CP Group’s $10 billion deal to buy Tesco PLC’s 2,000 Thai retail outlets marks the end of a three-way tycoon tussle – and the beginning of the first engagement for Thailand’s newly powerful antitrust watchdog.
(Bloomberg) — A war for oil market share in a world battling a deadly epidemic is proving to be a nightmare for equities. And in Asia, they’re succumbing to bear markets one by one.Shares in Japan, the Philippines, Singapore and Indonesia have plunged more than 20% from their highs, while those in Australia are nearly there and Hong Kong stocks are less than 3% away. The Lehman-like panic after Monday’s crash in oil prices added to the grim backdrop of the virus outbreak that has infected almost 110,000 people worldwide and killed more than 3,800.“No one can price risk now, …read more […]
Japanese stocks banking on the success of the Olympics this year are taking a hit as the rapid spread of coronavirus is threatening cancellation of the world’s biggest sporting tournament.
Japan will boost its special financing for small and mid-size firms hit by the coronavirus to 1.6 trillion yen ($15.6 billion), according to a government document seen by Reuters on Monday.
Saudi Aramco shares fell 10% on Monday after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month, prompting a sharp drop in prices.
Nissan Motor Co’s vehicle sales in China, its biggest market, dropped 80% in February as coronavirus concerns sapped demand, in another blow to the carmaker which is struggling to recover from a profit free fall.
(Bloomberg) — In terms of sentiment shifts, few episodes compare with what’s happening in U.S. stocks now. With each lurch, the longest-ever bull market is coming closer to an end.Investors who three weeks ago were doubling down on the rally’s longevity are being forced to unwind bets with a fury that is rarely ever seen. Engulfed in the quickest correction ever, American stocks are in serious danger of suffering the fastest bear-market plunge from an all-time high, unless the pace of selling slows.If the rally that began 11 years ago Monday finally ends, a signature theme of its last chapter …read more […]
Global stocks plunged on Monday and prices for crude oil tumbled as much as 33% after Saudi Arabia launched a price war with Russia, sending investors already panicked by the coronavirus fleeing for the safety of bonds and the yen.
India’s Yes Bank will not be merged with State Bank of India , which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.
Britain’s Tesco plans to return $6.6 billion to shareholders after agreeing to sell its supermarket businesses in Thailand and Malaysia to Charoen Pokphand Group for an enterprise value of $10.6 billion.
(Bloomberg) — The rout in oil prices may well put a smile on the faces of liquefied natural gas buyers.Most of the world’s LNG is still sold under long-term contracts indexed to oil, which has remained a widespread practice since its inception in the 1960s. That means that some of the biggest importers — including Japan, China and South Korea — largely missed out from record low spot prices triggered by a milder winter and the startup of new supply.Oil’s collapse in the wake of an all-out price war between Saudi Arabia and Russia has changed the picture. An LNG …read more […]
(Bloomberg) — European equities plunged the most since 2016, putting them on course to enter a bear market, as a price war in oil dealt a new blow to a global economy already grappling with the coronavirus.The Stoxx Europe 600 Index plunged 6.6% as of 8:25 a.m. in London, even though some heavyweight members had not yet opened, taking its slide since a Feb. 19 record to 21%. Energy shares plummeted after the dramatic collapse of talks between OPEC and Russia prompted Saudi Arabia to launch a price war.A sharp sell-off in European stocks since last month’s peak, prompted by …read more […]
Losing more than a quarter of their value, oil prices were set for their biggest one-day decline in 29 years on Monday, after Saudi Arabia ignited a price war in a market already reeling from the impact of the coronavirus on global demand.
Shares in Saudi Aramco plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month.
(Bloomberg) — The opening battle of the global oil price war got under way in Asia as some of the world’s biggest buyers said they’d try to buy more Saudi crude than planned in April after the exporter offered them unprecedented discounts.Even as they grapple with a collapse in fuel demand because of the coronavirus, at least six refiners from China to Singapore said they’d nonetheless try to maximize their purchases from the kingdom, storage capacity permitting. State-run Saudi Aramco has started to receive expressions of interest for extra oil, an industry official said separately.The scope to buy more may …read more […]
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