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Foster Wheeler
12 июля, 15:00

Frontrunning: July 12

Yellen to Address Interest Rates, Balance Sheet (WSJ) Stocks Rebound as Dollar Dips on Trump Revelations (BBG) Trump Jr.'s Russia emails could trigger probe under election law (Reuters) Trump Jr. Emails Fan the Flames of Russia Probe (WSJ) Trump’s Credibility Dealt Blow by His Son’s Emails (BBG) Kremlin 'has nothing to do' with Russian lawyer who contacted Trump's team (Reuters) Google Pays Professors to Boost Washington Influence (WSJ) Senators Explore Bipartisan ‘Plan B’ for Troubled GOP Health Bill (BBG) GOP Drops Tax Cuts for the Wealthy in Revised Health Bill  (BBG) Giant iceberg breaks off Antarctica (Reuters)  Mexico Oil Privatization Pays Off With Billion-Barrel Find (BBG) What Did Sheldon Adelson Get for His $200 Million? (BBG) Wray to Face Tough Questions in Hearing to Become FBI Chief (WSJ) China sends troops to open first overseas military base in Djibouti (Reuters) Venezuela’s Golden Boy Is Out of Jail. That May Be a Problem (BBG) Hotel Money Is Funding Anti-Airbnb Sting Operations (BBG) Miners Dig High to Hunt for the Most Valuable Diamonds (WSJ) Wal-Mart Will Punish Its Suppliers for Delivering Late — or Early (BBG) Trump Targets Local Tax Write-Off, But May Hit House Republicans (BBG) Paul Singer Could Finally Get Warren Buffett to Punch Back (BBG) One Game Warren Buffett Doesn’t Play: Chicken (WSJ) This Bartender Turned His Dining Room Into a Walk-In Liquor Closet (BBG)   Overnight Media Digest WSJ - Paul Singer's Elliott Management is working on a rival offer that could put pressure on Berkshire Hathaway to raise its $9 billion bid last week for bankrupt Energy Future Holdings. on.wsj.com/2t2m0BR - U.S. President's eldest son and senior campaign aides attended a meeting last year to discuss allegedly incriminating information about Hillary Clinton they were told was being offered by the Russian government in support of Donald Trump's candidacy, according to emails Donald Trump Jr released Tuesday. on.wsj.com/2t2wuBb - Senate Majority Leader Mitch McConnell, ratcheting up the pressure on fellow Republicans, set a vote on the GOP health-care bill for next week and delayed the chamber's August recess to give the party time to seek other legislative wins, even if the health plan stalls. on.wsj.com/2t2yhWR - North Korea's recently tested long-range missile might not be able to survive the intense heat and vibration of re-entering the atmosphere, said South Korea's intelligence agency. on.wsj.com/2t2Ct95 - Twitter Inc tapped former Goldman Sachs and Intuit executive Ned Segal to be its new finance chief, as it addresses a list of vacancies created at the social-messaging company over the past year. on.wsj.com/2t2mk3x - Federal Reserve Chairwoman Janet Yellen heads to Capitol Hill on Wednesday to address the House Financial Services Committee in her twice-yearly Humphrey Hawkins testimony and to take questions from lawmakers. on.wsj.com/2t2uBnR   NYT - Takata Corp has added a further 2.7 million airbags to the nation's largest automobile industry recall after a new hazard was detected in testing. nyti.ms/2ugWid9 - Pearson PLC is raising about $1 billion by selling almost half of its 47 percent stake in Penguin Random House. nyti.ms/2ugQQqB - Makers of cardiac defibrillators, insulin pumps, breast implants and other medical devices might be able to delay reporting dangerous malfunctions to the Food and Drug Administration under an agreement heading for a vote in Congress. nyti.ms/2tGWDUV - The United Auto Workers said a petition for a union election had been filed by employees at a Nissan plant in Mississippi with more than 6,000 workers. They asked for a vote within a month. nyti.ms/2tHdHKp - A coalition of American states, cities, businesses and investors are moving to uphold the United States' commitments under the Paris deal. nyti.ms/2tGTLr4   Canada The Globe and Mail ** Wildfires in British Columbia have forced the shutdown of several forestry operations in areas near the blazes, adding further uncertainty to an industry already hit by U.S. duties on Canadian softwood lumber. tgam.ca/2u3t291 ** The chairman of Swiss banking giant UBS AG is throwing his support behind Canada's plans to create a federal infrastructure bank, saying aspects of the plan could provide a "blue-print" for financing global investments. tgam.ca/2uhElLb ** Ottawa-based investment bank Sampford Advisors is expanding and hoping it can make a dent in the competitive Toronto market for mergers and acquisitions (M&A) advice. Sampford recently opened a Toronto office and is targeting private technology deals in the $10-million to $100-million range. tgam.ca/2t2Rd82National Post ** British Columbia wildfires are hurting the province's resource industry, forcing the closure of lumber mills, disrupting mining operations and threatening a natural gas pipeline. bit.ly/2sP0pIO ** Low fuel costs and a strengthening Canadian dollar are proving to be tailwinds for Canadian airlines, leading analysts to boost their earnings estimates ahead of next month’s quarterly results. bit.ly/2sP0CM6 (   Britain The Times *Pearson Plc has offloaded almost half of its holding in Penguin Random House in a complex transaction that means that the publisher can return 300 million pounds ($385.53 million) cash to shareholders. (bit.ly/2ufJmnF) *HSBC Holdings Plc has said that France's plans to loosen its employment rules make relocating there more attractive. (bit.ly/2tKYaHV) The Guardian *Britain's economy will lose momentum both this year and next as the squeeze on living standards caused by higher inflation outweighs the benefits for exports of a cheaper pound, Standard & Poor's has predicted. (bit.ly/2uMPa5e) *Lloyds Bank is to radically change the way it charges for overdrafts on its 20 million accounts, including those at Halifax and Bank of Scotland, in a move it claims will leave most customers better off – although one in 10 could pay significantly more. (bit.ly/2uOWv4c) The Telegraph *Discount fashion chain Store Twenty One, has gone into liquidation, resulting in the loss of 900 jobs. (bit.ly/2sNT3Fq) *Amec Foster Wheeler Plc is being investigated by the Serious Fraud Office over its dealings with Unaoil over possible bribery and corruption through payments to middlemen. (bit.ly/2u6qjvF) Sky News *Jamie Dimon, the chief executive of JP Morgan Chase & Co , says the scale of the bank's operations in London can effectively be decided by the EU after Brexit. (bit.ly/2uOF57T) *Marks & Spencer Group Plc Chief Executive Steve Rowe said his turnaround plan for the retailer was on track as its sales decline slowed in the first quarter and it scaled back discounting and end-of-season offers. (bit.ly/2tDm8Gr) The Independent *French bank Societe Generale could move 400 banking jobs from London to Paris as a result of Brexit, chief executive Frederic Oudea has said. (ind.pn/2t0HbnP) *German discount supermarket chain Aldi is creating 4,000 new jobs in the UK, a move that will deal a sharp blow to some of the UK's biggest retailers who have suffered from fierce competition for market share. (ind.pn/2tIWdLW)

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05 июня, 17:23

«Нефтехимсервис» приступил к строительству установки для производства высокооктанового бензина

Торжественная церемония, посвященная этому событию прошла 1 июня 2017 г.На строительной площадке Яйского нефтеперерабатывающего завода в Кемеровской области была забита первая свая в основание комплекса по переработке прямогонного бензина УК-1 (установка комбинированная-1).В строительстве комплекса будет занято около 1000 человек. В ходе работ строителям предстоит смонтировать 12 тыс т металлоконструкций и залить более 40 тыс м3 бетона.Всего УК-1 будет производить более 700 тыс т/год высокооктанового бензина стандарта Евро-5.Комплекс по переработке прямогонного бензина будет включать установку по гидроочистке бензина, блок разделения бензина, изомеризации легкого бензина и риформинга с непрерывной регенерацией катализатора.В настоящее время идет контрактация основного технологического оборудования.Поставщиками оборудования выбраны UOP, Amec Foster Wheeler Italiana s.r.l, а так же российские предпр...

02 июня, 20:46

Aramco lets contract for Marjan expansion

Saudi Aramco has let contract to Amec Foster Wheeler for expansion of supergiant Marjan onshore and offshore field in Saudi Arabia’s Eastern Province.

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02 июня, 18:11

BP lets contract for Spanish refinery

BP PLC subsidiary BP Oil Espana SAU has let a contract to Amec Foster Wheeler PLC to provide services for a project to modernize a major unit at its 104,500-b/d refinery in Castellon, Spain.

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30 мая, 22:09

Lukoil lets contract for Sicilian refinery

Isab SRL, a subsidiary of PJSC Lukoil of Russia, has let a contract to Amec Foster Wheeler PLC to provide engineering services as part of a major turnaround of the 16 million-tonne/year Priolo refinery in Sicily’s eastern province of Syracuse.

25 мая, 13:15

Фондовые индексы Европы растут в четверг

Европейские фондовые индексы поднимаются в четверг в ожидании ключевого решения нефтедобывающих государств об ограничении производства нефти.

02 мая, 11:49

Новый нефтегазовый сервис

Британская Douglas—Westwood в своем новом исследовании сервисных услуг для мировой нефтегазовой промышленности The World Oilfield Services Market Forecast прогнозирует рост сектора с 178 млрд долларов (по итогам 2016 г.) до 252 млрд долларов к 2021 г. Напомним, что за последние два года сектор обвалился на 52% из-за падения нефтяных цен. В то время как ОПЕК координирует […]

25 апреля, 09:44

Компания AspenTech проводит международную отраслевую конференцию OPTIMIZE™ 2017

Aspen Technology, Inc. (NASDAQ: AZPN), лидер в области программного обеспечения для оптимизации производственных активов, с гордостью сообщает, что сегодня состоялось открытие международной отраслевой конференции OPTIMIZE™ 2017 в отеле The Marriott Marquis Houston, в штате Техас. В конференции OPTIMIZE™ 2017 принимают участие руководители и специалисты из более чем 45 стран и 250 компаний. На конференции будут обсуждаться передовые инновации, которые помогают компаниям сложных и капиталоемких отраслей промышленности обеспечить устойчивое конкурентное преимущество при максимальной эффективности на протяжении всего жизненного цикла производственных активов. Даниэль Кумбс (Daniel Coombs), исполнительный вице-президент по производству, проектам и технологиям для перерабатывающей промышленности компании LyondellBasell, доктор Габор Кенесси (Dr. Gabor Kenessey), генеральный директор по управлению цепями поставок компании Orpic, и Скотт У. Шори (Scott W. Shorey), директор по технологиям и бизнес-решениям компании Amec Foster Wheeler присоединились к Антонио Пьетри (Antonio Pietri), президенту и главному исполнительному директору компании AspenTech, а также Джошу Фредбергу (Josh Fredberg), исполнительному вице-президенту по продукции и маркетингу AspenTech на церемонии открытия этой международной конференции. Спикеры от компаний-заказчиков поделились мнениями о том, как инновации и технологии повышают операционную эффективность. Мировые отраслевые лидеры собираются в рамках конференции OPTIMIZE 2017 для того, чтобы обеспечить:Инновации с передовыми технологиями, которые максимально увеличивают время безотказной работы, и расширяют границы производительности. Взаимодействие с программным обеспечением, предназначенным для бесшовной интеграции в масштабах целого предприятия. Подъем производительности путем расширения охвата оптимизации благодаря сочетанию опыта в области моделирования производственного процесса и технологий Big Data для машинного обучения.В рамках международной конференции OPTIMIZE 2017, Alcoa, BASF, BP, Chevron, The Dow Chemical Company, ENI S.p.A, EQUATE Petrochemical, Evonik Industries, ExxonMobil, INVISTA, Marathon Petroleum, Momentive, Mitsubishi Chemical, SABIC, Saudi Aramco, Shell, Statoil, Sinopec, Perstorp, Valero и другие компании-заказчики представят более 100 исследований в области инженерии, производства и управления цепями поставок, а также проведут сессии и живые демонстрации на тему контроля производительности активов. Для получения актуальной информации о мероприятии, включая регистрацию, тематику основных докладов и отслеживания обновлений в программе конференции, посетите сайт OPTIMIZE 2017. Цитата по теме: Джош Фредберг (Josh Fredberg), исполнительный вице-президент по продукции и маркетингу компании AspenTech "В рамках международной отраслевой конференции OPTIMIZE 2017, AspenTech в очередной раз продемонстрирует свою приверженность в помощи лучшим компаниям стать еще лучше за счет оптимизации проектирования производственных активов и циклов эксплуатации и обслуживания в сложных промышленных средах. С нашим программным обеспечением мы будем продолжать обеспечивать успешную поддержку для предприятий капиталоемких отраслей промышленности с пониманием того, что производственные активы должны становиться быстрее, безопаснее, долговечнее и экологичнее." Ссылки по теме: OPTIMIZE 2017 AspenTech LinkedIn AspenTech Facebook AspenTech TwitterО конференции OPTIMIZE 2017 Международная конференция OPTIMIZE 2017, которую организует и проводит компания AspenTech, является ведущей отраслевой конференцией по оптимизации производственных активов и операционной эффективности. Медиа-спонсоры, оказывающие информационную поддержку, включают Control Magazine, Hydrocarbon Processing и World Oil. О компании AspenTech Компания AspenTech - ведущий поставщик программного обеспечения для оптимизации производительности активов. Наши продукты разработаны для использования в сложных промышленных средах, где очень важную роль играет оптимизация проектирования производственных активов и циклов эксплуатации и обслуживания. AspenTech уникально сочетает десятилетия опыта в области моделирования производственного процесса с технологиями Big Data для машинного обучения. Наша цель - создание программной платформы для автоматизации работы с производственными данными и обеспечение устойчивого конкурентного преимущества, сохраняя высокую доходность за весь жизненный цикл актива. Как следствие, предприятия в капиталоемких отраслях промышленности могут максимально увеличить время безотказной работы и расширить границы производительности, модернизируя и делая свои активы быстрее, безопаснее, долговечнее и экологичнее. Чтобы узнать больше, посетите сайт AspenTech.com.(http://promrf.ru/text/100...)

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20 марта, 15:03

Frontrunning: March 20

Stock futures lower after G20 drops free-trade pledge (Reuters) U.K. to Trigger Brexit on March 29, May’s Spokesman Says (BBG) Comey to Testify on Hill About Russia, Wiretap Allegation (WSJ) Germany, Japan Push Trade Deal as Merkel Seeks Anti-Trump Allies (BBG) North Korea engine test may be prelude to partial ICBM flight (Reuters) Regulators Said to Weigh Appraisal Change That May Spur Lending (BBG) Gorsuch to restore conservative tilt to US court (FT) White House installs political aides at Cabinet agencies to be Trump’s eyes and ears (WaPo) Canada Committed to Lower Debt Ratio, Morneau Says Before Budget (BBG) Deputy to Uber CEO Abruptly Exits, Adding to Management Turmoil (WSJ) Almost half of Canadians want illegal border crossers deported (Reuters) Deutsche Bank Says Revenue to Stay ‘Broadly Flat’ This Year (BBG) What’s Attacking the Web? A Security Camera in a Colorado Laundroma (WSJ) French financial prosecutor's office evacuateda (Reuters) A Six-Figure Income May Not Shield You From a Shock (BBG) It’s Good to Be a CEO, Again: Stocks Rise, and So Does Pay (WSJ) Norway unseats Denmark as world's happiest country (Reuters) Rent or Buy in New York? Compare the Costs (BBG) No plans for early election, says UK PM May's spokesman (Reuters) Visco Says ECB Could Shorten Break Between QE Exit And Rate Hike (BBG) China says preparatory work for Xi-Trump meeting has begun (Reuters) Polls in Austria show erosion of far-right Freedom Party's lead (Reuters)   Overnight Media Digest WSJ - Uber Technologies Inc said a prominent retail executive it hired as president just six months ago is leaving, the most senior in a string of executive departures as the ride-hailing giant reels from an escalating series of controversies. http://on.wsj.com/2mjaMFD - Pay raises are back in style in the corner office, wiping out cuts from a year earlier and pushing CEO compensation to new highs amid a surging stock market. http://on.wsj.com/2mjaLBo - Walt Disney Co's "Beauty and the Beast" was a monster at the box office this weekend, opening to $170 million from Thursday night through Sunday in the U.S. and Canada, according to studio estimates. http://on.wsj.com/2mjbsuO - Freeport-McMoRan Inc's standoff with Indonesia over the giant Grasberg copper and gold mine is entering a new phase, as the company scales back operations while trying to force a resolution to the dispute. http://on.wsj.com/2mjhMT0 - Music mogul Irving Azoff and a business partner, Tim Leiweke, recently purchased Venues Today, and are in talks to buy Pollstar, people familiar with the matter said. Both outlets cover the live-music business. http://on.wsj.com/2mj8l5N - Canadian mining company Dominion Diamond Corp received a $1.1 billion bid from a privately held conglomerate in Montana, but the two sides are at a negotiating impasse, setting the stage for a public takeover fight. http://on.wsj.com/2mj6Bd7 - The Italian government on Saturday made a series of nominations for the top management of large listed companies it controls, including confirming the chief executive of oil major Eni SpA for a second three-year term. http://on.wsj.com/2mj8sOL - Apple Inc's Chief Executive Tim Cook defended globalization in a rare public speech in China, as his company faces political pressure in the U.S. to bring back factories. http://on.wsj.com/2mjaJcU   FT British Prime Minister Theresa May will begin her tour of the UK in order to unite the country before she enters formal Brexit negotiations by the end of the month. The UK defence ministry has said it is in talks with Germany to sign a new defence co-operation agreement after the country launches Brexit. SNC-Lavalin of Canada and UK's Petrofac Ltd are eyeing John Wood Group Plc and Amec Foster Wheeler Plc for picking up assets and contracts. The Children's Investment Fund wrote a letter to Safran SA's board in a push to its campaign to block Safran's takeover bid for Zodiac Aerospace SA .   NYT - Jeff Jones, Uber's president of ride sharing, has left the company after just six months, Uber said on Sunday. In addition, Brian McClendon, Vice-President of maps and business platform at Uber, also plans to leave at the end of the month. http://nyti.ms/2mKP2hX - German officials included the offices of both Volkswagen's chief executive and the head of the Audi division when they raided company premises last week as part of an investigation into emissions fraud, according to a copy of the search warrant. http://nyti.ms/2nqd7hJ - A senior Chinese official on Sunday defended his country's push for greater self-sufficiency in computer chips, electric cars and other industries, calling it a necessary strategy in the face of Western countries' controls of certain high-tech gear. http://nyti.ms/2nqmXQM   Britain The Times * A senior director of MI5, Jeremy Fleming, is coming out of the shadows to become the new head of intelligence eavesdropping service GCHQ. http://bit.ly/2mKzkn2 * Shareholders could win the legal right to block excessive pay deals for company bosses, as part of British Prime Minister Theresa May's attack on large executive pay. http://bit.ly/2mGtx0W The Guardian * Google executives are bracing for a two-pronged inquisition from the advertising industry and the government over the company's plans to stop ads being placed next to extremist material. http://bit.ly/2nB4kde * Former British ambassador to Washington, Peter Westmacott, has issued a withering criticism of U.S. President Donald Trump and his inner circle, accusing them of making absurd claims about UK's involvement in alleged wiretapping of Trump Tower that he warns could damage close ties between the two countries. http://bit.ly/2np3uQj The Telegraph * Billions of pounds' worth of water contracts will be awarded to utilities in the coming weeks ahead of the opening of the business supply market. The first major framework contract is expected to be awarded by Crown Commercial Services on behalf of UK's public sector which is understood to be worth between 800 million pounds to 900 million pounds. http://bit.ly/2mGqA0i * British housebuilder Crest Nicholson Holdings is facing an embarrassing investor backlash over generous share awards for its top executives as the government weighs radical reforms to rein in excessive pay. http://bit.ly/2n58Sr3 Sky News * A man named David Hempseed has been charged after a member of staff at a NatWest bank in Birmingham was held hostage, police say. http://bit.ly/2nTvmZt * Scottish First Minister Nicola Sturgeon has insisted to a rapturous crowd at her party's conference that "there will be an independence referendum". http://bit.ly/2nTxJvu The Independent * Theresa May is expected to visit Wales this week as she commences a tour of the devolved nations ahead of triggering Article 50 within the next fortnight. http://ind.pn/2mY9cWP  

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20 марта, 08:52

Wood Group to buy Amec Foster Wheeler for $2.7 billion

Wood Group PLC has agreed to acquire the entire issued and to be issued share capital of fellow oil field services firm Amec Foster Wheeler PLC in a deal valued at $2.7 billion.

17 марта, 13:47

Quiet Start To Quad-Witching St. Paddy's Day: Futures Flat, Global Stocks Mixed

A quiet start to today's quad-witching St. Patrick's day, with European stocks mixed, Asian shares and U.S. index futures (-0.1%) little changed ahead of industrial production data with just Tiffany's set to report earnings. Emerging markets headed toward the best week in eight months even as the global equities rally spurred by the Federal Reserve’s outlook lost momentum. The lack of a more hawkish tone in the FOMC's statement meant the dollar was poised for its biggest weekly loss since February. As Bloomberg observes, markets from Malaysia to Turkey climbed, while Jakarta’s benchmark touched a record before erasing gains. Shares in Tokyo dropped weighing down the MSCI Asia Pacific Index after it posted its biggest gain since November. Chinese stocks slipped 1 percent as investors sought more evidence of a sustainable economic recovery, but indexes were set for a 1 percent increase for the week. Hong Kong's Hang Seng index touched its highest level since August 2015 on Friday. While up only marginally on the day, it was on track for a 3.2 percent gain for the week, its biggest since September. The MSCI Emerging Markets Index rose 0.2 percent, bringing its rally for the week to 4.2 percent, far outpacing a 1.3 percent advance for the MSCI All-Country World Index. European shares opened lower although have since rebounded into the green, while futures on the S&P 500 Index retreated some more following Thursday's modest decline, after climbing to within 0.5% of an all-time high. The Bloomberg Dollar Spot Index was little changed after a two-day loss, while Treasuries recovered some of the previous day’s declines. "The story in global markets over the past 24 hours has centered on a broad-based tightening of monetary policy conditions (and the perception of future tightening)," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note. Global stocks are on course for the best week since January in a week full of central bank announcements but none more improtant thatn the Fed raising its benchmark lending rate a quarter point without accelerating the timetable for future hikes, a move which according to Goldman and RBC was misinterpreted by a market which no longer believes that the Fed could possibly do anything to harm equities according to SocGen' Albert Edwards. “A less hawkish monetary policy in the U.S. is more likely to push assets outside of the U.S. into higher-risk, higher-return markets,” James Woods, a Sydney-based investment analyst at Rivkin Securities, said in a phone interview. “A weaker dollar is supportive of those emerging markets generally. I’m not sure whether its going to be long-lived though. People are going to get back to focusing on the next Fed hike, and also Trump’s policies which would be dollar supportive.” The Stoxx Europe 600 Index was unchanged in early trading, holding on to a modest weekly gain after reaching the highest closing level since December 2015 on Thursday. The MSCI Asia Pacific Index retreated 0.2 percent, after closing Thursday at the highest since June 2015. Japan’s Topix fell 0.4 percent, capping its biggest weekly decline in more than a month. The MSCI Emerging Markets Index rose 0.2 percent, bringing its rally for the week to 4.2 percent, far outpacing a 1.3 percent advance for the MSCI All-Country World Index. The Jakarta Composite Index gained as much as 0.7 percent to a record before erasing gains. India’s Sensex Index climbed 0.3 percent, taking its gains for a holiday-shortened week to 2.6 percent. South Korea’s Kospi and Taiwan’s Taiex jumped 0.7 percent. Hong Kong’s Hang Seng and the Hang Seng China Enterprises Index were little changed after soaring the most since May on Thursday. Futures on the S&P 500 slipped 0.1 percent, after the benchmark gauge fell 0.2 percent Thursday. MSCI's all-country world stock index held near Thursday's all-time high on Friday, on track to end the week 1 percent higher. The pound was unchanged on Friday after strengthening Thursday as some Bank of England policy makers said they may not be far behind Kristin Forbes who’s leaning toward raising interest rates. The dollar index, which tracks the greenback against a basket of six trade-weighted peers, retreated 0.2 percent to 100.18. It hit a five-week low on Thursday, and is down 1 percent for the week. The dollar was steady at 113.32 yen but is on track to post a 1.2 percent loss for the week. Meanwhile, the fascination with volatility remains, as it continues to retreat after the central bank policy decisions, while at the same time, the defeat in this week’s Dutch elections of anti-immigration candidate Geert Wilders is being seen as a blow to populist political leaders, easing concerns ahead of French elections. A gauge of volatility on the Euro Stoxx 50 Index plunged 26 percent on Thursday, the most on record.  “Volatility is scarily low and there’s just a lot of complacency out there,” James Audiss, a senior wealth manager at Shaw and Partners in Sydney, said in a phone interview. “After we get through the big macro events with governments and elections, we have to start to look to corporate earnings. That’s where it becomes not so much a systemic stock market move as stock selection.” In commodities, U.S. and Brent crude held above a 3-1/2-month low breached early this week, supported by a weaker dollar. Gold was up slightly at $1,228 an ounce. It was poised to gain 1.8 percent for the week, its first in three, driven by the Fed's more moderate monetary policy stance. * * * Market Snapshot S&P 500 futures down 0.1% to 2,378.00 STOXX Europe 600 up 0.02% to 377.81 MXAP down 0.2% to 147.85 MXAPJ up 0.3% to 478.99 Nikkei down 0.4% to 19,521.59 Topix down 0.4% to 1,565.85 Hang Seng Index up 0.09% to 24,309.93 Shanghai Composite down 1% to 3,237.45 Sensex up 0.3% to 29,682.41 Australia S&P/ASX 200 up 0.2% to 5,799.65 Kospi up 0.7% to 2,164.58 German 10Y yield rose 1.8 bps to 0.466% Euro down 0.01% to 1.0765 per US$ Brent Futures down 0.04% to $51.72/bbl Italian 10Y yield rose 6.4 bps to 2.366% Spanish 10Y yield rose 3.5 bps to 1.934% Brent Futures down 0.04% to $51.72/bbl Gold spot up 0.1% to $1,228.05 U.S. Dollar Index down 0.08% to 100.28 Top Overnight News Airbus Probed by French Authorities as U.K. Fraud Case Widens Amazon Seeks Nod to Invest, Partner in India Food Supply Chain Amec Foster Wheeler Wins Share of $950m U.S. Air Force Contract AstraZeneca Says FDA Issues Response for ZS-9 in Hyperkalaemia Morgan Stanley Veteran Wong Said to Leave to Help Set Up PE Fund Trump Adviser Gary Cohn Said to Sell Stake in China’s ICBC: NYT Apple Plans R&D Centers in China’s Shanghai and Suzhou Freeport Indonesia Axes About 2,100 Workers as Talks Continue Cerro Verde Says Union Could Start Indefinite Strike March 24 U.K. Pulls YouTube Adverts, Summons Google Over Content: Times In Asian markets equities traded mixed, following a weak lead on Wall St. with markets relatively calm following a tumultuous 2 weeks packed with key risk events and ahead of quadruple witching. ASX 200 (+0.2%) was buoyed by gold names as the precious metal held on to most of its post-FOMC gains, while strength in the largest weighted sector financials further underpinned the index. Nikkei 225 (-0.3%) lagged as USD/JPY languished, while Shanghai Comp. (-1.0%) and Hang Seng (flat) were mixed with the mainland underperforming after the PBoC conducted a net weekly drain of CNY 120bIn. 10yr JGBs were flat despite weakness in riskier Japanese assets, while a mixed enhanced-liquidity auction for 2yr, 5yr, 10yr and 20yr JGBs also failed to spur demand. The PBoC injected CNY 20bIn in 7-day reverse repos, CNY 20bIn in 14-day reverse repos and CNY 20bIn in 28-day reverse repos, for a net weekly drain of CNY 120bIn vs. CNY 110bIn net drain last week. In European bourses, price action has been similarly uneventful as the week closes, with major indices failing to find a firm direction as participants keep one eye on the quadruple witching throughout the day. The FTSE has managed to hold near yesterday's fresh all time highs, despite miners seeing some profit taking in the wake of recent strength. The softness in miners has been offset by the likes of Berkeley, who led the index at the open after their pre-market earnings. Yields continue to climb in the fixed income space, with bund prices lower today by around 50 ticks after the Nowotny comments yesterday. Elsewhere, Greek yields also continue to climb after yesterday's commentary from an EU official suggesting it is likely the bailout review will be completed by early April. In currencies, the Bloomberg Dollar Spot Index added less than 0.1 percent, after dropping 0.2 percent on Thursday on top of a 1.3 percent post-FOMC drop. The gauge is down 1.2 percent for the week, the most since the period ended Feb. 3. The yen was little changed at 113.25 per dollar, paring its biggest weekly gain in more than a month. The pound rose 0.2%, rebounding just shy of $1.24. The currency is up 1.6 percent for the week, its biggest gain since January. The euro was little changed at $1.0769, bringing its advance for the week to 0.9 percent, following yesterday's hint by Nowotny that rate hikes in Europe may be coming. The USD continues to struggle this morning — this in spite of US Treasury yields balancing out after the sell off post FOMC. Both the EUR and GBP are still gaining ground against the greenback this morning, and both from an interest rate perspective, where yesterday's MPC conclusion revealed the majority of the BoE see a case for a rate hike sooner on the timeline. This came alongside the dissenting Forbes who voted for a hike this time around, though tempered by the fact that she leaves the committee in Jun. Cable has pushed higher today to test the stronger resistance levels seen ahead of 1.2400, but has held for now. EUR/GBP was testing support ahead of 0.8650 late yesterday before the ECB's Nowotny hit the newswires with hints towards a rate move ahead of tapering — distinguishing their exit strategy to that of the US. The cross rate turned tail to reclaim 0.8700, but has topped out ahead of 0.8750 before moving lower again. This has come in tandem with a EUR/USD move towards 1.0800, but selling intensifies the closer we get to this level. In commodities, oil rose 0.2 percent to $48.84, heading toward its first weekly gain in three weeks thanks to a surge on Wednesday. Gold added 0.1 percent after a two-day gain, trading at $1,228.33 an ounce and poised for a 2 percent increase for the week. Oil prices have recovered courtesy of the latest inventory data from API, perhaps less so the DoE. Saudi Arabia have also alluded to a potential extension to production cuts beyond June, but this will be cause for consolidation more than anything else, and it is now surprise to see WTI struggling to get back into the $50-55 range — currently just under $49.00. The moderate retracement in the USD has also been supportive, as it has across the commodity spectrum, with the impact on base metals positive along with some fresh optimism over demand. Supply issues have also aided Copper and Zinc price, but levels still comfortably off the recent highs seen. Gold continues to track the USD, and with a tighter correlation in Treasuries, USD/JPY has been a good indicator, with some calls for a move back to $1250.00. Looking at the day ahead in the US we’ll get the February industrial and manufacturing production prints for February where the consensus is for +0.2% mom and +0.5% mom respectively. The conference board’s leading index for February is also due along with the first estimate of the March University of Michigan consumer sentiment print. It’s worth noting that over the weekend China will also release February property prices data. There are a couple of other things to highlight starting today. One is the G-20 finance ministers meeting which continues into tomorrow and the other is the Scottish National Party conference which also continues into tomorrow, where clearly most will be looking for further debate on a possible second referendum. US Event Calendar March 17-March 20: Labor Market Conditions Index Change, est. 2.5, prior 1.3 9:15am: Industrial Production MoM, est. 0.2%, prior -0.3%; Capacity Utilization, est. 75.5%, prior 75.3%; Manufacturing Production, est. 0.5%, prior 0.2% 10am: U. of Mich. Sentiment, est. 97, prior 96.3; Current Conditions, est. 111, prior 111.5; Expectations, est. 87.1, prior 86.5 U. of Mich. 1 Yr Inflation, prior 2.7%; 5-10 Yr Inflation, prior 2.5% 10am: Leading Index, est. 0.5%, prior 0.6% Jim Reid concludes the overnight wrap, with the announcement that his wife is expecting twin boys What have Amal Clooney, Beyoncé and my wife got in common? Please don't spill your coffee when reading the following but shock of all shocks they are all expecting twins. We had our 12 week scan yesterday - which I just managed to get back in time for after storm Stella delayed me - and it all went well. Ours are identical which are a 1 in 300 occurrence, and totally hit us for six when we found out a few weeks ago. I knew nothing about twins beforehand but apparently identical ones are totally random across age, region, religion and family history. There are absolutely no clues to their likelihood. Indeed given our age and a long time trying we thought Maisie was a miracle. What this qualifies as we've no idea. However poor Trudi has been suffering from extreme morning sickness for the last 2 months and has been on medication to help combat it. Apparently it's twice the hormones with twins and can be twice the sickness. Homelife has been a bit of a nightmare over this period and I've had to step up to the plate a lot and also get care for poor Maisie. She is still sick and exhausted but is slowly getting slightly better. So please feel for her growing two replicas of us inside of her. Also it being twins and our geriatric age (combined 87 years old around delivery... and I'm the toy boy!) make it a risky pregnancy so hopefully everyone will have their fingers crossed for us. To build some suspense there will be a gender reveal in today's PDF. I've no idea how gender reveal parties have caught on in recent years but luckily I've avoided going to all I've been invited to. All you have to do is open the PDF for all to be made apparent. Oh and I'm sure there are some twins or parents of twins out there reading this. Any advice will be gratefully received - especially with identicals. It's fair to say we're still in shock. We certainly don't know how to tell poor Bronte!! Talking of sickness, tracking bond yields over the last 36 hours has left you in danger of experiencing quite bad motion sickness as Wednesday night's fierce rally partly and suddenly reversed yesterday. 10y Treasury yields rose +4.7bps to 2.541% and in doing so reversed just under 50% of the post Fed move. 2y yields also darted back up +3.3bps to 1.334% and unwound a similar percentage of the prior day rally. I had a lot of clients email me yesterday wondering why bonds should have rallied so much in the first place when the Fed had hinted that they could let inflation run symmetrically around their target which might mean a period where's it's allowed to run a little hot. The relatively dovish dots seemed to dominate activity Wednesday night but perhaps there was some acknowledgment yesterday that this actually could mean 10 year yields should rise not fall. Anyway there are many ways of interpreting the Fed and at the moment yields are still notably lower than before the decision. That said in Europe bond markets yesterday did pretty much complete the post Fed u-turn. 10y Bund yields backed up +3.4bps to finish at 0.443%, yields in the periphery were up to +6.7bps higher while similar maturity Dutch yields were +2.6bps higher at 0.683%. Indeed the biggest driver appeared to be that market-friendly Dutch election result and specifically the defeat for the populists, helping to lower expectations of a possible Le Pen shock in France. ECB board member Praet also spoke and sounded generally upbeat on European growth prospects although did still sound some caution on the inflation outlook. Later in the evening and after the European close the ECB’s Nowotny also caused a bit of a hawkish buzz after being quoted in the Handelsblatt saying that the ECB doesn’t necessarily need to follow the US model of completing QE before raising rates, and also that the ECB could raise the deposit rate before the main refinancing rate. We'll see the reaction in the front end this morning. The Euro spiked on Nowotny’s comments having traded flat for most of yesterday, closing up +0.30% versus the Dollar and it’s up a little bit more this morning at 1.078. Generally positive sentiment in Europe was reflected in a decent session for risk assets yesterday with the Stoxx 600 closing +0.70%, with European Banks +0.94% and to a new 15-month high. The iTraxx Main and Crossover indices were 2bps and 7bps tighter respectively. In contrast the S&P 500 (-0.16%) and Dow (-0.07%) both eased back, albeit very modestly with the S&P 500 still up about +0.30% versus the pre-Fed level. EM on the other hand surged again with the MSCI EM index up a bumper +2.09% and to the highest since July 2015. Meanwhile it’s worth highlighting that President Trump’s budget came and went without causing too much of a ripple. The President proposed steep cuts to a number of domestic departments to pay for higher military spending, amongst other things. Indeed much of the chatter is that Congress will almost certainly reject most of the proposals. House Speaker Paul Ryan confirmed that the budget request is part of a “long, ongoing” process. Overnight in Asia it’s been fairly quiet for the most part. Equity bourses are fairly mixed but moves have been modest with the Nikkei (-0.36%) and Shanghai Comp (-0.24%) a little softer but the Hang Seng (+0.28%), Kospi (+0.35%) and ASX (+0.37%) all slightly firmer. Rates and currencies are also fairly quiet while Oil and Gold are a little firmer. Staying in Asia, after China's mini tightening yesterday it was good timing from our chief economist Zhiwei Zhang who published a note looking at how the property bubble is getting bigger with policy behind the curve. Zhiwei thinks the root cause of this bubble is excessively loose monetary policy set to achieve growth above its potential. He thinks aggressive monetary tightening is unlikely in 2017 though and that the bubble might help the economy in the near term, partly through a large wealth effect for households as well the government. But it severely heightens macro risks, particularly for 2018-2020.  Talking of bubbles our asset allocation team published a note yesterday suggesting that US real yields are extremely misvalued if not actually in a bubble and are at levels comparable to those seen at the depths of the financial crisis. So after a week of a Fed hike and a mini Chinese one, here in the UK there was some surprise that BOE member Kirsten Forbes dissented from the rest of the committee yesterday and voted for a 25bp hike. She does leave the committee in the summer which perhaps downplays the move but the tone in the minutes were on the hawkish side notwithstanding the MPC acknowledging that wage inflation was "notably weaker" than the expectations from the Inflation Report in February. As DB's Mark Wall highlights, first there was a reference to "some members" (beyond Forbes) feeling that it would not take much upside relative to current growth and inflation expectations for an immediate tightening of policy to be warranted. Second, the MPC sees potential offsets against the baseline view that weaker consumption weakens GDP, for example, more supportive net trade. Mark's baseline view is for an indefinite hold on rates but yesterday's tone increases the risks of upcoming tightening. Away from the central banks, yesterday’s data was largely second tier by nature in the US. The most notable was perhaps the Philly Fed manufacturing index which declined a bit less than expected in March (32.8 vs. 30.0 expected; 43.3 in February) albeit with the index still at fairly elevated levels. The details also revealed a small uptick in new orders by 0.6pts to 38.6. Away from that housing starts were reported as rising +3.0% mom in February (vs. +1.4% expected) however permits fell -6.2% mom (vs. -1.9% expected). On the employment front initial jobless claims held steady at 241k while the BLS JOLTS report for January showed a small lift in the quits rate to 2.2% which matches the post-recession high from December 2015. The hiring rate rose to 3.7% from 3.6% and was the first increase since July. Finally the only notable data in Europe was the final February inflation report for the Euro area where headline CPI was confirmed at +0.4% mom and the YoY rate at +2.0%. There were no final revisions to the core either at +0.9% yoy. Away from that central bank decisions from Switzerland, Norway and Turkey saw benchmark rates left on hold. Looking at the day ahead it’s a fairly quiet end to the week for data in Europe this morning with Q4 wages data in France and the latest trade balance reading for the Euro area the only releases of note. In the US we’ll get the February industrial and manufacturing production prints for February where the consensus is for +0.2% mom and +0.5% mom respectively. The conference board’s leading index for February is also due along with the first estimate of the March University of Michigan consumer sentiment print. It’s worth noting that over the weekend China will also release February property prices data so it’ll be worth seeing if the data backs up our aforementioned economists’ view. There are a couple of other things to highlight starting today. One is the G-20 finance ministers meeting which continues into tomorrow and the other is the Scottish National Party conference which also continues into tomorrow, where clearly most will be looking for further debate on a possible second referendum. Meanwhile I'll still be walking round in a state of shock.

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17 марта, 00:27

Kuwait’s PIC lets contract for grassroots olefins-aromatics complex

State-owned Kuwait Petroleum Corp. (KPC) subsidiary Petrochemical Industries Co. KSC (PIC) has let a contract to Amec Foster Wheeler PLC for the integration project between PIC’s proposed grassroots Olefins III-Aromatics II complex and Kuwait National Petroleum Co.’s (KNPC) 615,000-b/d Al-Zour refinery complex now under construction in southern Kuwait.

14 марта, 17:10

Company News for March 14, 2017

Companies In The News are: AMFW,YHOO,VZ,VOD,NAV

14 марта, 14:50

Frontrunning: March 14

U.S. East Coast Braces for Late-Winter Blizzard (WSJ) U.S. Blizzard Grounds Flights, Raises Power as Trump Tweets (BBG) Debt Ceiling Fight May Be Too Tempting for Trump to Pass Up (BBG) Russia appears to deploy forces in Egypt, eyes on Libya role (Reuters) EU headscarf ban ruling sparks faith group backlash (Reuters) Pound Tumbles in Delayed Reaction as May Gets Brexit Go-Ahead (BBG) The Most Important Player in the AIG CEO Resignation: Carl Icahn (WSJ) Waning Sales Force Layoffs By Gun Maker in New York (WSJ) German police raid flats, shut mosque visited by Berlin truck attacker (Reuters) Musk's bold offer of Tesla batteries won't solve Australia's power problems  (Reuters) Proof Wall Street Is Still a Boys’ Club (BBG) Why Robert Shiller Is Worried About the Trump Rally (BBG) Macquarie Loosens Trading-Research Link With a la Carte Service (BBG) Somali pirates hijack first commercial ship since 2012 (Reuters) Tillerson used email alias at Exxon to talk climate: New York attorney general (Reuters) South Korean prosecutors to summon ousted president Park (Reuters) The Monumentally Expensive Quest to Pull Off an Alaskan Oil Miracle (BBG) Fall in Volkswagen brand profit shows long road to recovery (Reuters) German investor morale improves less than expected in March (Reuters) Overnight Media Digest WSJ - Intel Corp agreed to buy Israeli car-camera pioneer Mobileye NV for $15.3 billion, one of the chip maker's biggest acquisitions ever and the latest bet on Silicon Valley's vision of cars as turbocharged computers on wheels. http://on.wsj.com/2nhZq4L - Oil-field services company John Wood Group Plc said it would acquire rival Amec Foster Wheeler Plc in a 2.23 billion pounds ($2.72 billion) all-share deal, the latest sign of consolidation in an industry that has been upended by weak oil prices. http://on.wsj.com/2nhZIsz - Facebook Inc said that data about its users cannot be used for surveillance, cracking down on a method police departments allegedly used to track protesters and activists. http://on.wsj.com/2nhWB3y - Two software startups, Okta Inc and Yext Inc, are trying to pick up where Snap Inc left off, becoming the first tech companies to file for an initial public offering since the parent of Snapchat's blockbuster IPO earlier this month. http://on.wsj.com/2ni2Swd - Yahoo Inc detailed a golden parachute of $23 million for Chief Executive Marissa Mayer as part of her planned departure from what's left of the company after it sells its core assets to Verizon Communications Inc. http://on.wsj.com/2ni1BWe - The New York attorney general accused Exxon Mobil Corp of withholding documents from his office as it investigates whether the energy company misrepresented its understanding of climate change to investors and the public. http://on.wsj.com/2ni79jc - Top executives at United Parcel Service Inc took home higher compensation in 2016 even as the parcel carrier missed many of its performance targets. http://on.wsj.com/2nhRgcK - A SpaceX rocket scheduled to boost a commercial satellite into orbit from Florida before dawn on Tuesday carries five times as much liability coverage for prelaunch operations as launches in previous years. The higher limit, mandated by federal officials, reflects heightened U.S. concerns about the potential extent of damage to nearby government property in the event of an accident before blastoff. http://on.wsj.com/2nhWZ20   FT British Prime Minister Theresa May is on track to start Brexit negotiations in the last week of March after parliament passed legislation on Monday that gives her the power to do so and the Lords balked at picking a fight over their own efforts to soften it. Scotland's First Minister Nicola Sturgeon on Monday demanded a new independence referendum in late 2018 or early 2019, handing Theresa May the challenge of keeping the UK united just as she grapples with the country's plans to leave the European Union. UK hiring is expected to slow down in the second quarter of this year according to Manpower's quarterly survey of about 2,000 employers that found corporate Britain in a slightly less bullish mood in the second quarter compared with the first. A parliamentary committee preparing a report about Charlotte Hogg's suitability for the post of the Bank of England's new deputy governor is waiting to see whether Hogg will tough it out or abandon her candidature, according to those involved in the discussions. British oilfield services company John Wood Group Plc agreed to buy its struggling rival Amec Foster Wheeler Plc in a 2.2 billion pounds ($2.68 billion) all-share deal that highlights the pressure on the UK North Sea oil industry from weak crude prices. British homebuilder Redrow Plc said on Monday it will continue its pursuit of rival Bovis Homes Plc, despite discussions having been "terminated" while its target is in separate talks with another suitor, Galliford Try Plc   Canada THE GLOBE AND MAIL ** Tim Hortons franchisees are banding together to push back against the cost-cutting campaign run by its parent company, Restaurant Brands International Inc, saying that it is causing product shortages, declining quality and even safety concerns that are harming the brand. https://tgam.ca/2mmMEgp ** After issuing an apology earlier this month saying that it "did not live up to" its relationship with members, Air Miles is making changes to its loyalty program in an effort to hold on to customers. https://tgam.ca/2mmDXTy ** The British Columbia Liberal government has opened the door to limits on political donations for the first time, promising to establish an independent panel to shape reform of what has been described as the "wild west" of campaign finance in Canada. https://tgam.ca/2mmFRDz ** British Columbia's highest court has ruled drug dealers pushing fentanyl should receive sentences of up to 36 months - three times longer than other street-level dealers – to recognize the "scourge" of the deadly synthetic opioid. https://tgam.ca/2mmUB5k NATIONAL POST ** Canadians don't trust U.S. President Donald Trump to treat Canada gently in upcoming North American Free Trade Agreement re-negotiations, according to a new poll from the Angus Reid Institute. http://bit.ly/2mn2He1 ** Western Canadian natural gas producers could get a $25 billion boost in revenue with a pipeline shipping deal struck with TransCanada Corp on Monday, analysts said. http://bit.ly/2mmYfvR ** Canadian financial technology provider DH Corp has entered into an agreement to be acquired by Texas-based Vista Equity Partners for roughly C$2.7 billion ($2.01 billion), the companies announced Monday. http://bit.ly/2mn0aAD   Britain The Times * Nicola Sturgeon shocked her political opponents and Westminster in equal measure when the Scottish First Minister said on Monday that she intends to hold a second referendum on Scottish independence. Sturgeon added she would hold a fresh poll within the next two years to prevent Scotland from being taken out of the European Union "against its will". http://bit.ly/2mDcOz5 * Thousands of employees are facing an uncertain future as a result of oil services company Wood Group's all-share takeover of rival Amec Foster Wheeler. The deal values Amec Foster Wheeler at about 2.3 billion pounds ($2.7 billion). http://bit.ly/2n1BYs6 The Guardian * The Southern franchise has been hit by a series of strikes in recent months, but Monday's industrial action also involved the Merseyrail and Northern networks. The RMT union is protesting against plans to introduce new trains with doors that can be operated by the driver, and change the role of guard to on-board supervisors. http://bit.ly/2nhhNXE The Telegraph * British Prime Minister Theresa May has ruled out Nicola Sturgeon's plans for a new Scottish independence referendum before Brexit, but postponed triggering Article 50 after the First Minister's demands caught her by surprise. http://bit.ly/2nw1YIq * Hutchison China MediTech's chief executive said 2017 would be a "very important year" for the pharmaceuticals company, paving the way for it to launch the first China-made oncology drug onto the market. http://bit.ly/2mG4bUo Sky News * Two-thirds of Britons oppose a second Scottish independence referendum, a Sky Data poll reveals. The UK public would strongly oppose such a move, with 65 percent saying there should not be a second independence referendum, while 30 percent say there should. http://bit.ly/2mlgL8H * British energy supplier SSE has followed a majority of its rivals in announcing inflation-busting hikes to its standard tariffs. The company said it was raising its standard electricity tariff by 14.9 percent from April 28 but would not hike gas prices. http://bit.ly/2lUP3U4 The Independent * The British Chambers of Commerce has upgraded its GDP growth forecast for this year from 1.1 percent to 1.4 percent, though this rate of growth would still be considerably lower than what is expected by the Bank of England and the Office for Budget Responsibility. http://ind.pn/2nne3Ay * The EU has said an independent Scotland would have to join a queue of nations seeking membership of the bloc, after Nicola Sturgeon announced plans for a second independence referendum. http://ind.pn/2n0P9JH  

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13 марта, 20:06

Wood Group to buy Amec Foster Wheeler for $2.7 billion

Wood Group PLC has agreed to acquire the entire issued and to be issued share capital of fellow oil field services firm Amec Foster Wheeler PLC in a deal valued at $2.7 billion.