30 Aug 2019
Steinhoff’s board seeks more clout at shareholder meeting vote
Janice Kew, Bloomberg
Steinhoff’s new board is seeking more power as shareholders vote at its annual general meeting in Amsterdam Friday.
Shareholders will be deciding on the implementation of governance changes, including whether to allow the supervisory board the right to suspend managing directors at any time.
Steinhoff’s recent agreement with creditors, which allows it to avoid paying principal and interest on about 9bn euros ($10bn) of debt until December 2021, was a vital step for bringing stability to the retailer. But those holding the shares have little left as the stock trades near all-time lows.
30 Aug 2019
Hong Kong stocks rally wiped out by new protest fears - AFP
Property firms suffered hefty losses in Hong Kong on Friday as the arrest of leading pro-democracy figures wiped out an early rally in the Hang Seng Index, fuelled by fears of fresh violence in the city.
30 Aug 2019
Oil heads for biggest weekly gain in seven on trade war optimism
Tsuyoshi Inajima and Alex Longley, Bloomberg
Oil headed for its biggest weekly increase since mid-July after a sizable drop in American crude inventories and an apparent pause in US-China trade hostilities eased demand fears.
Futures in New York fell 0.9% on Friday but are up 3.7% for the week.
China said Thursday that it wouldn’t immediately retaliate against the latest White House tariff increase, spurring optimism that Beijing wants to reach a deal.
Traders were watching for any disruptions from Hurricane Dorian, which was forecast to become a major storm later on Friday as it heads toward Florida.
“There’s discussions about China and the US, but right now we are starting to be in the period where the tropical weather is an increasing factor,” says Olivier Jakob, managing director at Petromatrix GmbH.
Despite this week’s gains, oil remains under pressure as the outlook for the global economy continues to be weak and the US produces at record-high levels. The Organization of Petroleum Exporting Countries and its allies said this week they expect to deplete the global oil surplus with their cuts, and falling inventories in America are indicating some level of success.
West Texas Intermediate for October delivery declined 53 cents, or 0.9%, to $56.18 a barrel on the New York Mercantile Exchange as of 11:25 London time. The contract is heading for the biggest weekly gain since July 12.
30 Aug 2019
Asian stocks mixed on trade hopes as volatile month ends
Adam Haigh, Bloomberg
Stocks in Asia were mixed and Treasury yields edged higher on the final trading day of a tumultuous month dominated by the trade war.
Benchmarks rose in Tokyo, Sydney and Seoul after China indicated it wouldn’t immediately retaliate against the latest American tariff increase.
Shares in Shanghai and Hong Kong fluctuated, while US and European futures were little changed. Earlier, the S&P 500 Index gained for a second day.
The dollar held near a two-year high, while Japanese bonds slipped after the Bank of Japan cut purchases in its regular operations.
30 Aug 2019
Sasol crisis: Investors want CEO out
Bloomberg
Sasol Limited has been asked by some of the country’s biggest fund managers to consider executive changes including ousting Stephen Cornell, one of two chief executive officers, over cost overruns at a flagship project, according to people familiar with the matter.
The money managers began meeting with Sasol’s board and leadership after it raised the estimated cost of the Lake Charles plant in Louisiana by $1 billion on May 22, having increased it only three months earlier.