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It's offering investors a big yield. Does it make sense to buy Enterprise Products Partners today?
Microsoft said it had received a concern in the latter half of 2019 that Gates "had sought to initiate an intimate relationship with a company employee in the year 2000," a Microsoft spokesman said in a statement. The Wall Street Journal reported on Sunday that Microsoft's board had decided that Gates' involvement with the female employee was inappropriate and he needed to step down in 2020, citing people familiar with the matter.
(Bloomberg) -- Vodafone Group Plc shares fell as much as 8.3% after Chief Executive Officer Nick Read’s strategy showed higher capital expenditure on network investments will hit free cash flow.Although Read’s message is “spend more to grow more,” the “prospect of the improved growth may take longer for investors to absorb,” said Berenberg analyst Carl Murdock-Smith.Vodafone said it can increase margins in the medium-term and guided for adjusted earnings before interest, tax, depreciation and amortization after leases between 15 billion and 15.4 billion euros ($18.8 billion) in 2022, with adjusted free cash flow of at least 5.2 billion euros.Organic service revenue rose 0.8% in the fourth quarter versus an average analyst estimate of 0.4% compiled by Bloomberg.Key InsightsRead wants to do more with less. He’s sold some of the telecom group’s farther-flung units like New Zealand while cutting costs and consolidating operations in Europe and Africa.The centerpiece of this asset-squeezing strategy has been carving out and listing Vodafone’s masts in the form of Vantage Towers AG, which reported earnings in line with guidance on Monday.The Newbury, England-based telecom group will focus on fixed and mobile connectivity in Europe, and mobile data and payments in Africa, the company said in a statement Tuesday. That will mean upgrading fixed and wireless networks.In Africa, the group had 84.9 million data users and mobile money platform M-Pesa handled 15.2 billion transactions in 2021, an increase of 25%.Vodafone has been the subject of press reports and speculation about potential consolidation deals as rivals around Europe merge: Liberty Global Plc is set to combine its U.K. operations with Telefonica SA’s O2, while Spanish rival Masmovil Ibercom SA is snapping up Euskaltel SA.Market ContextVodafone shares have risen 5.4% in the 12 months to Tuesday versus a 13.1% rise in the Stoxx Europe 600 Telecommunications Index.Of 26 analysts surveyed by Bloomberg, 23 rate Vodafone buy, 1 hold and 2 sell.Get MoreStatementNOTE, May 17: Vantage Towers FY Adj. EBITDA AL EU524M Vs. EU513M Y/yNOTE, Apr. 30: Ethiopia Pledges to Allow Mobile Money for New Telecom Entrants(Updates with analyst reaction, shares, and M-Pesa details)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Add Morgan Stanley to a growing chorus on Wall Street calling for investor caution amid a superheating global economy.In a mid-year outlook, chief cross-asset strategist Andrew Sheets said investors face a “hotter, shorter” economic cycle for the first time in a decade thanks to outsized fiscal stimulus, monetary easing, ramping vaccinations and the highest consumer savings rates in history. But the potential for higher inflation, tighter policy, margin pressure and increased taxes could weigh on returns, leading the firm to dial back its exposure to risk assets like credit and stocks.“Strong economic winds also bring complications,” Sheets wrote in the report published Sunday. “Just 14 months from the lows, investors face early-cycle timing, increasingly mid-cycle conditions and late-cycle valuations.”Morgan Stanley is the latest investment firm to sound the alarm on the impact of a potentially overheating global economy as concerns mount over rising inflation. Strategists at UniCredit SpA suggested risk-off trades will become more likely in a note Friday, while peers at T. Rowe Price said Monday that equities are vulnerable to potential setbacks amid peaking global economic growth.The global rebound from the pandemic is stretching supply chains to the brink as companies stock up on raw materials to satisfy reviving demand, fueling a debate on whether price pressures will be transitory or longer lasting and more damaging.The bulk of Morgan Stanley’s risk reduction is in credit, which strategists downgraded to neutral. “The asset class has had an outstanding run, but is both expensive and disadvantaged in a hotter cycle,” Sheets said.But the firm also cut U.S. equities to neutral, in favor of non-U.S. shares such as cheaper peers from Europe and Japan, and sees modestly higher yields and a narrowly rising dollar.The S&P 500 Index is up 11% year-to-date, compared to an 8% rise in an MSCI Inc. index of non-U.S. developed market shares.Taiwan WarningElsewhere, UniCredit strategist Christian Stocker cut technology stocks to neutral, as they in particular stand out among growth sectors for their high valuations. Last week’s selloff in Taiwan could be a warning signal for the sector and the broader growth universe, at least in the short term, he said.“We recommend focusing on less-yield-sensitive parts of the equity market such as value or cyclical sectors as intensified discussion about higher inflation pushes risk-off trades,” Stocker wrote.Meanwhile, T. Rowe Price is increasing its underweight in stocks relative to bonds and cash, according to Thomas Poullaouec, head of Asia Pacific multi-asset solutions.“The risk/reward profile looks less compelling for equities after a strong rebound from March 2020 lows,” he wrote in a note. “Equities could be vulnerable to potential setbacks in the recovery, fading policy support, and higher taxes.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Stocks fell on Monday, resuming last week's declines as investors' concerns around rising inflation persisted.
(Reuters) -Berkshire Hathaway Inc said on Monday it has taken a $943 million stake in insurance brokerage Aon Plc and sold large portions of its investments in Chevron Corp and Wells Fargo & Co. The changes were disclosed in a regulatory filing detailing Berkshire's U.S.-listed holdings as of March 31. Berkshire also shed two smaller holdings entirely, Canada's Suncor Energy Inc and private label credit card issuer Synchrony Financial Inc.
(Bloomberg) -- Oxford Cannabinoid Technologies, which counts tobacco giant Imperial Brands Plc and rapper Snoop Dogg among its investors, is set to start trading Friday on the London Stock Exchange.The company, which develops cannabinoid-based prescription medicines, has raised 16.5 million pounds ($23 million) from wealthy individuals and institutional investors in a placing, giving it a market value of about 51.5 million pounds, Chairman Neil Mahapatra said in an interview.Oxford Cannabinoid, known as OCT, is hoping to replicate the success of GW Pharmaceuticals Plc, a British company that made the first drug wholly derived from the cannabis plant to win U.S. FDA approval. It was acquired by Jazz Pharmaceuticals Plc for $7.2 billion this year.Being a pharmaceutical company, OCT could have listed before the U.K. market regulator gave the green light for medical pot listings on the LSE in September, but the approval eased its path to market, Mahapatra said. A number of medical marijuana companies have listed in the U.K. this year like consumer-products firm Cellular Goods Plc, which also has a celebrity backer in soccer star David Beckham.But OCT, which has a research partnership with Oxford University, is looking to set itself apart from recent issuers by stressing its pharma roots. The company plans to use IPO proceeds to develop a portfolio of four drug candidates for approval as licensed pain medicines, with the first commercial sales expected in 2027.Kingsley Capital Partners, a London-based private equity firm where Mahapatra is a managing partner, will hold nearly 21% of OCT’s share capital upon admission, according to the IPO prospectus. Imperial Brands will have about 11%, while Casa Verde Capital LLC -- the California-based venture firm where Snoop Dogg is a partner -- will have about 2%.The pain market targeted by the company is estimated to be worth more than 42 billion pounds globally, with the unfolding opioid crisis in the U.S. putting the focus on medication that can help people manage pain without adverse side effects, Mahapatra said. “A cannabinoid overdose could lead to a headache at most, making the substance a far safer alternative to opioid painkillers.”OCT’s listing is being arranged by States Bridge Capital, which was set up by a group of City bankers including David Hitchcock, who used to be chairman of Grant Thornton’s U.K. banking and securities group, and Jamie Moyes, who helped set up investment bank Liberum Capital.(Adds details on the company’s target market and shareholdings in paragraphs five to seven.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China’s central bank injected medium-term cash into the financial system, in an effort to keep borrowing costs stable as China’s economy continues its recovery from the virus pandemic.The People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was expected by analysts. The authorities kept the interest rate unchanged at 2.95%.By rolling over the maturing funds, the operation is also seen to be supportive of the nation’s liquidity-sensitive stocks and also bonds. The cost on China’s 10-year note was little changed Monday. In the money market, the seven-day repurchase rate rose 19 basis points to 2.19%, near its daily average level over the past year. It recently hit a four-month low.The benchmark CSI 300 Index rose 1.5%. Data showed China’s economic activity moderated in April from its record expansion in the first quarter. That eased concerns about further tightening of fiscal and monetary policies, according to Zhang Gang, a strategist with Central China Securities Co. The nation’s top leaders recently described the recovery as “unbalanced and unstable,” pledging further efforts to drive a rebound in domestic demand.China’s sovereign notes gained for three weeks in a row as of Friday, the longest run since January. That’s even as Treasury yields have climbed and a surprisingly quick jump in the nation’s factory-gate prices were seen to pose a challenge to current monetary policy. Factors behind the resilience include ample liquidity and capital inflows, which accelerated in April. While the loose conditions could be tested by a rise in debt sales in May, the PBOC’s vow to keep cash supply ample has boosted confidence.“The PBOC will stay supportive of liquidity to ensure the supply of local government bonds can be readily absorbed, when inflation does not appear to be a major concern for the central bank,” said Frances Cheung, a rates strategist at Oversea-Chinese Banking Corp. Beijing will step up injecting short-term cash soon, she added. “With the expected pick-up in issuance of bonds, chance is for some net injections as and when are needed.”The PBOC has done the minimum in its daily operations to manage short-term liquidity over the past two months. It has been injecting 10 billion yuan of cash daily-- no matter the size of funds coming due -- since the start of March. That’s a sign the central bank is so far pleased with the subdued volatility in the money market.(Updates market moves in third and fourth paragraphs.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Oil major BP has lobbied for the EU to support natural gas, a move that exposes divergent views among investors and reflects a wider European dispute about the role of the fossil fuel in the transition to a lower-carbon world. The European Commission - aiming to reach net-zero greenhouse gas emissions by 2050 - had planned to omit gas-fuelled power plants from a new list of investments that can be marketed as sustainable, but delayed the decision last month following complaints from some countries and companies. Britain's BP was among those lobbying against the plan.
SafeMoon debuted its cryptocurrency in March, claiming to solve common problems that plague Bitcoin, Ethereum, and Dogecoin.
(Bloomberg) -- Emerging-market investors are turning more selective as last year’s everything rally splinters under the weight of higher inflation expectations.Exposure to U.S. growth and the impact from higher commodity prices are some of the criteria used by money managers from JPMorgan Asset Management to State Street Corp. Mexico, South Africa and Taiwan rank among the top choices as firms pare back their bullish bets for developing-nation assets, according to recent surveys.“There is still meaningful scope to generate returns within EM as long as investors are able to differentiate,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.Investor enthusiasm toward emerging-market assets has waned this year as Covid-19 infections engulf nations from India to Brazil while Treasury yields push higher amid rising price pressures. The MSCI Emerging Markets Index has slid almost 10% since its mid-February high and the Bloomberg Barclays EM Local Currency Government Bond Index is down 1.6% from its January peak.U.S. ExposureWith a strong recovery in the world’s largest economy set to drive global growth this year, investors are looking for ways to piggy-back on that trend.That makes Mexican, Taiwanese and South Korean equities attractive given their strong ties to the U.S., said Shaniel Ramjee, a senior investment manager at Pictet Asset Management in London, who helps manage $252 billion.The Mexican stock benchmark has climbed 12% this year, easily beating the 1% rise in MSCI’s index of developing-nation shares. The South Korean and Taiwanese equivalents are also outperforming, though the latter saw a steep selloff last week amid jitters over a Covid-19 outbreak and pricey tech stocks.Tech Dominance Haunts Taiwan in Global Selloff: Taking StockCommodity SurgeThe connection to commodity prices is also boosting the Mexican peso, said Emily Weis, a macro strategist at State Street in Boston. A combination of stimulus measures, vaccine rollouts and supply shortages has pushed everything from copper to lumber and iron ore to multiyear highs or records.“Improving commodity prices are still a net positive for EM commodities currencies given the sheer percentage of exports,” Weis said.The Russian ruble and South African rand also stand to benefit from the commodities rebound, according to Pictet’s Ramjee. The rand is the top emerging-market currency year-to-date thanks in part to South Africa’s exports of metals like platinum and iron ore, while the ruble has benefited from Russia’s oil exposure.But perhaps nowhere is the power of the commodity boom more on display than Brazil, where exports of soybeans and iron ore have boosted the real.Other nations haven’t been so lucky. Currencies in Colombia, Argentina, Peru and Turkey -- countries with some of the biggest increases in virus infections globally -- are among the worst performers in emerging markets this year.Yield SpikeSome investors say they’re sticking with local currency-denominated bonds that may be more insulated from American monetary policy.“Local markets are becoming more attractive,” said Shamaila Khan, the head of emerging-market debt at AllianceBernstein in New York, singling out South African, Russian and Mexican local bonds as among the most appealing. “Selectively, we are finding value.”Rate CallsThe People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was expected by analysts. The authorities kept the interest rate unchanged at 2.95%China’s recovery was a mixed bag in April, with industrial output and investment buoyed by strong exports and a hot property market, while retail sales missed forecasts, data on Monday showedThe PBOC will publish the one-year and five-year loan prime rates on ThursdayThe yuan has gained more than 1% this yearSouth Africa will probably keep its interest rate unchanged on Thursday amid an imminent third wave of Covid-19 infectionsData on Wednesday will probably show the nation’s headline consumer-price index rose 4.3% in April from a year earlier, though that’s still below the 4.5% midpoint of its target range this quarterRead: Key African Central Banks May Hold Rates on Growth ConcernsHungarian central bank Deputy Governor Barnabas Virag said Monday that surging prices will be met by tighter monetary policy as soon as next month -- sparking gains in the forintChile VotesChilean assets plunged after the ruling coalition suffered a crushing electoral defeat that placed the writing of a new constitution largely in the hands of left-wing parties. The assembly makeup could make it harder to block major changes to the charter as independent and opposition left-wing parties will have more more swayThe yield on the nation’s dollar bond due in 2050 rose almost 8 basis points to 3.49% at 10:21 a.m. in New York. Meantime, the currency sank as much as 2.2% as investors quickly shifted positioning to account for increasing political uncertaintyChile’s first-quarter gross domestic product data on Tuesday will be an indication if economic recovery is on track, with the consensus of economists surveyed by Bloomberg expecting a 0.5% increase from a year earlierBiden-Moon MeetingU.S. President Joe Biden will meet his South Korean counterpart Moon Jae-in on Friday, with North Korea high on the agenda. Moon will be only the second foreign leader since Biden’s inauguration to visit the White HouseSouth Korea’s won posted the worst decline in Asia this past monthData and EventsThailand’s economic contraction continued into the start of year, setting the stage for a further slump as the country now faces its worst wave of Covid-19 casesGross domestic product in the first quarter shrank 2.6% from a year earlier, the National Economic and Social Development Council said Monday, compared with a median estimate of -3.3% in a Bloomberg survey and improving from the prior quarter’s 4.2% contractionThailand will publish customs trade figures on Friday. The weaker baht may have improved the competitiveness of the country’s exports, which rose 8.5% in March from a year earlierThe Philippines’ overseas workers’ remittances, a key source of foreign exchange, rose 4.9% in March, less than economists’ forecastIndonesia will announce April trade figures on ThursdayTaiwan’s export orders for April are due on Thursday. The Taiwan dollar has outpaced all of its Asian peers this year amid buoyant demand for semiconductorsRussia’s 1Q GDP reading on Monday could beat consensus, with a slowing virus outbreak and rising oil output, according to Bloomberg EconomicsThe ruble has topped most peers in the past monthA reading of Peru’s March economic activity on Monday and first-quarter GDP data Thursday will probably show that the nation is recovering even as growth remains below pre-pandemic levelsPeru’s presidential candidates are virtually tied in a mock election carried out by pollster IpsosIn Argentina, Bloomberg Economics expects a Thursday reading of March activity to show a near-recovery of February’s decline following the relaxation of several pandemic-induced restrictionsThe peso is the worst currency in Latin America this yearMexico will post its March retail sales on Friday, which traders will monitor for signs of recovering household demandBrazil’s Senate is set to continue its probe into the handling of the Covid-19 crisis, which could impact the political and electoral outlook, according to Bloomberg Economics. Any developments on tax reform plans will also be a key driverThe real, which outperformed all its regional peers over the past month, could see even more support as local investors trim long-standing bets against the currency(Adds details on Chile elections, Peru polls)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘The Fed has gotten hooked on these expansive policies of ultra-low interest rates,' Kerry Killinger says.
Raoul Pal tells bitcoin investors that current volatility is to be expected, but big things are around the corner.
The air is leaking out of the crypto complex, led by sharp declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.
Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.
Dividend stocks are always popular. They offer investors a clear path to returns, with regular cash payments and a yield – a return on the original investment – that usually far exceeds bond yields. But not all dividend stocks are created equal, and some offer better opportunities than others. Dividend yield is a key metric. Among S&P listed companies the average yield is only 2%. However, the highest yields aren’t always the way to go. Investors should also consider share appreciation or upside potential – these factors aren’t always connected to dividends, but they will affect the general returns available from a given stock. To that end, we’ve used the TipRanks database to pull up two high-yield dividend stocks that share a profile: a Buy-rating from the Street’s analyst corps; considerable upside potential; and a dividend yielding over 8%. Let’s take a closer look. New York Mortgage Trust (NYMT) We’ll start with a real estate investment trust (REIT), a logical place to turn for high dividend returns. REITs typically pay out higher than average dividends, as a way of complying with profit-return regulations in the tax code. New York Mortgage Trust, which holds a portfolio of adjustable-rate residential mortgage loans, commercial mortgages, and non-agency mortgage-backed securities, is typical of its niche, both in the quality of its portfolio and its high yield dividend. In its recent 1Q21 financial release, NYMT listed several metrics of interest to investors. The company sold off non-agency RMBS and CMBS totaling $111.6 million, purchased $347.3 million in residential loans, and finished the quarter with $4.72 billion in total assets. The company saw net investment income of $30.3 million, and was able to fund its dividend payment, to the tune of 10 cents per common share. At that payment rate, the dividend yields 8.91%. This was the second dividend declaration in a row at 10 cents; the company has been gradually increasing the payment since cutting it back last summer during the worst of the corona crisis. B. Riley analyst Matt Howlett was impressed by NYMT’s management of the recent economic crisis, and that factor takes a lead role in his recent initiation report. “Over the last decade, NYMT has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a highly efficient operating structure. While the March 2020 liquidity crisis was a setback for the industry, NYMT managed the crisis admirably, in our view, and avoided any major wear and tear on the company. In fact, we argue that as NYMT has rebuilt, its originations have become more direct (acquiring loans vs. securities), and its cost of capital has been declining,” Howlett opined. In line with these comments, Howlett rates the stock a Buy, and his $6 price target implies a one-year upside potential of 36%. Based on the current dividend yield and the expected price appreciation, the stock has ~45% potential total return profile. (To watch Howlett’s track record, click here) Overall, there are four recent reviews on record for NYMT, and they break down to 2 Buys, 1 Hold, and 1 Sell for a Moderate Buy consensus rating. The shares are selling for $4.45, and the average price target of $5.17 suggests room for ~17% upside from that level. (See NYMT stock analysis on TipRanks) Global Net Lease (GNL) Next up, Global Net Lease, is another REIT. The portfolio here is built on commercial real estate properties. A review of the company’s portfolio shows 306 such properties, totaling 37.2 million square feet of leasable space, let to 130 tenants. GNL operates in 10 countries, and boasts that 99.7% of its total square footage has been leased. The average lease has 8.3 years remaining – an important factor, as the long term provides stability to the portfolio. In the first quarter of 2021, GNL showed a top line of $89.4 million, up 12.8% from the year-ago quarter. The company ran a net loss, but at $800,000 that loss was significantly smaller than the $5 million lost in 1Q20. Net operating income was up from $71.9 million one year ago to $81.8 million in 1Q21. GNL reported sound liquidity in the quarter, with $262.9 million in cash or cash equivalents and an additional $88.6 million available in credit. And most importantly, GNL reported collecting 100% of rents due in Q1. GNL declared a 40 cent dividend for common shareholders during the quarter, and through it distributed a total of $36.2 million. At that rate, the dividend annualizes to $1.60 and gives a high yield of 8.59%. The dividend was cut last year during the corona crisis, but has been kept stable for five quarters since then. All of this adds up to a company that is sound on fundamentals of its business, and that has attracted notice from analyst Bryan Maher. In his note for B. Riley, Maher writes, “GNL's strong portfolio metrics provide for an attractive setup for the balance of 2021…. Given that GNL, in our view, is not over-levered and can borrow at exceedingly low rates, combined with prudent use of its in-place ATM, we are not concerned about the REIT's ability to finance acquisitions to hit our $300.0M target for 2021.” The analyst summed up, "Given GNL's well-crafted industrial/ office net lease portfolio and strong operating metrics, we reiterate our Buy rating on the shares." The Buy rating comes with a $23 price target attached. At current share price, that implies an upside of ~25% for the next 12 months. (To watch Maher’s track record, click here) Some stocks fly under the radar, and GNL is one of those. Maher's is the only recent analyst review of this company. (See GNL stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The payments will reach more than 65 million children, according to senior administration officials.
AT&T ruined a lot of shareholder value by trying to get success in the media business, a veteran media analyst Craig Moffett tells Yahoo Finance Live.
(Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise.)China’s 2nd batch of April trade data, incl. agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina and rare-earth product exports; bauxite, steel & aluminum product importsLONGi Green, Goldwind execs among speakers at Macquarie Group conference in Hong KongEARNINGS: Daqo New EnergyToday’s ChartChina’s data dump for April suggests the economy’s expansion may have plateaued as policy makers seek to rein in commodities-intensive spending on real estate and infrastructure before new growth drivers of consumer spending and manufacturing investment have recovered.On the WireShaanxi province, China’s third-biggest coal producing region, hit a clean energy milestone last month when generation from renewables briefly topped thermal power for the first time.In a town on the edge of the Gobi desert is a sign in English and Chinese that reads “Oil Holy Land.” Nearby, a preserved drilling rig marks the spot of China’s first commercial oil well.JinkoSolar Announces Change to Senior ManagementChina Is Drafting Carbon Peaking Plans for Steel, Power SectorsAsian Copper Stocks Rise on Top Producer Chile’s Election ResultHuadian Power Downgraded to Sell by Citi on Rising Coal CostsBank of China, Citigroup, BNP Lead Green Bond Offshore MarketCGN Wind Energy Adds Zhejiang Province’s Largest Offshore FarmGCL-Poly Energy Says Deloitte Touche Tohmatsu Resigns as AuditorBrazil Iron Ore Miners Seen Lifting Output Coming Months: IbramChina’s Tapering of Monetary Stimulus Could Pop Oil Price BubbleThe Week AheadWednesday, May 19China’s monthly loan primes rates, 09:30China’s April output data for base metals and oil productsHOLIDAY: Hong KongThursday, May 20China’s 3rd batch of April trade data, including country breakdowns for energy and commoditiesSMM battery materials conference in Changsha, Hunan, day 1USDA weekly crop export sales, 08:30 ESTFriday, May 21Ganfeng Lithium, EVE Energy, Huayou Cobalt execs among speakers at Macquarie Group conference in Hong KongChina weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
AT&T said Monday it will combine its massive WarnerMedia media assets, which includes HBO and CNN, with Discovery Inc. to create a new media heavyweight in a $43 billion deal.
Berkshire Hathaway took a stake of more than $900 million in insurance broker (AON) and sold off nearly all of its longtime investment in (WFC) (WFC) in the first quarter. Berkshire’s quarterly 13-F filing released late Monday showed a new position of about 4.1 million shares in Aon (ticker: AON). Berkshire (BRK.A, BRK.B) has been steadily selling its stake in Wells Fargo since early 2020.