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News

26 June – 30 June

26 June

Following President Recep Tayyip Erdogan’s narrow victory in April’s referendum, which granted him new and wide-ranging executive powers, there are more reasons to feel positive about the Turkish economy — at least in the short term.

China markets rallied on Monday as other bourses in the region struggled to gain traction. Hong Kong’s Hang Seng index was up 0.5 per cent, with the China Enterprises index of blue-chip Chinese companies climbing 0.9 per cent

Takata, the Japanese automotive supplier at the centre of a global recall of exploding airbags, has filed for bankruptcy protection in Japan and the US, paving the way for a $1.6bn takeover of its surviving business by a Chinese-owned group.

Narendra Modi is just days away from giving the final go-ahead for the government to sell off Air India, the debt-laden national airline, according to officials in Delhi.

27 June

Ever since the financial crisis, the world’s policymakers have focused on eliminating the problem of banks that are “too big to fail”. But global regulation is set to take a new direction as top international rulemakers step down and the post-crisis appetite for reform fades away.

A Banca Popolare di Vicenza bond was by far the most traded credit on European corporate bond markets on Monday, after its price rose sharply following a government intervention over the weekend.

Alibaba-backed Best Logistics has filed for a $1bn New York listing in what could be the biggest US float of a Chinese company this year.

Mark Schneider, Nestlé chief executive, addressed a conference in Berlin last week. “Size alone won’t protect you from change,” he told the Consumer Goods Forum and, after listing the challenges facing the industry, added that “status quo is not an option”

28 June

Brazil’s markets closed little changed on Tuesday despite the indictment of President Michel Temer for corruption late on Monday as investors bet that the country’s political crisis will not destabilise the economy.

The dollar touched its lowest level since November 9 on Wednesday and appeared on track for the lowest close since October after comments  from the eurozone’s central bank president on Tuesday helped bolster the single currency.

Facebook now has 2bn people using its apps and services every month, its founder Mark Zuckerberg announced on Tuesday morning in California. The milestone means that Facebook has doubled its audience in just under five years, after surpassing 1bn monthly active users in October 2012. It hit 500m MAUs in 2010.

The Bank of England has told lenders they will need to build a special buffer worth £11.4bn over the next 18 months as it tries to make banks more resilient to the risk posed by mounting consumer debt.

29 June

Vietnam’s economy expanded at a faster rate than expected during the first half of the year. The country’s gross domestic product for the six months to June rose 5.73 per cent, coming in above economists’ estimates compiled by Bloomberg of 5.5 per cent. This was above the growth seen in the previous period 5.1 per cent.

BT Group, the FTSE 100’s biggest loser this year, outperformed a falling London market on Wednesday after Macquarie advised buying. Consensus forecasts for BT have missed the upside from EE, its mobile business, thanks to the group’s “extraordinary spectrum position”, said Macquarie.

Sycamore Partners on Wednesday said it will buy Staples, the office supply retailer, in a $6.9bn deal.

“Today they announced that we all have five years’ job security. That’s a big thing for us. You don’t get that in many places today.” The dark haired Rolls-Royce foundry worker was relieved.

30 June

The latest shopping data from Germany give the impression of a country flashing the cash – a challenge to the national stereotype.

Strong demand for premium beers helped US brewer Constellation Brands deliver another quarter of frothy profit growth and prompted investors to bid up the stock to a record high on Thursday.

This week’s global government bond sell-off gathered pace, and the dollar touched an eight-month low against a basket of rivals, as participants continued to weigh the prospect of central banks outside the US joining the Federal Reserve in removing monetary policy stimulus in coming months.

It was not a proud moment for LG Electronics. In 2014, Jo Seong-jin, then president of LG’s home appliance division and now the South Korean company’s chief executive, was accused of sabotaging products belonging to Samsung at a trade fair in Germany.

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19 June – 23 June

19 June

Janet Yellen, the Federal Reserve chair, has given new impetus to a simmering debate in central banking, as she declared the question of whether inflation targets should be raised to be one of the most critical facing monetary policymakers anywhere in the world.

Hard commodities were rallying in China on Monday after the head of the country’s securities regulator said it would support investment by wealth management companies in the sector.

More than 11m people have visited Shanghai’s Disney Resort since the $5.5bn park opened a year ago, roughly in line with expectations but providing relief for the company as attendance falls at its other parks worldwide.

Philip Morris International is dreaming of a smoke-free future. The world’s largest publicly traded tobacco company said it will invest $320m and create 500 jobs to build an 80,000 square meter manufacturing plant in Dresden, Germany, which it promises will be high-tech and smoke-free.

20 June

The Germany economy is firing on all cylinders, according to the country’s influential Ifo think-tank, which has delivered a healthy bump to its GDP growth forecasts for the eurozone’s largest economy over the next year, describing it as “strong and stable”.

The head of commodities research at Macquarie has left the bank and joined rival BMO Capital Markets, according to people with knowledge of the situation.

John Mackey, the outspoken founder of Whole Foods Market who recently called an activist investor a “greedy bastard”, has revealed his softer side by describing the “blind date” that led to Amazon’s $13.7bn bid for the upmarket grocer as “love at first sight”.

Holidaymakers who believe they have scored a cheap hire car often end up shocked by the extra charges. But Europcar’s acquisition of a leisure-focused rival should yield no such nasty surprises.

21 June

Over the past 12 months, the outlook for the EU has brightened in a dramatic fashion. A year ago, after the UK’s June 2016 vote to leave the bloc, economists were cutting their forecasts for EU growth. Campaigners for Brexit proclaimed that if the UK had stuck with the bloc it would have been “shackled to a corpse”.

Chipotle recorded its worst one-day fall this year, after a warning over marketing expenses sparked concern among investors that the burrito chain’s profit margins are under pressure.

After a chaotic months-long search for a buyer, Toshiba has picked a consortium led by a Japanese government-backed fund as a preferred bidder for its prized memory chip business.

Apple has fired its latest legal salvo at Qualcomm, broadening its multibillion-dollar battle over wireless chip royalties by attacking the validity of the chipmaker’s patents and leaning on a US Supreme Court decision to support its allegation of “double-dipping”.

22 June

UK funds sold domestic shares at the highest rate on record in the first quarter of the year, replacing them with investments in short-term assets in a possible sign of nerves.

With Travis Kalanick officially ousted from Uber, the transportation company he helped found and grow to a valuation of $62.5bn, he joins an impressive pantheon of abrasive Silicon Valley founders cast out by their boards and investors, including Steve Jobs and Twitter’s Jack Dorsey.

A Nike-Amazon dream team? It could happen, Goldman Sachs analysts said in a note on Wednesday, and the suggestion is already pressuring shares of US sports retailers like Foot Locker and Dicks Sporting Goods.

The debt of low-rated US energy groups came under pressure for the second day in a row on Wednesday, with oil prices coming under renewed strain.

23 June

A gauge of Japan’s manufacturing activity has dipped to a seven-month low as growth in orders and output appeared to decelerate during the month so far.

Stocks in Asia were struggling for traction on Friday and trying to shake off the lead from the US where equities surrendered early gains and finished fractionally lower.

Chinese regulators have ordered three major internet platforms to halt all video and audio streaming services, as the country ramps up its control over online content.

On December 12 1980, an initial public offering of shares in Apple Inc valued the maker of beige desktop computers at $1.7bn. Then, in 1985, co-founder Steve Jobs departed and, over the next 10 years, the maker of his revolutionary but still beige Macintosh computers only increased its value to $3.9bn.

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12 June – 16 June

12 June

As the City of London waits for Brussels to reveal how it will police the vast euro clearing market, the derivatives industry has sought an estimate of the worst-case scenario for users of swaps.

The Japanese yen strengthened in morning trade on Monday after wholesale inflation held steady and despite a weaker than expected result for a popular proxy of capital spending.

Qatar’s diplomatic showdown with its Arab neighbours has highlighted the risks associated with growing UK dependence on imported gas — and intensified calls from fracking supporters for Britain’s shale resources to be developed.

Weir Group, the maker of heavy-duty equipment for the oil and mining sectors, has unveiled an acquisition aimed at strengthening its position as energy markets recover.

13 June

When the house lights dimmed at this year’s E3 event in Los Angeles and the trailer for Sony’s Horizon Zero Dawn — The Frozen Lands erupted across the giant screen, there were two main conclusions.

The Czech central bank said on Tuesday that it would increase banks’ counter-cyclical capital requirements, as it warned that mortgage lending standards in the central European country had become “highly relaxed”.

The French labour market showed no ill effects from the country’s major presidential election at the start of the year, registering an acceleration in the rate of jobs growth.

Merck said it had stopped recruiting patients to some clinical trials of its immunotherapy drug to “better understand more reports of deaths”, sending its shares down in after-hour trading.

14 June

Germany’s top central banker has warned of the dangers from digital currencies, saying that their creation could worsen financial crises. Speaking in Frankfurt on Wednesday, Jens Weidmann, the Bundesbank’s president, acknowledged the creation of an official digital currency by a central bank would assure the public that their money was safe.

US inflation has again undershot Wall Street expectations, providing a troubling backdrop to Wednesday’s Federal Reserve rate-setting meeting.

BlackBerry has teamed up with a London start-up to help banks monitor traders that use WhatsApp and other encrypted messaging tools.

Inditex, the world’s biggest fashion retailer, reported a 14 per cent jump in first quarter sales to €5.57bn, with net earnings rising at an even faster clip, by 18 per cent to €654m.

15 June

Investors injected further momentum into the Canadian dollar rally, egged on by hawkish comments from policymakers, pushing it to its best level against its US counterpart for 3½ months.

Australia’s unemployment rate fell to its lowest level since 2013 thanks to an unexpectedly strong labour market report, sending the Australian dollar to a seven-week high.

The life sciences division of Google’s parent company has made its biggest push into drug development by investing in a new fund that will buy stakes in European biotech groups, underscoring its growing interest in the pharmaceuticals industry.

Less could soon mean more for China’s power sector. Beijing is weighing ambitious proposals to consolidate its electricity generators into national energy behemoths, a process that may result in a triopoly of power giants commanding nearly a trillion dollars of assets.

16 June

The Bank of Japan kept interest rates on hold and tweaked its view of the economy upwards in a steady-as-she-goes decision on monetary policy.

Next suffered the sharpest fall since its January profit warning on Thursday as retailers led the FTSE 100 sharply lower.

Nike is cutting roughly 1,400 jobs, or 2 per cent of its global workforce, as part of an effort to overhaul its business to sell more products directly to consumers and reverse slowing sales growth.

Majestic Wine swung into a loss last year following flat sales to restaurants and a failed attempt at direct marketing in the US, but said a turnround plan had begun to bear fruit.

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05 June – 09 June

05 June

An independent gauge of China’s services sector growth rebounded last month from a nearly 12-month low, narrowing the spread with its official counterpart and pointing to greater divergence with the country’s manufacturing sector.

Activity in Spain’s private sector was slightly stronger than expected in May, according to a series of closely-watched surveys, which suggested firms are finally making progress in bringing down the country’s high unemployment levels.

Sales of the Sony PlayStation 4 have reached almost 60m units since the games console launched three and a half years ago, with the Japanese company maintaining its commanding lead over Microsoft as its main rival prepares to release a more powerful Xbox console.

Mexico’s currency rallied on Monday, with the peso wiping out more of its post-US election plunge, after early polling in a key local election pointed to a narrow victory by the country’s governing party.

06 June

Wage growth returned to Japan in April, with a revision wiping out the contraction from the month prior and suggesting the outlook for lifting inflation may be less dire than previously thought – albeit still far from ideal.

House prices in Toronto slipped across the board in May, suggesting that authorities are succeeding in efforts to deflate a market pumped up by ultra-low interest rates and flows of foreign money.

Google parent Alphabet has joined the $1,000 a share club, underscoring the vigorous rally this year in technology stocks that has helped to drive the broader market to record peaks.

Everything is on the up in the eurozone. A measure of investor confidence in the single currency area rose back to its pre-financial crisis level in June, climbing for the sixth consecutive month to its highest since 2007.

07 June

General Motors’ shareholders resoundingly rejected proposals from activist investor David Einhorn to split the company’s stock and replace three members of the board, a vote of confidence in chief executive Mary Barra at a time when automaker CEOs are under pressure.

Some 70 countries will sign a pact on Wednesday to crack down on international tax avoidance, with changes that backers say will increase the worldwide corporate tax take by up to 10 per cent.

Internet streaming will become the largest source of global recorded music sales this year as revenues from services including Spotify and Apple Music surpass sales of CDs and vinyl records for the first time, according to a new forecast from professional services firm PwC.

Stock markets around Asia were subdued but mixed on Wednesday as investors took their cue from declines on Wall Street and as the US dollar fell to its lowest level since early October.

08 June

Things just keep getting worse for South Africa. Days after announcing the economy had unexpectedly entered recession in the first three months of the year, new data from the mining and manufacturing sectors show the second quarter didn’t start much better, with year on year growth in both industries significantly below forecasts.

Greek unemployment fell impressively in March to hit a five-year low – a welcome tumble after years of stubbornly high joblessness in the bailout economy.

Shares in RPC, the plastic packaging maker, crumpled by more than 7 per cent on Wednesday despite profits doubling at the FTSE 250 group following a string of acquisitions.

The pound is holding at a two-week high as the UK goes to the polls for its second general election in 13 months today.

09 June

UK industrial output increased for the first time in four months in April, according to official data released today, but the growth was significantly slower than economists had expected, with the weak start to the year pushing year-on-year figures into contraction for the first time in six months.

China’s producer price growth moderated further in May to the equal-lowest level since December as consumer prices continued to pick up.

IWG, the world’s biggest service office group, was Thursday’s main talking point as takeover speculation swirled. The stock, formerly known as Regus, spiked to a 392p record high in early trade amid rumours that it had sounded out banks about organising a potential sale of the group, and had fielded interest from private equity funds.

Cosmetics giant L’Oréal has announced it is in exclusive talks to sell The Body Shop to Natura Cosmeticos, lining up the Brazilian group as an unlikely winner in the bid to buy the UK high street stalwart.

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29 May – 02 June

29 May

The World Bank has begun advising the Trump administration on its infrastructure plans, the latest product of a budding relationship between first daughter Ivanka Trump and bank president Jim Yong Kim that is raising eyebrows among bank veterans and governance experts.

Egypt’s finance minister said investors were buying in to the crisis-hit country’s economic reform programme after its latest bond issue was nearly four times oversubscribed.

By 2014, Good Technology had reached mythic “unicorn” status: a tech start-up with valuation exceeding $1bn and a wealth of options about how investors, management and employees could cash in. But just a few months later, the venture capitalists on the mobile software company’s board were suddenly feuding about whether it should sell itself or list on a public stock exchange. Tensions increased so much that directors resorted to insults.

Nasdaq and the Shanghai Stock Exchange are in talks to acquire stakes in the Kazakhstan stock market to be launched this year, as its owners look to attract international investors to the Central Asian country.

30 May

Japan’s household spending pushed further into contraction in April, but retail sales rose at a markedly faster rate thanks to a boost from purchases at department stores and supermarkets.

A crackdown on China’s $9.4tn shadow banking business is hitting bank share prices and rattling bond markets. The country’s new top banking regulator has already taken several shots at stemming the rapid growth of off-balance-sheet lending at banks since taking control in February. The central bank has also tightened liquidity in the financial system, sparking angst earlier this year.

The road ahead looks rocky for Hyundai Motor, as the South Korean carmaker attempts to navigate reputational and sales pitfalls abroad and outmanoeuvre encroaching rivals at home.

China investing has become strikingly bipolar, with the strategies of many fund managers set by the answer to one overriding question: “Is the Communist party strong enough to resolve the economy’s chronic debt addiction?”

31 May

Donald Trump has spent months dithering over whether to pull the US out of the Paris climate agreement. The US president has promised, via Twitter, that he will finally make a decision this week. But does it really matter if the US quits the UN deal that almost every country adopted in Paris in December 2015?

A suite of industrial data released by South Korea’s statistics office suggest a sluggish start to the second quarter of 2017. Industrial production rose 1.7 per cent in April compared to a year ago, according to Statistics Korea. That marked the second straight month of slowing growth and fell far short of a median forecast predicting a 5 per cent rise from economist polled by Reuters.

A company that has funded legal action against groups such as Tesco is setting its sights on Petrofac following a steep fall in the share price of the oilfield services group, triggered by revelations around a UK Serious Fraud Office investigation.

US stock index futures pointed to a lower open on Tuesday as investors await key economic reports following a three-day holiday weekend.

01 June

Vietnam’s manufacturing sector last month saw its weakest growth since March 2016 as companies reported slower rises in output and new orders. The headline figure for Nikkei-Markit manufacturing purchasing managers’ index fell to 51.6 in May from 54.1 in April, but remained above the 50-point line separating expansion from contraction.

Taiwan’s manufacturers saw growth ease last month as slower expansion of output and staff numbers offset a solid rise in demand. The Nikkei-Markit manufacturing purchasing managers’ index dipped to 53.1 in May, down 1.3 points from April’s reading and moving the closest to the the 50-point line separating expansion from contraction since October.

Once, Cardiff was at the heart of an economy based on coal and steel. But, in recent years, the Welsh capital has been looking to grow new industries such as digital start-ups to help secure its future.

The Australian dollar was down 0.5 per cent at $0.7396, the lowest level since the middle of May. The currency initially gained as much as 0.3 per cent following Thursday’s data releases but quickly sank as traders focused on the capex data falling short of expectations.

02 June

South Korea’s economy grew faster than initially estimated in the first quarter as upward revisions to exports, manufacturing and services sector activity delivered a boost to the second reading on gross domestic product.

Donald Trump has insisted for months that he is not under investigation by the Federal Bureau of Investigation over his alleged campaign links with Russia, citing two factors as proof. The first: that he was assured so by James Comey, the former FBI director. The second: a lack of paperwork.

Google will enable publishers to ask readers who use ad-blockers for micropayments, as part of a push to improve the quality of advertisements and combat the rise of ad blockers.

It has been a tough, frustrating year for the loyal disciples of investment legends like Benjamin Graham and Warren Buffett. Value stocks — cheaper, out-of-favour but fundamentally solid companies — have languished behind the runaway train of technology shares, renowned for their growth prospects.

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22 May – 26 May

22 May

Portugal passed a major milestone on its long journey out of the depths of the eurozone’s debt crisis on Monday as Brussels said the former bailout country is no longer in breach of the bloc’s budget rules.ernment Investment Corporation, is selling 93m shares, or 2.4 per cent of UBS’s total share capital.

Analysts at emerging-market specialists Renaissance Capital had practically given up hope of an interest rate rise from the Central Bank of Egypt after predicting one earlier in the year, but now they see some good opportunities after the central bank finally moved overnight.

Asian stock markets climbed on Monday after easing worries about Donald Trump’s presidency afforded Wall Street a relief rally on Friday.

Casino executives in Macau are confident that the slowdown of recent years is behind them amid a broad recovery in luxury goods demand in China.

23 May

Japanese manufacturing growth slipped to a six-month low in May as output and job creation fell to multi-month lows.

Markets are trading cautiously on Tuesday as news of a terror attack in Manchesteroffset an advance for Wall Street to reapproach a record high.

Man versus insect is not just a staple of B-movies. This battle is playing out with deadly consequences in the real world. Genetic manipulation has long offered hope for controlling disease carriers such as mosquitoes, by, for example, reducing the number of eggs a female can lay.

TransferWise, a British payments company best known for bashing banks in its adverts, is branching out by launching a new service that will make it seem more like a bank.

24 May

The Canadian dollar strengthened on Wednesday after the country’s central bank held its benchmark rate steady, but issued an upbeat tone on the economy.

China’s finance ministry chastised Moody’s on Wednesday after the US rating agency downgraded Beijing’s sovereign credit rating, highlighting investor concerns over rising debt and the slow pace of economic reforms intended to transform the country’s growth model.

Oil prices rose after data on Wednesday showed that supplies of US crude fell more than expected and were down for the seventh consecutive week.

Toshiba shares are up more than 7 per cent on reports Western Digital was prepared to offer ¥2tn ($17.9bn) for the Japanese conglomerate’s prized memory chip business.

25 May

When Australia’s A$49bn (US$36.6bn) plan to build a high-speed internet network risked going awry in late 2013, then communications minister Malcolm Turnbull appointed an American as head of the National Broadband Network to salvage the situation.

When Poland became the first country to sell a green sovereign bond late last year, Lombard Odier Investment Managers sat it out — despite having a rapidly growing portfolio of climate-related bonds.

Tui was in demand on Wednesday as travel and tourism operators led the London market higher. Bernstein analysts repeated “outperform” advice on Tui, which climbed 2.8 per cent to £11.73.

Shares in Tanzania-focused gold miner Acacia Mining fell 30 per cent on Wednesday after the country accused it of under-reporting the amount of metal in its shipments and kept a ban on exports.

26 May

Despite misgivings about underlying economic data, Bank of America Merrill Lynch analysts on Friday said they are joining the consensus view that the Federal Reserve will raise interest rates at its June meeting.

Core consumer inflation in Japan rose for a fourth consecutive month in April as fuel and utilities prices edged higher.

Machine learning poses a threat to equity hedge funds within the next decade as the technique becomes powerful enough to forecast market moves better than humans, one of the earliest investors in the industry is forecasting.

Apple supplier Sharp has laid out an aggressive plan for a 2.5-fold increase in profits over the next three years under the ownership of Foxconn, as it also considers building a manufacturing plant in the US.

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05 May – 19 May

15 May

Japan’s producer prices rose for a fourth month straight in April as year-on-year growth gained more traction than expected and the pace of month-to-month inflation held steady.

Thailand’s economy expanded at a slightly quicker clip than expected in the first three months of the year amid a rebound in global trade.

Puerto Rico’s once-influential Government Development Bank has won agreement from some of its creditors to cut its debt burden and restructure its obligations.

Singapore’s investment vehicle is selling around half of the UBS stake it bought at the height of the financial crisis. UBS announced on Monday afternoon that GIC Private Limited, which holds investments on behalf of Singapore’s Government Investment Corporation, is selling 93m shares, or 2.4 per cent of UBS’s total share capital.

16 May

Equities were mostly higher in Asia on Tuesday as a rally in oil prices bolstered energy stocks across the region and the Nikkei 225 approached a multi-year high.

Major currencies continued to advance on the dollar in Asia trade on Tuesday, with the dollar index dropping 0.1 per cent to 98.857 after shedding a third of one per cent on Monday.

Italy’s sluggish economy failed to pick up pace in the first quarter, despite a brightening outlook for much of the eurozone at the start of the year.

Toshiba shares are on track for their biggest one-day drop in four months a day after forecasting a return to profit over the next 12 months, notwithstanding the highly complicated sale of its flash memory business.

17 May

Analysts think capital expenditure in Japan may have weakened in the first three months of the year, after data today showed spending retreated in March.

Drastic Opec-led production cuts have helped accelerate the oil market recovery but “much work remains” to drain excess inventories, the International Energy Agency said on Tuesday.

Twitter co-founder Biz Stone is returning to guide the messaging platform’s internal culture, as it tries to turn round slow user growth and declining revenue in the face of increased competition.

Tata Steel has agreed a settlement “in principle” to the long-running pensions saga at its UK business, a deal that could remove the last hurdle to a merger of the group’s European steelmaking operations with those of German rival ThyssenKrupp.

18 May

Japan has recorded its longest run of sustained growth in more than a decade as stimulative policy and a healthier global economy lead to a period of robust progress. Growth for the first quarter of 2017 came in at an annualised 2.2 per cent, according to the Cabinet Office, marking five quarters of continuous expansion in gross domestic product.

The Philippines’ economic growth edged lower at the start of 2017, with the headline figure for gross domestic product falling just below the government’s target range.

Shares in Henderson Land, the property developer company controlled by one of Hong Kong’s wealthiest families, are down after announcing it would pay an eye-watering $3bn for a car park in Hong Kong’s central business district.

The health arm of Chinese tech giant Alibaba swung from a loss and into a rally during the morning session after the company reported a sharpened net loss for the 2017 financial year.

19 May

Stock markets around Asia were mostly looking worse for wear on Friday, with investors still in a nervous mood after the intensification this week of political concerns in Washington.

For global investors and, indeed commentators, China remains a fascinating subject and one that carries a health warning.

For the first time since the Asian financial crisis, Indonesia’s sovereign bonds are rated investment grade by all three major credit ratings agencies after Standard & Poor’s today lifted its rating on the country’s debt.

Crude oil prices are making further gains, with the US benchmark once again within sight of the $50 a barrel mark.

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08 May – 12 May

08 May

China’s export growth halved last month in dollar terms as imports slowed markedly more than expected, tracking with recent readings that suggested slower expansion in the country’s manufacturing sector in April.

Households and small businesses all over the world are being shut out of the global financial system, according to a new report, as banks cut ties that could expose them to sanctions from regulators.

Sinclair Broadcast Group, the biggest US local television station owner, has struck an agreement to buy Tribune Media for $43.50 a share, valuing Tribune at about $3.9bn.

Brent crude oil, the international benchmark, is steady around $49 a barrel, after dropping by as much as 10 per cent last week in a move seen as a sign traders have grown impatient with Opec’s attempts to mop up a near three-year old surplus. The sell-off followed strong first quarter results from so-called “Big Oil” that trumpeted their ability to adapt to the price slump, with t

09 May

The International Monetary Fund has raised its growth forecast for the Asia Pacific region to 5.5 per cent in 2017, but warned that the near-term outlook for the region is “clouded with significant uncertainty”, adding that medium-term growth faced difficulties from a slowdown in productivity growth in both advanced economies and China.

Strong improvements in French and Italian labour markets helped power a 6 per cent like-for-like first quarter rise in revenues at Adecco as the Swiss employment services group benefited from a pick-up in the global economy.

Divorcing from the EU will cost the UK £140bn, or 7.5 per cent of gross domestic product, the head of the London-based Algebris hedge fund said on Monday, as he suggested betting against the country’s debt.

When Koo Young-key arrived in India as a sales executive for Hyundai Motor, the country was an afterthought for most in the automotive industry. During his first full year there in 1998, fewer than 400,000 cars were sold in India, with his South Korean employer, which started production in Chennai that year, shifting just 8,447.

10 May

The European Central Bank’s reluctance to raise interest rates is putting pressure on Sweden’s central bank to keep its own stimulus measures in place, the Riksbank has acknowledged, making it harder for policymakers to respond to rapid growth in the local economy.

Volkswagen faces a backlash over corporate governance and pay at its annual shareholder meeting on Wednesday as critics accuse the group of allowing standards to deteriorate since the 2015 diesel emissions scandal.

Riskier US corporate debt regained some of its footing on Tuesday, with a number of bond sales expected over the coming days despite the weight of falling oil prices.

Saudi Arabia will join other Opec oil producers on May 25 to decide whether to maintain production cuts or let them expire. Whatever decision they reach will not be enough, on its own, to rescue the oil price.

11 May

Outbound shipments from the Philippines grew more than expected in March, but a surprise rise in imports helped drive the country’s trade deficit higher than anticipated.

The global exchange traded fund industry smashed past $4tn in assets last month, as the gingerly improving performance of active asset managers this year does little to dent investor appetite for cheaper, passive alternatives.

A UK start-up trying to put the plumbing of the vast foreign exchange market on the blockchain has secured two of the world’s biggest traders, Citadel Securities and XTX Markets, to its fledgling service.

Stock markets in the Asia Pacific region were mixed on Thursday as energy stocks enjoyed a boost from improved crude prices. In Sydney the S&P/ASX 200 was up 0.7 per cent as energy stocks climbed 1.1 per cent. Shares in major banks were recovering from a drop brought on by a new levy announced on Tuesday night, with National Australia Bank up 1.1 per cent.

12 May

Hong Kong’s GDP growth picked up considerable pace at the start of the year, notching up its best year-on-year performance since 2011.

Malaysia’s central bank kept its benchmark interest rate steady at 3 per cent, as expected by economists, and flagged a continuation of domestic growth.

Regulation has played a role in shrinking the pool of US-listed companies, but issues such as a white-hot market for private funding and mergers and acquisitions may be bigger factors, according to investors, lawyers and other market participants.

Goldman Sachs on Friday will begin a reboot of its dark pool business as part of a deal with Nasdaq that is meant to boost competitiveness and offset regulatory burdens.

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01 May – 05 May

01 May

South Korea’s export growth ramped up to the quickest pace in nearly six years in April, driving its trade surplus to the highest level on record as the US seeks to renegotiate its trade pact with the country based on a widening bilateral trade deficit.

A new chapter in Puerto Rico’s battle with creditors opens when the indebted US territory stares down a potential bankruptcy filing and the threat of dozens of lawsuits on Tuesday.

Hanging over discussion of Federal Reserve tightening has been a potentially market-shaking question: how to safely unwind the crisis-era asset purchases that bloated the central bank’s balance sheet.

Shares in Japan Airlines dropped as much as 7.9 per cent on Monday after the company forecast a 16.6 per cent drop in operating profit for the current financial year.

02 May

The recovery across the eurozone’s manufacturing sector continued in April, according to a series of closely-watched business surveys, which showed growth rising to another post-crisis high.

Australia’s central bank has kept interest rates steady, with its slightly more upbeat stance on the domestic labour market helping send the Australian dollar higher.

A few weeks ago, Hong Kong investment firm PAG took advantage of a fight among the shareholders of locally listed Yingde Gases to gain control of the company for $1.5bn, fending off rival interest from Air Products of the US. Had Air Products prevailed, it would have been among the largest acquisitions of a Chinese firm by a US strategic investor in history.

Revenues and profits at carmakers have been boosted by a shift towards larger vehicles as low fuel prices and a flurry of new products convince motorists to ditch traditional saloon cars for sport utility vehicles.

03 May

The eurozone’s economy grew by 0.5 per cent in the opening quarter of this year, beating a figure of 0.4 per cent for the wider EU, according to new data from eurostat.

Lending rates in China swung on Wednesday after the country’s central bank pumped the most cash into the financial system in almost four months.

Esure hit a record high on Tuesday amid hopes that surging car insurance premiums will translate to fatter dividends.

Shares in Texas Roadhouse hit a new all-time high after the causal dining restaurant said strong traffic growth helped it report upbeat first quarter sales at a time when the industry has struggled to keep customers coming through the saloon door

04 May

The Bank of England will be sorely tested as the guardian of Britain’s economic and financial stability in another crisis, the architects of the current system have warned.

An independent gauge of China’s services sector growth fell to its lowest level since May 2016 last month, pushing further below its official counterpart and indicating a softer start to the second quarter for the country’s economy as a whole.

China has rapidly emerged as the leading issuer of green bonds, spurring excitement among the green finance community that they will help the world’s largest emitter reduce its choking pollution. But although the amount raised is carefully tracked, how the money is being spent is less clear.

The Australian government has confirmed it would block any attempt by BHP Billiton to change its corporate structure and incorporate the company in the UK– a course of action sought by activist hedge fund Elliott Associates.

05 May

The Canadian economy in April added jobs at the slowest pace since November, undershooting economists’ estimates, data on Friday showed.

Indonesia’s economic activity notched a marginal rise in year-on-year growth during the first quarter, in line with expectations, as quarter-on-quarter contraction decelerated.

Nobody loves Big Oil. Filling up the car is sometimes described as a distress purchase, meaning that you want to escape as soon as possible, and investors seem to have a similar desire to escape from the shares of BP and Royal Dutch Shell. This week, the unpopular pair produced results to show how profitably they can live with $50 oil and their shares merely recouped the previous few days’ losses.

China’s bicycle-sharing craze ought to be good news for struggling manufacturers in the world’s biggest maker of two-wheelers.

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24 April – 28 April

24 April

With ‘Frexit’ looking like it is off the cards, investors attuned to political risk in the eurozone are turning their attentions back on Italy. Italian assets are enjoying a bounce today, caught up in the broader market euphoria over Emmanuel Macron’s likely ascendancy to the French presidency in less than two weeks’ time.

The Shanghai Composite is down 1.4 per cent, but had been as much as 1.9 per cent lower. It is the index’s biggest one-day fall since falling 2.5 per cent on December 12. The index has not closed more than 1 per cent weaker since that same day.

Asia’s entrenched supply chain makes the prospect of moving significant manufacturing back to automated factories in the developed world an illusion, according to the chief executive of Adidas in comments he said applied across the sportswear industry.

Sanofi’s top scientist has warned uncertainty over pricing, particularly in the US, is making it hard to value acquisition targets, signalling the company will not rush into dealmaking at potentially inflated prices.

25 April

Chinese controlled firms employed 141,000 Americans at the end of last year, a 46 per cent increase over 2015 according to new research published on Tuesday.

Markets have started to price in an Emmanuel Macron presidency, with the centrist candidate seen as a better outcome for the single currency than Marine Le Pen, the far-right leader who is anti-EU. The presidential election is slated for May 7.

Whole Foods shares spiked on Monday after the Financial Times reported that Albertsons, the US supermarket operator controlled by buyout group Cerberus Capital Management, is exploring a takeover of the high-end American grocer.

A growing number of investors are calling on ExxonMobil to report on the possible impact of climate policies on its business, as shareholders seek to push the world’s largest listed oil company into discussing the implications of a faster shift towards a low-carbon economy than it has projected.

26 April

Pumpmaker Weir Group hit a two-year high on Tuesday after JPMorgan Cazenove said investors have underestimated the strength of the shale gas recovery. JPMorgan upgraded Weir to “overweight” with a £21.75 target price. The shares have been among the engineering sector’s weakest performers this year in spite of evidence from peers such as Dover and Sandvik that demand is recovering more swiftly than expected, the broker told clients.

In seeking to scythe the corporate tax rate to 15 per cent Donald Trump can claim to be pursuing longstanding campaign pledges to make the US more competitive and revive economic growth.

Shareholders in Wells Fargo staged a major protest vote against the US bank as the chairman and several directors narrowly survived a rebellion, in the fallout from its sham account scandal.

At the White House Correspondents’ Dinner a year ago, president Barack Obama teased Hillary Clinton over her six-figure speeches to Wall Street banks. “If this material goes well, I’ll use it at Goldman Sachs next year,” he said. “Earn me some serious Tubmans.”

27 April

South Korea’s economic growth accelerated in the first quarter, with the country’s manufacturing sector and exports expanding even as it faced economic fallout from rising geopolitical tensions in the region at the start of 2017.

The European Central Bank risks opening up old divisions on Thursday governing council meeting, as its top officials ponder the consequences of Emmanuel Macron’s performance in France’s presidential election and the increasing health of the eurozone economy.

The Swedish krona is on track for its biggest one-day fall against the euro in six months, after the Riksbank surprised investors by announcing an extension to its bond-buying programme.

Comcast beat Wall Street’s estimates for revenue and profit in the first quarter, powered by growth in its pay-television and internet businesses and strong box office performance for films including the latest installment in the 50 Shades of Grey series.

28 April

Japan’s core consumer prices saw a third straight month of inflation in March – albeit at the same marginal pace – while contraction in household spending moderated and unemployment remained steady.

Taiwan’s economy expanded for a fourth consecutive quarter in the three months to March, lifted by domestic consumption and an increase in exports driven by overseas demand for electronic components.

Hospital operator Mediclinic had its best day on record on Thursday after Abu Dhabi scrapped cost-sharing on private medical treatment. Effective immediately, United Arab Emirates residents with Thiqa medical insurance cover will no longer have to pay 20 per cent of the bill for private treatment, Abu Dhabi crown prince Sheikh Mohammed bin Zayed al-Nahya announced during a hospital visit aimed at promoting medical tourism.

Amazon has started breaking out key logistics revenues in its quarterly earnings, underscoring the growing importance of such services provided for other sellers. The Seattle-based company revealed that these accounted for $6.4bn in sales in the quarter, more than one in every six dollars of revenues during the quarter. Logistics services were the fastest-growing part of Amazon’s retail business, growing 36 per cent from a year earlier on a currency-adjusted basis.

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