Blockchain group says pilot test shows promise for oil and gas operators

() – An oil and gas consortium testing blockchain distributed ledger software said results of its pilot were promising, paving way for the group’s members to start using the technology at production sites. The OOC Oil & Gas Blockchain Consortium, a 10-company group including ConocoPhillips, Equinor, Exxon Mobil Corp, Repsol and Royal Dutch Shell, tested […]

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Nigeria’s president backs embattled African Development Bank chief

ABUJA () – Nigerian President Muhammadu Buhari on Tuesday gave his backing to the head of the African Development Bank (AfDB), Akinwumi Adesina, in his re-election bid despite allegations of improper conduct. FILE PHOTO: Akinwumi Ayodeji Adesina, President of the African Development Bank Group, attends a meeting of the 2020 African Economic Outlook report in […]

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Goldman Sachs commits to new central Paris headquarters

FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. /Brendan McDermid/File Photo LONDON () – U.S. bank Goldman Sachs (GS.N) has signed a lease for a new Paris headquarters building, committing to […]

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UPDATE 2-German stocks outpace rest of Europe as cyclicals jump

() – European stocks hit their highest levels since early March on Tuesday, with German stocks outperforming as carmakers rallied on hopes of stimulus and Lufthansa gained after its board approved a state bailout. FILE PHOTO – Picture shows a detail of the German share index DAX board during a trading session at Frankfurt’s stock […]

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Britain, EU clash over financial market access – diplomats

BRUSSELS/LONDON () – Britain wants binding commitments from the European Union on financial market access to avoid the country’s finance industry suddenly being cut off from the bloc, a request Brussels has rejected, EU officials and diplomats said. FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. […]

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UPDATE 1-South African rand, stocks jump as lockdowns eased

(Adds latest prices, analyst comments) JOHANNESBURG, June 2 () – South Africa’s rand jumped more than 1% to a 2-1/2 month high on Tuesday in an emerging market rally spurred by growing hopes for a global economic recovery, prompting investors to ditch safe-havens for high yielding assets. At 1530 GMT, the rand was 1.34% firmer […]

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UPDATE 2-Indian carmakers offer teaser loans as RBI softens stance, sources say

(Updates with Daimler quote) By Nupur Anand and Swati Bhat MUMBAI, June 2 () – Maruti Suzuki, Hyundai and Mercedes Benz are offering Indian car buyers “teaser loans”, a move that sources said followed a softening of the central bank’s stance due to a coronavirus-induced economic slump. Although the Reserve Bank of India (RBI) never […]

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JPMorgan, Barclays settle Mexican bond rigging litigation

NEW YORK, June 2 () – JPMorgan Chase & Co and Barclays Plc will pay $20.7 million to resolve investors’ claims they conspired to rig the Mexican government bond market, the first of nine banks in the proposed class-action litigation to settle. In a Monday night filing with the U.S. District Court in Manhattan, lawyers […]

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Pfizer to invest up to $500 mln in public drug developers

FILE PHOTO: The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. /Andrew Kelly/File Photo () – Pfizer Inc (PFE.N) said on Tuesday it will invest up to $500 million into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker’s scientific […]

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EasyJet and Carnival to bid FTSE 100 adieu due to COVID-19

LONDON, June 2 () – EasyJet and cruise operator Carnival are set to lose their seat at the top table of British blue chips after the COVID-19 crisis knocked the value of their shares to below the threshold of London’s prestigious FTSE 100 index. Hard-hit by travel bans, the low-cost airline lost as much as […]

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UPDATE 1-Indian carmakers offer teasers as RBI softens stance, sources say

(Updates with Maruti quotes) By Nupur Anand and Swati Bhat MUMBAI, June 2 () – Carmakers Maruti Suzuki , Hyundai and Mercedes Benz are offering buyers “teaser loans”, a move sources said followed a softening of the Indian central bank’s stance on the products in the face of a coronavirus crisis induced economic slump. Although […]

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Amid pandemic, crypto crime surges in first 5 months -CipherTrace

NEW YORK, June 2 () – Crypto intelligence company CipherTrace, which started tracking cryptocurrency crime a few years ago, said it has started to see coronavirus-related frauds that require some form of digital currency payment. Losses from cryptocurrency thefts, hacks, and frauds soared to nearly $1.4 billion from the beginning of the year until the […]

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UPDATE 1-British investment fund inquiry to interview BoE’s Bailey in June

(Recasts with more detail) By Huw Jones LONDON, June 2 () – A report into how regulators supervised now collapsed investment firm London Capital & Finance (LCF) will interview Bank of England Governor Andrew Bailey this month, the investigation’s chair Elizabeth Gloster said on Tuesday. LCF went into administration in early 2019, with 11,600 investors […]

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SE Asia Stocks-Most extend rally to scale multi-month highs; Singapore top gainer

* Singapore, Indonesia up 2% * Indonesia, Malaysia & the Philippines up for 5th day * Vietnam sole loser in the region By Arundhati Dutta June 2 () – Most Southeast Asian markets extended multi-day rallies on Tuesday, as re-opening of regional economies overshadowed global concerns ranging from flaring Sino-U.S. tensions to violent protests in […]

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Japanese banks own 20% of collateralised loans market – survey

TOKYO, June 2 () – Japanese financial institutions hold nearly 20% of the world’s collateralised loan obligations (CLO), potentially exposing them to big losses if the coronavirus pandemic erodes the creditworthiness of debt, a survey showed on Tuesday. CLOs are securities backed by a pool of loans taken out by firms with high levels of […]

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UPDATE 1-German stocks shine in Europe as carmakers surge

() – European stocks hit their highest levels since early March on Tuesday, with German stocks outperforming as carmakers rallied on hopes of stimulus and Lufthansa gained after its board approved a state bailout. FILE PHOTO – Picture shows a detail of the German share index DAX board during a trading session at Frankfurt’s stock […]

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UK lends 21 bln pounds to small firms hit by coronavirus

British five pound banknotes are seen in this picture illustration taken November 14, 2017. / Benoit Tessier/Illustration LONDON () – British small businesses have borrowed more than 21 billion pounds ($26 billion) under a government-guaranteed coronavirus programme in May, well ahead of other support schemes. The Treasury said lending under the Bounce Back Loan Scheme […]

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MOVES-Standard Chartered hires new head of wealth management business

SINGAPORE, June 2 () – Standard Chartered has appointed Marc van de Walle, a senior executive from Asia-focused Bank of Singapore, as the global head of its wealth management business, which manages retail affluent clients. Van de Walle was most recently the global head of products at the Singapore-based private bank, a unit of Oversea-Chinese […]

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China shares end higher on optimism over govt economic recovery policies

* Shanghai shares up 0.2%, blue-chips up 0.3% * Hainan-based firms surge on opening up policy * China orders SOEs to halt U.S. soybean purchase BEIJING, June 2 () – China shares closed higher on Tuesday as optimism over the government’s new policies seeking to support the economy trumped concerns over deteriorating Sino-U.S. relations. ** […]

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European shares near 3-month high; Lufthansa lifts Germany

(For a live blog on European stocks, type LIVE/ in an Eikon news window) June 2 () – European shares inched closer to a three-month high on Tuesday on optimism around a post-coronavirus economic recovery, with German stocks buoyed by a jump for Lufthansa. The pan-European STOXX 600 rose 1% in early deals to hit […]

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Could the Government take a stake in Jaguar Land Rover?

In the wake of reports that Coventry car maker Jaguar Land Rover is in talks with the Government to secure a loan of more than £1 billion, there has been further speculation that the Government could take a stake in Jaguar Land Rover. It has been suggested that the company’s owners Tata are not keen […]

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