The eighth BRICS summit was held in India over the weekend where the members aimed to produce solutions to boost economic growth, trade relations and improve global governance. For all the updates from the summit, stick with Sentifi.
BRICS Econ: India reveals its goal to corner Pakistan during the BRICS Summit
India set its sight on rally the international community against Pakistan after a series of deadly cross-border attacks. Other than that, the members planned robust growth strategy for the economy after the G20 reached a consensus recently that BRICS’ participation in global economic governance will grow.
NK Rosneft’ PAO: Acquires 98 percent stake in India’s Essar Oil
Rosneft, commodities trading house Trafigura and private group United Capital Partners have acquired 98 percent stake in Essar Oil for $12.9 billion. The deal sparked a debate whether it is compliant with the economic sanctions that the U.S. government imposed on Russian entities over Russia’s role in the Ukraine crisis. Moreover, the deal is India’s largest foreign acquisition and Russia’s largest outbound deal.
ZTO Express: Plans an $1.3 billion IPO
The logistics campany’s IPO will be the biggest U.S. debut for a Chinese company since Alibaba. It plans to sell 72.1 million shares at $16.50 to $18.50 each. But observers are raising some doubts due to a huge contrast between the fat profits announced in the company’s IPO prospectus and China’s highly competitive parcel delivery sector.
EUR: Plays catch-up with Brexit fears
The British pound and the threat of a hard Brexit are pounding on the euro. The divorce between the U.K. and the EU is expected to pose a long-term, existential threat to the EU and the euro. Coupling that with the fact that the Italian constitutional referendum is taking place in December and there will also be five elections in core countries in 2017, analysts fear that a hard Brexit will take a bigger toll on the EU if the leaders are too brazen and petty in their negotiations.
Time Warner Inc.: Is expected to beat Wall Street expectations
Several analysts are confident the company will beat their expectations for the quarterly earnings thanks to cross-platform distribution that maximizes penetration of target market. The company is also praised for having a strong vision for the future and for being preparing for change.
Goldman Sachs: Wins the long-running legal battle against Libya’s sovereign fund
The $67 billion Libyan Investment Authority (LIA) paid the bank $1.2 billion to invest in nine equity derivatives trades, which turned out to be worthless. Goldman in return argued “an unforeseen financial depression” caused the losses, a simple case of “buyer’s remorse.” The LIA accused Goldman of wining and dining its employees, plying them with gifts, among other things, to sway the group into making the investment. Unfortunately, the judge said the LIA exaggerated the naivety of its staff.
Crown Resorts: Shares plunge 13 percent
Shares of the Australian casino company plunged after it admitted that the Chinese authorities had detained 18 of its employees for unknown reason. The company has been actively promoting itself it attract business from mega-rich Chinese gamblers, who are likely to illegally move capital out of China via casinos. Many speculate that China detained those employees as part of an effort of cracking down on attempts of moving money out of China.
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