Week 39 2017

Week 39 2017

25 September – 29 September

 

25 September

 

The tide may be turning against Silicon Valley entrepreneurs who, after floating on the public markets, want to keep a tight grip on their companies through shares with greater voting rights, corporate governance campaigners say.

 

Hong Kong-listed developers saw their share prices tumble on Monday as investors reacted to new property sales restrictions, which were imposed across eight major Chinese cities to calm rising house prices.

 

The euro has taken a mild knock, while the gap in yields between German government bonds and those of traditionally wobblier euro states has widened in the wake of the German election, with investors chewing over the rise of right-wing populists, and the chance of even greater fiscal austerity.

 

A €600m bond sold by a Scottish utility would not normally set pulses racing for anyone but the most committed followers of London’s debt market.

 

26 September

 

The eurozone has survived the twin shocks of the global financial crisis of 2007-09 and its own crisis of 2010-12. It is enjoying a good recovery. That is no justification for complacency, however: the eurozone’s real output per head has suffered a lost decade. The recovery is, rather, an opportunity for reforms, at both national and eurozone level. The question is which reforms to choose.

 

Brent crude was up another 0.2 per cent on Tuesday to $59.15 a barrel after hitting its highest point in more than two years on Monday.

 

The first solar power farm in the UK to have been built without government subsidy will open on Tuesday in what supporters of renewable energy generation are describing as a “landmark” moment for the industry.

 
 
Ever wanted to invest in the song catalogue of Eminem? The producers behind the rapper’s hit songs such as “Lose Yourself” are set to make this possible through a public listing of their copyrights, as companies look to cash in on optimism surrounding the music business. 

 

27 September

 

China’s independent oil refiners face an uphill struggle as excess capacity in the sector and slower demand for fuel creates a tougher trading environment, a top executive has warned.

 

The New Zealand dollar touched a three-week low against the greenback on Wednesday and is down about 1.3 per cent since Saturday’s election failed to deliver a clear winner.

 

Twitter — the social media site that famously constrains its users to posts no longer than 140 characters — said on Tuesday that it will test raising that limit to 280 characters.

 

Fortum is launching an €8bn takeover offer for Uniper after the Finnish group secured the agreement of the German utility’s biggest shareholder and former parent company.

 

28 September

 

After a wobbly start to the week, US equities indices were firmly back in the black on Wednesday, with financials and tech stocks leading the pack.

 

Nike shares fell on Wednesday after the athletic wear maker said earnings declined in its most recent quarter, although less than feared as the maker of Air Jordans looks to overhaul its business.

 

What a month: though production and refining activities have been lashed by hurricanes and rocked by earthquakes, Mexico’s state oil company, Pemex, still expects to meet its crude oil target of 1.944m barrels per day this year.

 

Petra Diamonds said the Tanzanian government has authorised it to resume diamond exports and sales from its Williamson mine that had been blocked over a valuation dispute.

 

29 September

 

Rise and shine. As Donald Trump has tweeted, the S&P 500 has set a new record high on Friday morning, thanks to a boost from tech stocks.

 

Progress in 3D printing technology will see one-quarter of world trade wiped out by 2060, with carmakers among the most affected, according to estimates in a report by ING.

 

Italian tyremaker Pirelli’s initial public offering will value the company at €6.5bn, at the low end of company expectations, in a deal that will be one of Europe’s largest floats this year.

 

TSB bank has blamed a likely rise in UK interest rates for a £70m delay in shifting customers on to a new IT system until next year.