Monthly Archives: April 2014

Repsol relieves Brufau of chief executive role

The board of Repsol has decided to split the management of the Spanish energy group between Antonio Brufau, the executive chairman, and a newly-appointed chief executive in charge of day-to-day operations. Mr Brufau was appointed chairman and chief executive of Repsol 10 years ago and has since emerged as one of the most powerful business leaders in Spain. The move…

Legal aid refused for trader in Libor case

A former Barclays trader has been refused legal aid to defend himself against a charge resulting from the UK’s criminal investigation into alleged manipulation of the Libor interest rate benchmark. The development raises the prospect that Libor court cases may encounter the same problem as other recent financial crime trials, where cuts to the legal aid budget have led to…

Wall St weighs ‘sell in May and go away’

It is one of the oldest sayings on Wall Street. But this year US equity investors are giving serious thought to whether “sell in May and go away” might be the right move. With stocks locked in a tight trading range a little below record highs, and after a multiyear bull run, there is fierce debate over whether equities can…

Mexico lays out oil and gas plans

Just as investors began to develop the jitters over delays to Mexico’s sweeping reform plans, the government set out its legislative blueprint on Wednesday for opening up the oil and gas sector to private investment for the first time in 76 years. The package of 21 laws, drafted after extensive consultations with the conservative National Action party (PAN), implements amendments…

Booming output sends US crude below $100

US crude dipped below $100 a barrel for the first time in almost a month as domestic oil inventories rose to a fresh high. Oil production in the US has been booming thanks to output from shale rock formations such as the Bakken in North Dakota, and inventories have been hitting peaks. Figures released by the Department of Energy showed…

Rio Tinto sues Vale and BSG Resources

Rio Tinto is suing Vale and BSG Resources, alleging the rival mining groups were part of a conspiracy to steal its rights to a vast African iron ore deposit worth billions of dollars. The lawsuit involving Rio and Vale, two of the world’s most valuable mining companies, opens a new front in a bitter battle over the world-class Simandou concession…

Takeover theories boost Shire stock

Another day, another Shire takeover theory. The latest suggestion came from Société Générale analysts, who reckoned AstraZeneca should make an all-share offer that may help repel the attentions of Pfizer. AstraZeneca can fund a deal exclusively with equity because its shares have soared to 19 times next year’s earnings, against Shire on 14 times, SocGen said. It believed Astra could…

Rosneft sits on $20bn cash cushion

©Getty Rosneft has accumulated a $20bn “safety net” of cash on its balance sheet in order to reduce its dependence on international markets as foreign banks and investors shun Russian companies. The Russian state-controlled oil company, whose chief executive, Igor Sechin, was sanctioned by the US on Monday, said that cash and other short-term assets on its balance sheet had…

Express Scripts hit after profit outlook cut

Express Scripts, the largest pharmacy benefit manager in the US, fell at its greatest pace since 2012 after the company reduced its full-year profit forecast and said it would process fewer prescriptions than earlier thought. The company, which last year handled 1.4bn prescriptions, said its earlier projections for 2014 had been too optimistic and it now expected to handle roughly…

Apple bonds rise on first trading day

©Reuters Apple bonds rose in their first full day of trading in secondary markets, rewarding investors who bought $12bn worth of the securities at attractive prices in the largest corporate debt sale so far this year. Investors who did not take part in the technology company’s large offer on Tuesday turned to secondary markets to buy the debt, pushing the…