Investors Rushing for the Exits

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The slight acceleration in the cartel’s crude oil output was driven mainly Kuwait, Nigeria, the United Arab Emirates and Iraq

LONDON—OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined.

Crude oil output in the Organization of the Petroleum Exporting Countries rose by 41,000 barrels a day last month, to average 32.32 million barrels a day, the cartel said, citing secondary sources. The increase was driven by higher production in Kuwait, Nigeria, the United Arab Emirates and Iraq…

OPEC’s Output Rose in July Despite Decline in Saudi Oil Production

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  • Central bank’s new ‘flexibility’ seen signaling slower buying
  •  The BOJ purchased 5.9 trillion yen of ETF shares last year

The Bank of Japan has scooped up so many shares of the nation’s exchange-traded funds that it effectively owns a controlling stake in the market. Now investors are considering a future in which it buys less.

BOJ watchers expect the central bank to slowly cut its ETF purchases, now targeted at 6 trillion yen ($54 billion) annually, in what could be viewed as an expansion of its stealth tapering. The BOJ’s bond buying has already fallen to nearly half of its targeted pace…

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  • Kingdom fund said to be in talks on ways to invest in buyout
  •  As board prepares to meet advisers, investor lawsuits begin

Saudi Arabia’s sovereign wealth fund is working to be part of any investor pool that emerges to take Tesla Inc. private, as Elon Musk enters a week where his plan will draw added scrutiny from the electric-car maker’s board, advisers and investors.

The Saudi Kingdom’s Public Investment Fund, which recently built a stake just shy of 5 percent in Tesla, is exploring how it can be involved in the potential deal, according to people with knowledge of the fund’s plans. But the potential transaction’s staggering $82 billion price tag means Tesla is still likely to need to tap other sources of cash…

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Firms are lending more where traditional banks won’t–and sometimes competing with them, too

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  • Mutual fund giant is said to be worth at least $5 billion
  •  Life insurer is working with financial advisers on divestiture

Massachusetts Mutual Life Insurance Co. is weighing a sale of asset manager OppenheimerFunds Inc., which could fetch at least $5 billion, according to people familiar with the matter.

The Springfield, Massachusetts-based insurer is working with advisers to evaluate a sale, a process that is at an early, informal stage, said the people, who asked not be identified because the matter isn’t public. No decision has been made and MassMutual could opt to hold onto the firm, they said…

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  • The kingdom has hotels, grain, stocks in the northern nation
  •  Canadian markets little changed as Saudi ramps up attacks

The decision by Saudi Arabia to halt new investments and unload assets in Canada is likely to have limited impact.

Saudi assets in Canada are confined mainly to stakes in upscale hotel operators, some small stock holdings in companies like Canadian National Railway Co., and grain facilities…

Saudi Investment Freeze Doesn’t Amount to Much in Canada

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Saudi Arabia is now looking for Plan B to propel its sovereign wealth fund into the ranks of global giants. The initial plan was to raise at least $100 billion through an initial public offering of a small stake in Saudi Aramco, the state-owned oil company, in the second half of 2018. Though the IPO is not going ahead as originally planned, the nation’s Public Investment Fund still hopes to control more than $2 trillion by 2030.

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Crude slides to lowest close since June as fuel inventories reach seven-month record

Oil prices fell to their lowest level in nearly seven weeks Wednesday as total U.S. stockpiles of oil and fuel hit a seven-month high and U.S.-China trade tensions escalated.

Light, sweet crude for September delivery slid 3.2% to $66.94 a barrel on the New York Mercantile Exchange. That was its lowest close since June 21. Brent crude, the global benchmark, also fell 3.2%, to $72.28 a barrel…

Oil Prices Plunge as Stockpiles Jump

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  • First-half profit fell 7.1% to A$495 million after charge
  •  AMP appointed ex-Treasury Secretary John Fraser as a director

AMP Ltd.’s wealth customers withdrew A$873 million ($648 million) in the first half as the Australian asset manager was hit by revelations of misconduct.

The net cash outflows in the six months to June 30 compared with inflows of A$1.02 billion a year earlier, the Sydney-based company said in a statement Wednesday. Withdrawals in the second quarter were impacted by an inquiry into wrongdoing in the financial industry and “headwinds” remain for the rest of 2018…

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Aerial technology such as drones was used widely last year to evaluate damage amid back-to-back disasters

Property insurers are relying on more drones, small aircraft and artificial intelligence to accelerate claims during 2018’s hurricane season. There are signs this push for speed could pose new headaches for the industry.

Last year marked the first widespread use of aerial technology to pinpoint damages and evaluate losses quickly as insurers scrambled to keep up with back-to-back hurricanes and wildfires…

Insurers Are Speeding Up Claims. Their Worry: More Mistakes

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  • Investors in $1.6 billion-fund working with Alvarez & Marsal
  •  Dubai-based Abraaj is undergoing a court-led restructuring

Investors in a $1.6 billion-Abraaj Group fund have hired advisory firm Alvarez & Marsal Holdings LLC to help recover money owed by the floundering Middle Eastern private equity firm, people with knowledge of the matter said.

The New York-based company will represent Abraaj Private Equity Fund IV’s backers in talks with liquidators as they seek to recover more than $99 million owed by the Dubai-based buyout firm, said the people, asking not to be identified because the information is confidential. The stakeholders have formed an investor committee led by Boston-based HarbourVest Partners, two of the people said…

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For Leslie Moonves, the chief executive of the CBS Corporation, it was back to business as usual.

With characteristic verve, Mr. Moonves spoke to Wall Street analysts on Thursday about the company’s second-quarter financial results, predicting the network would end the season in first place for the 11th year in a row…

Leslie Moonves Speaks on CBS Earnings Call but Not About Harassment Allegations

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Demise of private-equity firm Abraaj, concerns over corporate governance put spotlight on Dubai’s financial regulator

DUBAI—Investors are questioning whether Dubai’s young financial center can police itself as the meltdown of its marquee private-equity firm highlights broader concerns about placing money in the region.

This emirate’s top regulator, the Dubai Financial Services Authority, has been close to silent since allegations emerged that Abraaj Group misused hundreds of millions of dollars in investors’ money, including that of the Bill and Melinda Gates Foundation and the World Bank. It has issued two short statements, seized some laptops…

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  • U.S. retail gasoline prices already hovering near $3 a gallon
  •  New plan to lead to 2-3 percent rise in daily fuel consumption

The Trump administration’s proposal to ease U.S. fuel economy standards after 2020 may slow an expected decline in gasoline demand, resulting in higher prices at the pump.

The Environmental Protection Agency and National Highway Traffic Safety Administration jointly proposed on Thursday to cap fuel economy requirements at a fleet average of 37 miles per gallon starting in 2020. Under the Obama plan, the fleet-wide fuel economy would have risen gradually to roughly 47 mpg by 2025. The change would mean a 2 percent to 3 percent increase in daily fuel consumption…

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Activist investor likely to urge other shareholders to vote against $54 billion proposed takeover

Activist investor Carl Icahn has built a sizable stake in Cigna Corp. and plans to vote against the health insurer’s $54 billion purchase of Express Scripts Holding Co., the latest sign of trouble for the planned tie-up.

Mr. Icahn, whose stake amounts to less than 5% of Cigna’s shares outstanding, believes the company is paying too high a price for the pharmacy-benefit manager, which faces threats on a number of fronts, according to people familiar with the matter…

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S&P 500 technology sector gains on the heels of a strong earnings report from Apple

The S&P 500 and Dow Jones Industrial Average edged lower Wednesday as losses in energy and industrial shares offset a rebound in technology stocks.

Shares of industrial companies lost ground after reports said administration advisers were urging President Trump to sharply increase tariffs against China, renewing fears among investors that global trade frictions could hit the markets…

Dow Jones Industrial Average Falls on Tariff Concerns

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Arif Naqvi rode Dubai’s rise to build Abraaj Group with an unusual business model. Was it a house of cards?

Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.

But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent

Behind the Spectacular Collapse of a Private Equity Titan

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  • Cyclical stocks fall behind despite strong earnings support
  •  Tech-stock pain is just the start of more losses, bank says

The market’s leaders have gone missing this earnings season. For Morgan Stanley, that’s a worrying sign that the stock rally may have exhausted itself.

Despite more than 85 percent of S&P 500 members beating analyst estimates, the type of pro-cyclical companies you’d expect to surge amid banner earnings have been falling behind. Not even the biggest winners of the year are posting reliable gains, as earnings misses from the likes of Netflix Inc. and Facebook Inc. hamper the momentum trade…

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Dearth of investments in oil projects mean a spike in prices above $100 could be on the horizon

Crude across the globe is being used up faster than it is being replaced, raising the prospect of even higher oil prices in the coming years.

The world isn’t running out of oil. Rather, energy companies and petro-states, burned by 2014’s price collapse, are spending less on new projects, even though oil prices have more than doubled since 2016. That has sparked concerns among some industry watchers of a price spike that could hurt businesses and consumers…

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Ant Financial is transforming how Chinese run their daily finances, drawing flak from big banks and warning shots from the government

It handled more payments last year than Mastercard, controls the world’s largest money-market fund and has made loans to tens of millions of people. Its online payments platform completed more than $8 trillion of transactions last year—the equivalent of more than twice Germany’s gross domestic product.

Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, driving innovations that let people use their phones for buying insurance as easily as groceries,…

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  • Mnuchin says U.S. will keep growing at 3%, despite Fed’s view
  •  Theresa May’s team is terrified that EU talks will fail
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Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation.

Nordea Bank AB, whose Chief Executive Officer Casper von Koskull says his industry might only have half its current human workforce a decade from now, is cutting 6,000 of those jobs. Von Koskull says the adjustment is the only way to stay competitive in the future, with automation and robots taking over from people in everything from asset management to answering calls from retail clients…

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The oil giant is planning to tap banks and global investors so it can buy a stake in a state petrochemical firm, a $70 billion deal engineered by Crown Prince Mohammed bin Salman

RIYADH, Saudi Arabia—Saudi Arabia is pushing Aramco to raise tens of billions of dollars in debt now that the state oil giant’s initial public offering has stalled, as the kingdom pursues other ways to fund an economic transformation.

Crown Prince Mohammed bin Salman’s advisers are prodding Saudi Arabian Oil Co., as the oil company is officially known, to raise debt to buy a controlling stake in a petrochemical company from the country’s sovereign-wealth fund, said Saudi officials and executives familiar with the talks…

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  • Oil giant to pay $10.5 billion to add acreage, enter Permian
  •  World’s top miner to complete exit from shale with second deal

BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore U.S. oil and natural gas assets, including in the prized Permian Basin.

The deal gives the London-based energy giant a key position in the Permian, the world’s fastest-growing major oil region that’s upended global markets, and a possible signal that Big Oil has mostly rebounded from the 2014-2016 price crash. BP will also add positions in the Eagle Ford and Haynesville basins in Texas and Louisiana…

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A U.S. judge denied a request from a former mayor of Kazakhstan’s capital, Almaty, to throw out a lawsuit accusing him of “looting” $300 million from the city and laundering some of the money through investments, including real-estate projects in Manhattan.

The City of Almaty and Kazakh lender BTA Bank JSC sued Viktor Khrapunov in federal court in New York in 2015. BTA’s former chairman, Mukhtar Ablyazov, is also accused of being in on the scheme…

Ex-Mayor of Kazakh Capital Loses Bid to Toss BTA Lawsuit in U.S.

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Company failed to get approval of Chinese regulators to buy Dutch chip maker, barring a last-minute reversal

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  • She says Washington is her focus for ‘foreseeable future’
  •  Some department stores have dropped the brand since 2017

Ivanka Trump, the president’s daughter, is pulling the plug on Ivanka Trump, the purveyor of womens’ fashion.

After a year and a half of sporadic controversy over potential conflicts of interest, Trump, a White House adviser, said Tuesday that she would wind down the company. She made the decision after some big-name department stores dropped her brand, but said in an emailed statement that she did it as a mercy to her employees…

Ivanka Trump’s Clothing Line to Shut Down

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