Chevron, Oil Giants Lose Latest Fight Over Climate Jurisdiction


Source: Bloomberg MarketsCalifornia cities and counties seeking to hold five of the largest oil companies accountable for their contribution to climate change through a trio of lawsuits will make their case in California state court, a judge ruled Friday.The decision, viewed by both sides as a defeat for Chevron, BP, Exxon, ConocoPhilips and Shell, creates a split among a pair … [Read more...]

Qualcomm’s Jacobs to Leave Board as He Explores Acquisition


Source: Bloomberg MarketsQualcomm Inc. said director Paul Jacobs, son of the chipmaker’s founder and a former chief executive officer, will leave the board after he decided to explore an acquisition of the company."The board reached that decision following his notification to the board that he has decided to explore the possibility of making a proposal to acquire Qualcomm," the … [Read more...]

IQiyi, Bilibili Extend Chinese Rush to Go Public in U.S.


Source: Bloomberg MarketsTwo more large technology companies in China have launched initial public offerings to begin trading in New York.The filings Friday by Baidu Inc.’s Netflix-style video streaming service iQiyi Inc. and video site Bilibili Inc. come on the heels of 21 new listings last year by Chinese companies on U.S. exchanges.IQiyi aims to raise as much as $2.4 … [Read more...]

G-20 Sees Global Tension, End to Cheap Money as Risk to Growth


Source: Bloomberg MarketsGeopolitical tensions, inward-looking policies, and the unexpectedly swift end to easy credit are the key risks to the broadest upturn in global growth since 2010, according to a draft statement by the G-20 group of leading economies.The communique omitted any direct references to the fight against protectionism, an issue likely to loom over discussions … [Read more...]

Sugar Bears Come Out to Play as Surplus Swells on Asia Harvests


Source: Bloomberg MarketsThere’s about to be enough sugar piled up in warehouses to make three chocolate cakes for every person in the world, and that’s got the market spooked.Supplies are booming thanks to the outlook for record harvests in India and Thailand, the world’s No. 2 exporter. The glut has already sent futures in New York to the lowest since September 2015, and … [Read more...]

Warren Buffett Barely Makes More Than Average Berkshire Workers


Source: Bloomberg MarketsBerkshire Hathaway Inc.’s Warren Buffett is scoring particularly well on a new rule requiring companies to disclose the ratio of a chief executive officer’s pay to that of the median employee. His annual compensation of $100,000 was just 1.87 times the median employee’s pay of $53,510, a figure calculated from a sample of about two-thirds of Berkshire’s … [Read more...]

Russia’s $4 Billion Bond Sale Defies U.K. Spat as Bids Roll In


Source: Bloomberg MarketsA deepening diplomatic spat with the West and a fresh round of penalties weren’t enough to deter investors from bidding for almost double the $4 billion of eurobonds sold by Russia.Institutional investors from the U.K. snapped up half the 2047 notes on offer Friday, while Russians were the biggest buyers of a new 11-year bond, according to organizer VTB … [Read more...]

Saudi Crown Prince Plans Meetings With Apple, Google


Source: Bloomberg MarketsSaudi Arabia’s Crown Prince Mohammed Bin Salman plans to meet top global executives, including the heads of Apple Inc. and Google, during his first trip to the U.S. since becoming heir to the throne of the world’s largest oil exporter, according to a person briefed on the trip’s details.Prince Mohammed, known among journalists and diplomats as MBS, will … [Read more...]

Traders Are at the Mercy of the Strongest S&P 500 Cross-Currents in a Year


Source: Bloomberg MarketsThis is no longer a market that mixes relentless gains with the occasional sharp downdraft.For the third week in a row, the S&P 500 Index reversed some or all of the prior week’s performance. This time it fell, albeit with 2018’s smallest decline, after climbing 3.5 percent in the previous five days. It was a pattern of alternating gains and losses … [Read more...]

Robocall Limits in U.S. Set Back by Federal Appeals Court


Source: Bloomberg MarketsAn appeals court threw out part of a Federal Communications Commission regulation aimed at reducing automated telephone solicitations, weakening a 2015 effort to squelch the scourge of so-called robocalls. The rule was aimed at calls generated by auto-dialing devices. But its language was too broad, and could be construed to prohibit calls from any … [Read more...]