LONDON/NEW YORK: The London Stock Exchange Group Plc’s expected US$27 billion purchase of financial-data business Refinitiv has its origins in May 2013, amid the crocuses, champagne and corporate hobnobbing of London’s Chelsea Flower Show.Italian investment banker Matteo Canonaco brokered an introduction between David Craig, who at the time ran Thomson Reuters Corp’s Financial and Risk division, the company that became Refinitiv last year, and Joseph Baratta, head of private equity at Blackstone Group Inc . The meeting would set in motion a sequence of events involving Blackstone, Refinitiv and the LSE that led to a deal expected as soon as this week.Craig and Canonaco, who now runs advisory firm Canson Capital Partners, pitched Baratta with an idea: The F&R unit would be better off split from Thomson Reuters, where the duo felt it was not getting enough investment, according to three sources with direct knowledge of the matter.In order to do that they would … [Read more...] about Seeds of London Stock Exchange deal planted at flower show
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SYDNEY: Asian shares fell on Monday after strong U.S. jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.Share sentiment was also dampened by U.S. investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data.Asian shares were broadly weaker on Monday, tracking Wall Street which fell from record highs last week.MSCI's broadest index of Asia-Pacific shares outside Japan lost more than 1per cent, with every market in the red.Japan's Nikkei faltered 0.9per cent. Chinese shares started lower with the blue-chip index off 1.7per cent and Hong Kong's Hang Seng index down 1.5per cent.South Korea's KOSPI was off 1.8per cent and Australian shares slipped about 1per cent to a five-week low."We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan … [Read more...] about Asian shares fall as bets off on sharp US rate cuts
China's hope: US meets it halfway Editorial China Daily, China The US administration has made it clear on more than one occasion that it wants to halt China's development in its tracks and therefore it is questionable whether the US has any real interest in striking a trade deal that is not tilted entirely to its advantage. Beijing, on its part, has consistently responded to Washington by giving it a sharp rap across the knuckles. That China has responded to the US trade aggression in such a restrained manner should not be viewed as weakness. China agreed to hold trade talks with the US because it genuinely believes that dialogue is the best way for countries to resolve their differences and because, as a responsible country, it always keeps the bigger picture and longer time frame in mind. The US seems to take it for granted that tariffs are a weapon it can employ to bring China to its knees, apparently ignorant that China is not what it was in the late 1800s and early 1900s when the … [Read more...] about Washington-Beijing trade tensions not letting up
DUBAI: Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said.Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and marketing, footprint globally by signing new deals and boosting the capacity of its plants to secure new markets for its crude.The company's trading arm has been focusing on a new processing arrangement in which it would supply European markets with both crude oil and products.Aramco is looking to finalize deals in the next two years through swapping mainly Saudi crude with oil products to supply customers in Europe and the Mediterranean, Abdulaziz al-Judaimi, Aramco’s senior vice president for downstream, told Reuters."I am going to bet on Europe... We believe that Europe is a market that we are going to stay in for a long time," Judaimi said in a … [Read more...] about Saudi Aramco bets on oil supply to Europe, trading expansion
Tony Abbott bet me $100 that the climate will not change in 10 years, says an Australian writer and author of "Here Where We Live". Cassie Flanagan Willanski says the former Australian Prime Minister is so confident "climate change is nothing to worry about" that he put his money on it. Abbott has bet me $100 that in ten years' time, the climate will not have changed, Willanski told the Guardian. "He (Abbott) was going to prove he disagreed with climate science, with the majority of Australian voters and with the mother of a six-year-old who had just literally begged him to take the climate emergency seriously, with a jocular bet. No doubt he expected me to laugh and back down," the author said. "When I found myself in a Manly coffee shop last week being offered the bet, I was incredulous. Abbott was smiling, charmingly dismissive," the writer, a white Australian herself, who took a brave and honest look at the relationship between white Australians and Indigenous Australians in her … [Read more...] about Ex-Australian PM Abbott bets $100 on no climate change?