Wednesday, July 28

PMN Economy

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Santander Brasil taps CEO Rial as bank’s next chairman

Article content BRASILIA — Brazilian bank Santander Brasil said on Tuesday that current Chief Executive Sergio Rial would become board chairman, while corporate banking head Mario Roberto Opice Leão will become CEO, in moves that will take effect in January. Rial, who has been at the helm of Santander Brasil since January 2016, will also leave his position as regional head for South America. Carlos Rey de Vicente, current vice-president of finance, will replace him. Still, Rial will continue at the board of directors of Spain's Banco Santander, according to a statement, where he has been a director since February 2020. Leão has been at Santander for roughly six years and has a long-term career in corporate banking. He will also join Santander Brasil's board of directors. (Reporting by ...
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Hedge fund Kimmeridge criticizes high exec pay in energy sector

Article content Energy-focused private equity firm Kimmeridge Energy Management Co LLC on Tuesday released a white paper that criticized high executive compensations by US oil producers in a year that marked one of the industry's worst downturns. The COVID-19 pandemic and a price war between oil giants Saudi Arabia and Russia last year pushed crude prices to historic lows, worsening a more than six-year downturn that has left investors frustrated with low returns. Total compensation for chief executive officers of 27 US oil producers declined 14% last year from 2019, but that represented only a 1% decline from 2018 levels, the paper said. Share prices were 60% lower in 2020 versus 2018. Article content Short-term incentive payout as a percentage of target exceeded 100% for 7 of the 27 ...
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Shanghai copper near 1-month low on virus worries

Article content Shanghai copper fell on Tuesday to its lowest in nearly a month, as a surge in coronavirus cases threatened the outlook for a global economic recovery. The most-traded August copper contract on the Shanghai Futures Exchange fell as much as 2.3% to 67,400 yuan ($10,390.81) a tonne, its lowest since June 23. Three-month copper on the London Metal Exchange rose 0.6% to $9,277 a tonne by 0607 GMT, rebounding from a 2.2% drop in the previous session to a four-week low. Sentiment for copper, often used as a gauge of global economic health, was hit by worries that rising cases of the highly contagious Delta variant around the world could slow a nascent economic recovery. Article content "It's risk-off from US selling and equities melting down. Recovery is fragile as it's now t...
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Apollo may join forces with Fortress for Morrisons bid

Article content LONDON — Apollo Global Management is in talks to join a consortium led by Fortress Investment Group which has agreed a takeover of British supermarket group Morrisons, it said on Tuesday. Apollo said it does not intend to make an offer for Morrisons other than as part of the Fortress-led consortium. Morrisons backed a 6.3 billion pound ($8.6 billion) offer from SoftBank-owned Fortress earlier this month. ($1 = 0.7322 pounds) (Reporting by James Davey, Editing by Paul Sandle) financialpost.com
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Wheat climbs to two-month high, soybeans fall on outside market pressure

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Reuters Christopher Walljasper Article content CHICAGO — Chicago wheat futures gained on Monday, climbing to a 2-1/2 month high supported by adverse weather in parts of US, Canadian and Russian growing areas that raises global supply worries. Soybeans eased after last week's gains, pressured by broader losses in outside markets, though weather uncertainty underpins the oilseed, while corn traded near even, supported by wheat. Chicago Board of Trade most-active wheat rose 8-1/4 cents to $7.00-3/4 per bushel as of 11:52 am (1552 GMT), after reaching $7.09-1/2 per bushel, its highest since May 18. Advertisement This advertisement has not loaded yet, but your article continues below. A...
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Oil falls 5% after OPEC+ producers agree to raise output

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content LONDON — Oil prices fell over $3 in their largest daily decline since late March on Monday after OPEC+ overcame internal divisions and agreed to boost output, causing concern about a crude surplus as COVID-19 infections rise in many countries. Brent crude was down $3.61, or 4.9%, at $69.68 a barrel by 1405 GMT. US oil was down $3.75, or 5.2%, at $68.06 a barrel. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic. Advertisement This advertisement has not loaded yet, but your article continues below. Article content The grou...
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Oil falls more than $2 after OPEC+ producers agree to raise output

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content LONDON — Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries. Brent crude was down $2.54, or 3.4%, at $71.05 a barrel by 1235 GMT. US oil was down $2.64, or 3.6%, at $69.17 a barrel. Both benchmarks recorded their largest declines since early April. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic. Advertisement This advertisement has not loaded yet, but your article continues below. Art...
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India minister says regulators probing Adani firms, shares fall

Article content CHENNAI — India's securities regulator and customs authorities are investigating some Adani Group companies for non-compliance of rules, junior finance minister Pankaj Chaudhary told parliament on Monday. Shares of the six Adani group companies, which are in the business of operating airports and ports, generating and distributing electricity, and coal and gas trading, closed between 1.1%-4.8% lower on Monday. "The Securities and Exchange Board of India (SEBI) is investigating some Adani Group companies with regard to compliance with SEBI Regulations," Chaudhary said, without disclosing the companies involved. Article content "The Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group," he said. A spokesman for the Adani...
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Tin near record on supply concerns, nickel jumps to 5-month high

Article content LONDON — Tin prices traded near record highs on Friday due to supply concerns in major producer Myanmar, while lofty stainless steel prices boosted nickel to its highest in five months. Benchmark tin on the London Metal Exchange, the best performer among the metals complex this year, touched a high of $33,590 a tonne, within striking distance of a April 2011 high of $33,600. By 1140 GMT, the metal mainly used for solder in the electronics industry, was up 0.5% to $33,290. "Tin's ascent continues its path driven by shipping logistical issues and supply pressures from Myanmar etc," said Alastair Munro at brokerage Marex. Article content Myanmar, the world's third largest tin producer, is struggling to contain a rising cases of COVID-19 and a political crisis. Rwanda, anot...