SABIC deal lets Saudi Arabia delay Aramco IPO, spend on growth and more

  • Posted by: Digital Marketing Tactic Team

SABIC deal lets Saudi Arabia delay Aramco IPO, spend on growth: sourcesDUBAI (Reuters) – A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter.

Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp 2010.SE from the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund.

The deal could inject tens of billions of dollars into the PIF, giving it resources to proceed with its plans to create jobs and diversify the economy beyond oil exports, including a $500 billion business zone in the northwest of the country.

France’s Atos boosts U.S. presence with Syntel acquisition

France’s Atos boosts U.S. presence with Syntel acquisition(Reuters) – French IT services company Atos (ATOS.PA) is boosting its North American operations with a $3.4 billion cash deal to buy Michigan-based IT services provider Syntel Inc (SYNT.O).

Atos’ shares traded 7 percent lower by 1020 GMT on Monday on disappointment at its results when the French company reported revenue growth of only 1.5 percent for the second quarter.

Atos, which provides IT services to sectors ranging from aerospace to retail, said the deal to buy Syntel will strengthen its activities in banking, finance and insurance and allow it to provide complete IT solutions to its U.S. customers.

Fiat Chrysler’s head of Europe business steps down

Fiat Chrysler’s head of Europe business steps downMILAN (Reuters) – The head of Fiat Chrysler’s (FCHA.MI) Europe, Middle East and Africa business Alfredo Altavilla has stepped down, a source with knowledge of the matter said on Monday.

Altavilla, along with Jeep brand head Mike Manley and CFO Richard Palmer, was among the top candidates to succeed FCA’s longtime CEO Sergio Marchionne when he stepped down next year.

But after Marchionne fell seriously ill due to complications following surgery, the company accelerated the succession plans and on Saturday appointed Manley to succeed Marchionne.

Facebook to double office presence in London

Facebook to double office presence in London(Reuters) – Facebook said on Monday it would double its presence in London, acquiring nearly 600,000 square feet (56,000 square meters) of office space across two buildings in King’s Cross – enough for more than 6,000 workstations.

The social network did not say how many jobs it would add in the British capital, where it expects to employ 2,300 people by the end of this year. It added 800 jobs in London last year.

Steve Hatch, managing director for Northern Europe, said Facebook had developed many of its significant products – including its Workplace collaboration and apps for its Oculus virtual reality headsets – in London.

“Today’s news reflects our commitment to the UK and our desire to grow our business and the UK economy,” he said in a statement.

Hasbro results beat as toymaker moves past Toys ‘R’ Us collapse

Hasbro results beat as toymaker moves past Toys ‘R’ Us collapse(Reuters) – Toymaker Hasbro Inc (HAS.O) topped Wall Street estimates for profit and revenue in the second quarter as it emerged from the worst effects of last year’s Toys ‘R’ Us bankruptcy, sending its shares up nearly 12 percent.

The company, like other U.S. toymakers, was hit hard by the sooner-than-expected liquidation of Toys ‘R’ Us and had said it would get through the worst by the latter half of the year.

Halliburton revenue beats on strong North American activity

Halliburton revenue beats on strong North American activity(Reuters) – Oilfield services provider Halliburton Co (HAL.N) on Monday reported a 24 percent increase in quarterly revenue, narrowly beating analysts’ estimates, as higher oil prices sparked a surge in U.S. crude production activity.

Halliburton has benefited from soaring U.S. oil production, which reached a record 11 million barrels per day in July, according to a government estimate. The spike in production is driving up demand for oilfield equipment and services, especially in the Permian Basin, where Halliburton has a heavy hydraulic fracturing presence.

Halliburton reported revenue of $6.15 billion for the second quarter, up from $4.96 billion a year ago and surpassing analysts’ estimates of $6.11 billion, according to Thomson Reuters I/B/E/S.

Rivals Schlumberger (SLB.N) and GE’s Baker Hughes (BHGE.N) on Friday missed quarterly revenue forecasts but delivered an upbeat outlook for the second half of the year.

Bond yields rise worldwide on BoJ easing talk, stocks slip

Bond yields rise worldwide on BoJ easing talk, stocks slipLONDON (Reuters) – Signs that the Bank of Japan (BoJ) might scale back its monetary stimulus faster than expected sent tremors through bond markets on Monday, while European stocks and U.S. futures slipped as threats of further U.S. tariffs on China drained risk appetite.

Europe’s bond yields climbed after a Reuters report that the BoJ was discussing modifying its huge easing programme sent Japan’s 10-year bond yield to a six-month high.

The report rekindled anxieties about monetary stimulus easing around the world and piled further pressure on investors already struggling to navigate rising protectionism.

Author: Digital Marketing Tactic Team

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