Gazprom profits double on higher European gas sales April 29, 2019 Record sales in Europe helped Russian energy giant Gazprom double its profits last year, it said today. The company’s profits reached nearly 1.5 trillion roubles (£17.5bn) in 2018. Read more: Plexus shares hit oil as licensee signs deal with Gazprom The big profits were helped as its exports to Europe and Turkey reached a record [...]
Anadarko says it will talk to Occidental over $38bn, but recommits to Chevron merger April 29, 2019 US oil company Anadarko said today it will open negotiations with Occidental, days after its larger peer tabled a $38bn (£29bn) takeover offer. The board said it would consider the bid which might prove better value to shareholders than a previously announced deal with Chevron. Read more: Occidental bids $57bn for Anadarko Chevron announced at [...]
What role does the state play in corporate governance? April 29, 2019 | City Talk What do the recent corporate governance scandals involving the Italian oil company Eni, the Franco-Japanese auto alliance Renault-Nissan-Mitsubishi, and the Canadian construction giant SNC-Lavalin all have in common? They each have a surprising culprit lurking behind them: the state. While corporate governance is intended to describe a system by which firms protect shareholder and stakeholder [...]
Gam whistle blower raised concerns over bonds sold by steel tycoon Sanjeev Gupta April 29, 2019 A whistle blower at embattled Swiss asset manager Gam Holding was prompted to alert the financial watchdog last year over concerns about the purchase of more than £500m of bonds from steel tycoon Sanjeev Gupta. The bonds were related to a biodiesel fuelled power generating business, and the whistle blower believed the operation was unlikely [...]
Ferrexpo delayed probe into charity partner, claims former auditor Deloitte April 29, 2019 Deloitte said this morning it repeatedly asked Ferrexpo to open an investigation into its corporate social responsibility partner before resigning as the miner’s auditor last week. In a letter to the company’s board, Deloitte said Ferrexpo has delayed the investigation despite three requests from the auditing giant starting in October. Read more: Shares in miner [...]
Fund managers say oil companies need to go green to remain attractive investments April 29, 2019 Fund managers overwhelmingly say oil companies will not remain attractive investments unless they make their businesses more green. A survey of fund managers responsible for $10 trillion (£7.7 trillion) of assets by the UK Sustainable Investment and Finance Association (UKSIF) found 86 per cent wanted oil companies to align their businesses with the Paris Agreement's [...]
Slack files for IPO as it targets New York Stock Exchange debut April 26, 2019 Collaboration tool Slack has confidentially filed to float on the New York Stock Exchange. Read more: Uber reveals IPO will value firm as high as $90bn The messaging app will join the stock market under the ticker symbol SK this summer, in either May or June, according to its filing. Slack, which was last valued [...]
Uber IPO will value ride-hailing firm at up to $90bn, SEC filing confirms April 26, 2019 Uber is set to pitch shares at between $44 and $50 as it chases an initial public offering (IPO) that could value it at up to $90bn (£69.8bn), the ride-hailing firm revealed in an updated filing today. The technology transport giant will offer 180m shares in its stock market debut as it chases the valuation, with another [...]
Which stock markets look ‘cheap’ after strong performances in the first quarter of 2019? April 26, 2019 | City Talk Those who were brave enough to fight the emotional urge to sell during the carnage in markets which brought 2018 to a close have been richly rewarded in the first few months of 2019. Of the five markets in our regular analysis, even the worst of the bunch (Japan) returned almost 8 per cent so far [...]
Wanted: Your free-market ideas to give everyone a shot at improving their lives April 26, 2019 Life isn’t fair. It never will be. In fact, so much of what we experience day-to-day, year-to-year, is a result of things we can’t control – the country we’re born in, the robustness of our immune system, the bumps on our nose (well, mine anyway) are pre-determined facts of life. Progress means embracing or overcoming [...]