One of India's largest business groups has agreed to buy Holcim Ltd.'s cement business in India, in a $10.5 billion deal that is biggest ever acquisition in the country's infrastructure and materials industry.
The Adani Group will buy Switzerland-based Holcim's stake in Indian listed companies Ambuja Cements Ltd. and ACC Ltd., which will make Adani India's second-largest cement maker, Adani Group said Sunday.
Valneva Shares Plunge on EU Intention to Scrap Covid-19 Vaccine Contract
Shares in Valneva SE plummeted Monday morning after the European Union gave notice that it wants to terminate an advance purchase agreement for the French pharmaceutical company's Covid-19 vaccine.
At 0712 GMT, shares in Valneva were down 21% at EUR9.47.
Eurozone Trade Deficit Extends to March on Costly Energy Imports
The eurozone posted a trade deficit for the fifth straight month in March as the surge in energy prices amid the war in Ukraine caused a rise in the value of imports, data from the European Union's statistics agency showed Monday.
The eurozone's trade deficit in goods--the difference between exports and imports--stood at 16.4 billion euros ($17.08 billion) in March, compared with a EUR22.5 billion surplus a year earlier, Eurostat said.
Vodacom Group FY 2022 Boosted by Resilient South African Performance
Vodacom Group Ltd. on Monday reported a 3.5% rise in fiscal 2022 net profit on revenue that also rose, supported by a resilient performance in South Africa.
The South Africa-based telecommunications company, which is majority owned by Vodafone Group PLC, made a net profit for the year ended March 31 of 17.16 billion South African rand ($1.06 billion) compared with ZAR16.58 billion for the comparable period a year earlier.
Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices
DUBAI-Saudi Arabia's national oil company said Sunday that its net income rose more than 80% to record highs in the first quarter of the year, a surge that shows how some of the world's biggest state-owned energy producers are benefitting from a price boom accelerated by Russia's invasion of Ukraine.
Saudi Arabian Oil Co., known as Aramco, said its quarterly profit swelled to $39.5 billion in the quarter, a period during which Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices, instead sticking by an agreement with Russia to only marginally increase output.
Finland Plans Next Step in NATO Bid as Ukraine Mounts Counteroffensive Near Key Eastern City
KYIV, Ukraine-Finland said Sunday it would seek parliamentary approval to join NATO as Kyiv's forces began a counteroffensive toward the eastern city of Izyum, which Ukrainian officials said was aimed at disrupting Russian supply lines into the Donbas region.
Finnish President Sauli Niinistö said the government would apply for membership in the North Atlantic Treaty Organization subject to approval by parliament, which is widely expected, in the coming days.
Russian Invasion Intensifies Role of New U.S.-EU Tech Council
A new forum for the U.S. and European Union to settle differences on trade and technology policy has taken on added significance following Russia's invasion of Ukraine, with supporters positioning it as a model for broader cooperation among free-market democracies.
Ukraine Launches Counteroffensive to Disrupt Russian Supply Lines
KYIV, Ukraine-Ukraine began a counteroffensive toward the eastern city of Izyum aimed at disrupting Russian supply lines into the Donbas region, officials said, as Ukrainian forces continued clearing villages north of Kharkiv and Russian President Vladimir Putin warned his Finnish counterpart that joining NATO would risk damaging relations with Moscow.
Why It's So Hard to Keep Russian Diamonds and Gold Out of the U.S. Despite Sanctions
Russian gold and diamonds could still be sold in the U.S. despite being sanctioned, lawmakers and industry participants say, unless companies and governments tighten their controls.
In theory, U.S. and European sanctions have outlawed the sale of gold and diamonds from Russia. In practice, Russian gems and precious metals are likely still entering Western markets, these people say, often via a hard-to-police global web of middlemen.
Nations Aim to Secure Supply Chains by Turning Offshoring Into 'Friend-Shoring'
WASHINGTON-As war and the pandemic expose the fragility of supply chains, the U.S. and its allies are pursuing a new kind of global trade, one that confines commerce to a circle of trusted nations. Fans call the shift "friend-shoring."
The new strategy is a departure from economic globalization of recent decades, when businesses bought and made products where costs were low and free-trade policies made moving goods around the world cheaper and faster.
Yellen Seeks to Win European Support for a Tax Deal Congress Hasn't Approved
WASHINGTON-Treasury Secretary Janet Yellen wants to clinch the European Union's approval of a global minimum tax on the profits of large corporations, hoping to smooth out Poland's objections to approving the plan in meetings next week.
But the larger threat to the agreement's future may rest closer to home, in Congress, which hasn't yet approved the plan Ms. Yellen negotiated.
UK Housing Market Sentiment Is Positive Despite Stabilization Signs
The U.K. housing market showed signs of stabilizing in April following two years of frenzied activity, however buyer and seller confidence remained high, according to new data from OnTheMarket PLC.
Measuring more than 120,000 consumer responses, the property sentiment index found around 76% of active buyers and 82% of sellers were confident they would carry out a property transaction within the next three months, in line with figures reported in February and March, the online property portal said.
Somalia's Parliament Picks Former Leader, Hassan Sheikh Mohamud, as President
Somalia's lawmakers voted Sunday to bring back a former leader, Hassan Sheikh Mohamud, and oust President Mohamed Abdullahi Mohamed, whose attempts to delay elections and remain in office beyond his term alienated the U.S. and other Western countries.
Mr. Mohamud's election to a four-year term comes as Somalia, which sits on the tip of East Africa, faces profound threats poorly addressed by the country's divided leaders. Al-Shabaab, the local al Qaeda affiliate, has gained ground in rural areas of Somalia and carried out devastating attacks in Mogadishu, the capital. The country is experiencing drought that has left some six million people facing acute food insecurity and 1.4 million children under the age of five with acute malnutrition, according to the United Nations.
Lebanon Votes for New Government in First Election Since Economic Collapse
BEIRUT-Lebanese voted Sunday to choose a new government in the country's first parliamentary election since the onset of a once-in-a-century economic collapse and since the deadly 2020 Beirut port explosion sparked widespread demands for accountability from those in power.
The stakes are high for the tiny Middle Eastern country. A new government must negotiate an urgent economic rescue package with international donors and institutions, while navigating a deeply divided political system.
U.A.E. Names Mohammed bin Zayed as New Leader Following His Half-Brother's Death
The United Arab Emirates named Mohammed bin Zayed al Nahyan as its new president following the death of his half-brother, elevating the Abu Dhabi crown prince after nearly a decade as de-facto ruler of the U.S. partner.
The leadership change is likely to have few short-term political or economic implications for the U.A.E., as Sheikh Mohammed for years has steered the country's domestic and foreign policy, alongside a cadre of powerful brothers and other leaders of the federation.
Israeli Police Launch Probe Into Melee at Shireen Abu Akleh's Funeral
TEL AVIV-Israeli police launched an investigation into a violent melee that took place before the funeral of a prominent Palestinian-American journalist, amid growing international condemnation of officers who fought with casket bearers trying to march to a Jerusalem church.
Israeli officials have said officers who struck pallbearers Friday were seeking to carry out a plan agreed upon with the family of Shireen Abu Akleh, the 51-year-old Al Jazeera journalist killed last week as she covered an Israeli military raid in the West Bank, to have the body transported in a vehicle.
Vodacom Group FY 2022 Boosted by Resilient South African Performance
Vodacom Group Ltd. on Monday reported a 3.5% rise in fiscal 2022 net profit on revenue that also rose, supported by a resilient performance in South Africa.
The South Africa-based telecommunications company, which is majority owned by Vodafone Group PLC, made a net profit for the year ended March 31 of 17.16 billion South African rand ($1.06 billion) compared with ZAR16.58 billion for the comparable period a year earlier.
Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices
DUBAI-Saudi Arabia's national oil company said Sunday that its net income rose more than 80% to record highs in the first quarter of the year, a surge that shows how some of the world's biggest state-owned energy producers are benefitting from a price boom accelerated by Russia's invasion of Ukraine.
Saudi Arabian Oil Co., known as Aramco, said its quarterly profit swelled to $39.5 billion in the quarter, a period during which Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices, instead sticking by an agreement with Russia to only marginally increase output.
Finland Plans Next Step in NATO Bid as Ukraine Mounts Counteroffensive Near Key Eastern City
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05-16-22 0546ET
