Month: June 2020

(Bloomberg) — China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars.Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of the plan, said people familiar with the initiative, who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.For a start, the group is set to collectively issue bids for …read more […]

Jun.29 — Nannette Hechler Fayd’herbe, chief investment officer at Credit Suisse International Wealth Management, discusses global markets amid the rise in coronavirus infections. She speaks on “Bloomberg Markets: European Open.” …read more […]

The Philippines’ anti-money laundering agency on Monday said it would conduct a “swift and thorough” investigation into scandal-hit German payments firm Wirecard AG and that it has drawn up an initial list of people and entities of interest. Wirecard’s collapse last week and admission that $2.1 billion of its cash probably didn’t exist came after auditor EY refused to sign off on accounts for 2019, adding there were clear indications of an elaborate fraud involving multiple parties around the world. Mel Georgie Racela, executive director of the Philippines’ Anti-Money Laundering Council (AMLC), said entities of interest include three …read more […]

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It’s always important to take care of your health — especially during a pandemic. Don’t think staying fit and healthy has to break the bank. Here are seven ways to do so. …read more […]

(Bloomberg) — Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.Ant Group Chief Executive Simon Hu is aggressively pitching digital payment and cloud offerings to the local arms of KFC Holding Co. and Marriott International Inc., expanding the firm’s focus from banks and fund managers on its ubiquitous app.The Alibaba Group Holding Ltd. affiliate’s strategy is two-pronged. It halts Tencent and food delivery giant Meituan Dianping’s run-away success in attracting local merchants to their …read more […]

Jun.29 — The economy of Kazakhstan, central Asia’s largest energy producer, took a double hit from the coronavirus-related lockdown and the collapse in oil prices. Naubet Bisenov reports on “Bloomberg Markets: Asia.” …read more […]

We are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article we look at how hedge funds traded Alibaba Group Holding Limited (NYSE:BABA) heading into this quarter and whether they were right about the […] …read more […]

We are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article we look at how hedge funds traded Amazon.com, Inc. (NASDAQ:AMZN) heading into the second quarter and whether they were right about the stock. […] …read more […]

Jun.28 — James Zhao, co-founder and managing partner at LYFE Capital, discusses the healthcare sector, Hong Kong’s IPO market and Kangji Medical’s Hong Kong IPO. He speaks on “Bloomberg Markets: China Open.” …read more […]

(Bloomberg) — The U.S. and China are moving beyond bellicose trade threats to exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel.The two countries have blacklisted each other’s companies, barred flights and expelled journalists. The unfolding skirmish is starting to make companies nervous the trading landscape could shift out from under them.“There are many industries where U.S. companies have made long-term bets on China’s future because the market is so promising and so big,” said Myron Brilliant, the U.S. Chamber of Commerce’s head of international affairs. Now, they’re “recognizing the risk.”China will look …read more […]

Jun.28 — Danielle DiMartino Booth, former adviser to Dallas Fed President, discusses the recovery of the U.S. economy despite rising numbers of coronavirus cases. She speaks on “Bloomberg Markets: China Open.” …read more […]

Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets. The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers. …read more […]

(Bloomberg) — The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest in a long list of casualties.More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes & Boone. This year alone, at least 20 have gone under after oil prices plunged amid the Covid-19 pandemic.The shale boom spearheaded by the likes of Chesapeake a decade …read more […]