Markets

By Rachael Levy The Wall Street Journal Julie Steinberg Mon., Nov. 19, 2018 John Paulson’s hedge fund agreed to buy a stake in a $238 billion (U.S.) asset manager from HNA Group Co. Paulson & Co. plans to buy most of the ordinary shares of BrightSphere Investment Group PLC held by HNA Capital (U.S.) Holding LLC, according to a press release from BrightSphere. Once completed, Paulson & Co. is expected to own about 25% of the ordinary shares of BrightSphere, the statement said. The deal is subject to regulatory approvals. HNA Capital is a unit of one of China’s largest privately held conglomerates, HNA Group, whose domestic interests span airlines to financial institutions. The company has been planning to sell off the majority of overseas investments it made in recent years, including shedding its entire stake in Deutsche Bank AG. HNA is the largest holder of BrightSphere’s stock, followed by Fidelity Investments Inc. and BlackRock Inc, … [Read more...] about Paulson agrees to buy stake in asset manager from HNA

By Amrith Ramkumar The Wall Street Journal Mon., Nov. 19, 2018 The world’s most-valuable public company is at risk of closing in a bear market, a worrisome sign for investors questioning whether the U.S. stock rally can regain its footing without leadership from the technology sector. Apple Inc. shares fell more than 4% to $185.63 (U.S.) in midday trading Monday, bringing the stock more than 20% below its Oct. 3 peak. A close at or below $185.65 would push Apple to the 20% decline that typically characterizes a bear market. Apple shares since recovered slightly Monday but were still down 3.9% at $185.91. After the stock held up during October’s stock-market rout, losing 3%, a tepid revenue forecast earlier this month has sent Apple tumbling. Other technology stocks were also slumping Monday, with Amazon.com Inc., Google parent Alphabet Inc., Microsoft Corp., Facebook Inc. and Netflix Inc. all falling at least 2.7%. The tech-heavy Nasdaq Composite fell … [Read more...] about Apple shares fall 4.1%, on track to close in bear market

By The Canadian Press Mon., Nov. 19, 2018 FREDERICTON—A major player in natural gas development in New Brunswick is making plans for new wells if the province’s new Tory government follows through on a pledge to lift a moratorium on fracking. Corridor Resources currently has 32 producing wells in the Sussex area and operates a 50 kilometre pipeline, a gathering system comprising 15 kilometres of pipe, and a natural gas processing facility. The company wants to expand but the previous Liberal government imposed a moratorium in 2014 that prohibits hydraulic fracturing — a process that involves pumping water and chemicals at high pressure to fracture shale rock and release gas. The new Tory government has proposed lifting the moratorium in specific areas, like the Sussex region, if there is public support. In a corporate presentation the company says, if the moratorium is lifted, they would drill five vertical evaluation wells, complete three existing … [Read more...] about Resource firm planning new N.B. wells if Tories lift fracking moratorium

By The Canadian Press Mon., Nov. 19, 2018 Canada’s main stock index was in the red in late-morning trading, weighed down by losses in energy and financial stocks, while the health-care sector, which includes the big marijuana companies, also lost ground. The S&P/TSX composite index was down 33.78 points at 15,121.72. In New York, the Dow Jones industrial average was down 295.11 points at 25,118.11. The S&P 500 index was down 31.78 points at 2,704.49, while the Nasdaq composite was down 151.38 points at 7,096.49. The Canadian dollar traded lower at 75.89 cents (U.S.) compared with an average of 76.02 cents on Friday. The January crude contract was up five cents at $56.73 per barrel and the December natural gas contract was up 25.8 cents at $4.53 per mmBTU. Article Continued Below The December gold contract was up 30 cents at $1,223.30 an ounce and the December copper contract was up 0.55 of a cent at $2.80 a pound. Report an error … [Read more...] about Toronto stock market lower, while U.S. stocks also down, Loonie down

By The Canadian Press Mon., Nov. 19, 2018 MONTREAL—Yellow Pages Ltd. says its lockout of sales representatives in the province of Quebec has been lifted after they ratified a new three-year collective agreement. The Montreal-based publisher of digital and paper-based advertising announced in mid-September that it was locking out about 130 of its unionized employees after the two sides failed to reach a labour agreement. It announced Sunday that the workers were scheduled to return to work immediately but neither the company nor the union released details about the terms of the new contract. The Federation des travailleurs du Quebec (FTQ) announced separately that the deal was ratified by 65 per cent of the members who voted Sunday in Laval, Que. The union executive had recommended ratification of the deal due to the company’s intransigence and its financial difficulties. Article Continued Below Earlier this month, Yellow Pages announced it had … [Read more...] about Yellow Pages ends lockout of Quebec sales employees after deal ratified