Hong Kong Hang Seng Off 0.13% on Political, Central Bank Outlooks; Shanghai Gains Hong Kong Hang Seng Off 0.13% on Political, Central Bank Outlooks; Shanghai Gains
Asian ADRs Move Lower Asian ADRs Move Lower
Oil Mostly Flat As Gulf of Mexico Production Resumes Oil Mostly Flat As Gulf of Mexico Production Resumes
Devon Energy to Sell Canadian Business for $2.79 Billion Devon Energy to Sell Canadian Business for $2.79 Billion

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Asian ADRs Move Lower

Asian ADRs Move Lower

American depositary receipts of Asian stocks were trading 0.74% lower at 1,388.00 on the BNY Mellon Asia 50 ADR Index on Friday. In North Asia, the gainers were led by solar equipment maker ReneSola (SOL) and online game developer The9 (NCTY), which climbed 6.6% and 5.4% respectively. They were followed by wealth management firm Puyi Inc. (PUYI) and O2Micro International […]

Oil Mostly Flat As Gulf of Mexico Production Resumes

Oil Mostly Flat As Gulf of Mexico Production Resumes

Oil prices eased early on Tuesday as Gulf of Mexico platforms idled by the approach of then-Tropical Storm Barry began resuming production. West Texas Intermediate crude for August delivery was last seen down US$0.02 to US$66,45 per barrel while front-month Brent was down US$0.03 to US$66.45. The first named storm of the season forced the suspension of more than two-thirds […]

ArcelorMittal Widens Steel Production Cuts in Europe to Manage ‘Weak’ Demand

ArcelorMittal Widens Steel Production Cuts in Europe to Manage ‘Weak’ Demand

ArcelorMittal (MT, MT.AS), the world’s biggest steel and mining group, said early Wednesday that it was widening planned production cuts to France and Germany, blaming a “weak” demand environment amid “high” levels of import in Europe. The company will now also reduce primary steelmaking production at its facilities in Dunkirk, France and Eisenhuttenstadt in Germany as part of a decision […]

Texas Pacific Land Trust Investor Group Accuses Trustees of Breaching Fiduciary Duties

Texas Pacific Land Trust Investor Group Accuses Trustees of Breaching Fiduciary Duties

A group of dissident Texas Pacific Land Trust (TPL) shareholders said Tuesday they have filed counter-claims against two incumbent trustees of the company, David Barry and John Norris, accusing them of “rampant misconduct” and of disparaging the election of their nominee, Eric Oliver, as a trustee. The investor group, which includes SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family Partners, […]

Devon Energy to Sell Canadian Business for $2.79 Billion

Devon Energy to Sell Canadian Business for $2.79 Billion

Devon Energy (DVN) signed a definitive deal to sell its Canadian business, housed under its Devon Canada unit, to Canadian Natural Resources (CNQ) for CAD3.78 billion ($2.79 billion), the companies said in separate statements issued early Wednesday. The Devon Canada assets have a total production capacity of 128,300 barrels of oil per day and aggregate proved reserves of 730 million […]

Tesco Advises That Adoption of New Accounting Standard to Impact Earnings, Indebtedness

Tesco Advises That Adoption of New Accounting Standard to Impact Earnings, Indebtedness

British grocery chain Tesco (TSCO.L) advised that its diluted earnings per share and total indebtedness would change as a result of the adoption of a new financial reporting standard on accounting for leases during the current fiscal year. The company, which is the UK’s biggest supermarket operator by market share, said that diluted earnings per share would decrease and total […]

Lennox Q1 Tops Estimates on EPS and Revenue; Affirms Full-Year Adjusted EPS

Lennox Q1 Tops Estimates on EPS and Revenue; Affirms Full-Year Adjusted EPS

Lennox International (LII), a heating, air conditioning and refrigeration company, reported Q1 adjusted earnings of $1.68 per share, up from $1.22 in the same period a year ago and exceeding the estimate of $1.43 from analysts polled by Capital IQ. Total revenue of $790.3 million was down from $834.8 million in the same period a year ago and topped the […]