Shell says in talks to sell Russian retail business
LONDON (Reuters) – Shell said on Friday it is in talks to sell its network of petrol stations and lubricant plant in Russia as the British company forges ahead with its plans to exit the country following Moscows invasion of Ukraine.
Generali becomes majority shareholder in Indian non-life joint venture
MILAN (Reuters) – Italys top insurer Generali said on Friday it had completed the acquisition of a 25% stake in its Indian non-life insurance joint venture, increasing its holding to 74% after receiving regulatory and competition approvals.
Exclusive-Guyana in ‘no rush’ to draft new oil production-sharing pact -minister
By Marianna Parraga HOUSTON (Reuters) – Guyana is in “no rush” to draft a new production sharing agreement (PSA) for offshore oil development, its Natural Resources minister told Reuters, reversing a year-long drive to devise new rules for future output.
Occidental shareholders reject climate proposal from activist investors
By Sabrina Valle HOUSTON (Reuters) – Occidental Petroleum Corp shareholders on Friday voted against a proposal by activist investor group Follow This to extend the companys current carbon emissions reduction targets.
Fed says banks in good shape despite volatility, warns on prime broker risk
By Pete Schroeder WASHINGTON (Reuters) – The U.S. Federal Reserve said Friday the U.S. banking system remains strong despite heightened volatility and geopolitical risk, but cautioned them against prime brokerage services that come with heightened risk.
Russian weekly inflation eases after rate cut
(Reuters) – Russias weekly inflation rate eased in late April, data from statistics service Rosstat showed on Friday, days after the central bank cut interest rates.
Russia publishes list of ‘parallel imports’ goods
(Reuters) – Russia published a detailed list of goods from foreign carmakers, technology companies and consumer brands on Friday that the government has included in a so-called “parallel imports” scheme aimed at shielding consumers from business isolation by the West.
CME explores nickel contract after LME trade chaos -sources
By Pratima Desai LONDON (Reuters) – CME Group is talking to market participants about the idea of a cash-settled nickel contract for companies to hedge costs of the electric vehicle battery raw material, two sources with knowledge of the matter said.
Nigerias central bank governor to seek ruling party ticket to run for president
By Felix Onuah ABUJA (Reuters) – Nigerian central bank governor Godwin Emefiele will seek the ruling All Progressives Party (APC) ticket to run for president next February, a ruling party spokesperson said on Friday.
Decline and near fall of Italy‘s Monte dei Paschi, the world’s oldest bank
MILAN (Reuters) – An appeals court on Friday acquitted all 13 defendants, as well as Deutsche Bank and Nomura, over derivative deals that prosecutors alleged helped Monte dei Paschi di Siena hide losses in one of Italys biggest financial scandals.
Musk, Twitter are sued by shareholder over $44 billion takeover
(Reuters) – Elon Musk and Twitter Inc were sued on Friday by a Florida pension fund seeking to stop Musk from quickly completing his planned $44 billion takeover of the social media company.
No place to hide: Dollars surge cuts across markets
By Saikat Chatterjee and Sujata Rao LONDON (Reuters) – “Our currency, your problem,” were the words of a former U.S. Treasury secretary in 1971 to other finance ministers aghast at the dollars surge. More than 50 years on, relentless dollar strength is again leaving a trail
Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules
By Brenna Hughes Neghaiwi ZURICH (Reuters) – Lawmakers blocked a bid to overhaul strict Swiss banking secrecy rules on Friday in a blow to freedom of information advocates seeking an exemption for journalists and whistleblowers.
Danone reorganises China assets in deal with Yashili
PARIS (Reuters) – Frances Danone said on Friday it would sell a 25% stake it holds in Yashili to Mengniu and in return acquire from Yashili 100% of the Dumex Baby Food infant milk unit.
Canada gains 15,300 jobs in April, jobless rate edges down to 5.2%
TORONTO (Reuters) – Canadas economy gained a net 15,300 jobs in April, entirely in part-time work, Statistics Canada said on Friday. The jobless rate edged down to 5.2%, a new record low.
Feds Kashkari: We may have to push long-term real rates into restrictive territory
(Reuters) – The Federal Reserve may have to push long-term real rates into a contractionary stance in order to help bring inflation down, Minneapolis Fed President Neel Kashkari said on Friday.
U.S. SEC charges Nvidia with ‘inadequate disclosures’ about impact of cryptomining
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said Friday it had settled charges against technology company Nvidia Corporation for what it called “inadequate disclosures” concerning the impact of cryptomining on the companys gaming business.
Brazils Vale signs long-term deal to supply Tesla with nickel
SAO PAULO (Reuters) – Brazilian miner Vale SA said on Friday it has signed a long-term deal with Tesla Inc to supply the U.S.-based electric vehicle maker with nickel coming from its Canada operations.
Italy Faces Lower Growth, Higher Inflation Than Euro-area Peers; EU Funding Should Help Avert Stagflation
Italy faces a period of low growth and high inflation due to its economic reliance on Russian energy and vulnerability to disrupted supply chains, but stimulus from EU funding ought to help stem stagflation.
U.S. retail investors bought heavily during Thursdays big stock market drop
By John McCrank NEW YORK (Reuters) – Individual investors were major buyers on Thursday as stocks sold off over concerns that the U.S. Federal Reserve would have to increase the size of interest rate hikes to tame inflation, which is running at a four-decade high.