Total and Maersk agree $7.45bn deal

Energy company Total has agreed to buy Maersk’s oil business in a $7.45bn deal.   It will see French firm Total take control Denmark’s Maersk’s assets in the UK sector of the North Sea, including the Culzean gas field.   Total said an “exceptional overlap” of businesses would increase its…

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BHP Billiton to sell US shale business

Mining giant BHP Billiton will sell its US shale assets after pressure from shareholders to offload the underperforming business and said a number of parties are interested in the assets and it is “actively pursuing options to exit”.   Shareholder Elliott Management has campaigned for strategic changes at BHP including…

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US to review China intellectual property policies

The US has formally launched an investigation into China’s policies regarding intellectual property.   The top US trade official, Robert Lighthizer, said his office had “determined that these critical issues merit a thorough investigation”.   The move was expected after President Donald Trump asked Mr Lighthizer to review China’s practices…

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China’s domestic housing market slows

Growth in Chinese housing prices slowed slightly last month as policymakers work to rein in the red-hot market.   New home prices in China’s 70 major cities rose 0.4% in July from a month earlier, easing from 0.7% growth in June while Beijing prices slipped for the second straight month….

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IMF warns on China’s credit growth

The International Monetary Fund has warned that China’s credit growth is on a “dangerous trajectory”.   In a new report, the IMF says there is an increasing risk of a “disruptive adjustment” and/or a marked slowdown in economic growth”. The agency calls for decisive action to deflate the credit boom…

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Japan economic growth beats expectations

Japan’s economy grew faster than expected in the second-quarter of the year as consumer spending and capital expenditure ramped up.   Gross domestic product expanded at an annualised rate of 4% in the April-to-June period, government data showed, beating expectations for a 2.5% rise.   The economy grew 1% compared…

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BP slashes oil price forecast

BP has dramatically revised its forecasts for the stuttering oil market as it braces for a price of around $50 a barrel to last for the next five years. The admission is a major revision from the oil major which less than one year ago said that it expected the…

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