Major International Business Headlines Brief::: 06 April 2021

Tue Apr 6 07:26:28 CAT 2021

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Major International Business Headlines Brief::: 06 April 2021

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ü  Amazon 'illegally retaliated' against climate activists

ü  'Disappointed' travel chiefs seek clarity from PM

ü  Unions criticise 'miserly' 50p rise in statutory sick pay

ü  Google v Oracle: Supreme Court declares Google's code copying fair

ü  Penguin Random House keeps furlough cash despite strong sales

ü  Stocks gain on U.S. recovery prospects but dollar pauses for breath

ü  Credit Suisse to reveal losses from Archegos; 2 execs to depart -sources

ü  U.S. auto industry calls for govt help as it warns of impact of chip shortage

ü  Tesla’s market value set to gain $50 bln on record EV deliveries

ü  Archegos-linked stocks slide as markets eye more unwinding

ü  Crypto market cap surges to record $2 trln, bitcoin at $1.1 trln

ü  KKR raises $15 bln in Asia's biggest fund as buyout-backed deals rise

ü  Oil climbs on weaker dollar, outweighing OPEC+ supply worries

ü  S.Korea's SK Group buys 16.3% stake in Vietnam's VinCommerce for $410 mln

ü  Exxon sues Energy Transfer over charges from pipeline dispute

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Amazon 'illegally retaliated' against climate activists

US labour officials have found that Amazon retaliated illegally when it fired two employees who had spoke out about the firm's environmental practices and warehouse safety.

The National Labor Relations Board was investigating a complaint brought by Emily Cunningham and Maren Costa, who had helped organise the group Amazon Employees for Climate Justice.

They were fired last April.

Amazon said it disagreed with the finding.

"We support every employee's right to criticise their employer's working conditions, but that does not come with blanket immunity against our internal policies, all of which are lawful," an Amazon spokesman said on Monday.

"We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies."

The National Labour Relations Board (NLRB) will file its own complaint if the firm does not settle the case.

"It's a moral victory and really shows that we are on the right side of history and the right side of the law," Ms Cunningham told the New York Times, which first reported the conclusions of the NLRB's investigation of the incident.

Amazon 'threatens to fire' climate activists

In recent months, the labour agency has received more than a dozen complaints alleging unfair retaliation by Amazon by staff, according to online records.

Officials are reviewing the cases to see if they merit a consolidated investigation into the firm's practices.

Amazon has a reputation for reacting aggressively to labour activism and barring staff from speaking publicly about the company.

The issue has gained new urgency amid tensions brought on by the pandemic, which brought a surge in business and profit to Amazon, while raising new health risks for warehouse workers.

The company has been hit by strikes and other actions in Europe. In the US, it is facing its first formal union drive since 2014.

New York's attorney general is also investigating whether it illegally retaliated against warehouse workers in the state who organised protests during the pandemic.

The dispute with Ms Cunningham and Ms Costa, designers at the company, pre-dates the virus.

In 2019, they were part of a group that helped organise a walkout at the firm's Seattle headquarters to pressure the company to improve its environmental practices. Employees also pushed the firm to develop a policy to tackle climate change at its annual board meeting for investors.

That same year, Amazon boss Jeff Bezos said Amazon would aim to be powered by renewable energy by 2030.

Amazon Employees for Climate Justice hailed the NLRB finding and said its current focus is pushing Amazon to address its "disproportionate environmental impact in communities of colour".

"Amazon tries to stoke fear in employees that speaking out is wrong, but the NLRB's ruling confirms that it is legally right for us to speak out as employees, just as we know we are in the moral right to protect our own climate future," the group said in a statement.-BBC

'Disappointed' travel chiefs seek clarity from PM

Leading travel industry figures have reacted with dismay to Boris Johnson's latest comments on the lockdown roadmap, saying they need more clarity.

The prime minister said he was "hopeful" that foreign travel could begin again on 17 May.

But he said more data was needed before a firm decision could be taken.

The British Travel Association said the announcement was "beyond disappointing" and called for "a clear pathway to international travel and trade".

Its chief executive, Clive Wratten, said moves to open borders had "once again been kicked down the road".

"The business travel industry continues to be crippled by today's lack of movement," he added.

In a Downing Street briefing on Monday, Mr Johnson said he did not want to see coronavirus re-imported from abroad and urged people to await a report from the Global Travel Taskforce on 12 April.

Mr Wratten called on the government to be "confident in its roadmap", adding: "This is our last resort."

Other travel industry bodies expressed similar discontent as they await further details of a risk-based "traffic light" system for foreign travel, due to be published later this week.

Under the system, no isolation would be necessary on return to the UK from "green" countries - although pre-departure and post-arrival tests would be required.

Tim Alderslade, chief executive of Airlines UK, said: "Whilst we support the establishment of a framework for restarting international travel and welcome the removal of self-isolation for arrivals from 'green countries', today's announcement does not provide the clarity we were seeking on the roadmap back towards normality.

"We await further details, but the measures indicated, including the potential for multiple tests for travellers even from 'green countries', will prevent meaningful travel even to low-risk destinations."

Mark Tanzer, chief executive of the Abta travel association, welcomed the traffic light system, but said: "We need to see the details in the Global Travel Taskforce report before this can be assessed fully."

He added: "It is vital that the government clarifies how the transition between green, amber and red levels will work, both to help travel businesses plan ahead and to provide reassurance for travellers.

"Destinations should not be suddenly closed off unless variants of concern dictate that this must happen."

The chief executive of the Airport Operators Association, Karen Dee, said she was "disappointed" that the prime minister "continues to suggest significant barriers to international travel and may push back the date of restart beyond 17 May".

She said a "risk-based, proportionate system" could "open up aviation without quarantine and with affordable, rapid testing".--BBC

Unions criticise 'miserly' 50p rise in statutory sick pay

Unions have criticised a 50p-per-week increase in statutory sick pay (SSP) as "miserly".

SSP increases from £95.85 to £96.35 on Tuesday, but unions including the Trades Union Congress (TUC) and Unite say it is too little to live on.

TUC general secretary Frances O'Grady said: "No-one should be plunged into hardship if they need to self-isolate."

A government spokesman said there was a "comprehensive package" in place to support those who need to self-isolate.

It also said many employers pay more than the minimum level of statutory sick pay.

According to the OECD, the UK has one of the lowest statutory sick pay rates of any developed country, as a proportion of the average worker's earnings.

However, its coverage lasts longer than in most European nations.

Ms O'Grady said "low" SSP payments could risk "undermining" public health efforts as lockdowns ease across the UK.

"Many working in pubs and shops are on low wages and face having to survive on just £96 a week if they get sick," she said.

The TUC is calling for the level of SSP paid to be raised in line with the National Living Wage, which stands at £8.91-per-hour for workers aged 23 and over.

It also warned that nearly two million workers do not earn enough to qualify for SSP - most of them women.

Nor are the self-employed eligible to receive it, unlike in most other European countries.

'Scandalously low'

Len McCluskey, Unite general secretary, said: "Time and again the government has been told that people will not isolate without a living income.

"Unless and until the government addresses the scandalously low level of sick pay provision in this country, any scheme to reopen the economy that rests on isolation but without income is half-baked and will fail."

A government spokesman said that there was a "comprehensive package of financial support in place for workers who need to self-isolate to help stop the spread of coronavirus".

That includes a £500 payment for those on the lowest incomes who have been contacted by NHS Test and Trace.

"Many employers pay more than the minimum level of statutory sick pay and employers with up to 250 staff can be reimbursed the cost of up to a fortnight's statutory sick pay."--BBC

Google v Oracle: Supreme Court declares Google's code copying fair

A decade-long battle over copied code in Google's Android operating system has ended in the US Supreme Court.

Oracle, another tech titan, had sued Google in 2010 for copyright infringement over what it said was copied computer code.

Android is now used in an estimated 70% of global smartphones, and damages could have run into the billions.

But the Supreme Court let Google off the hook, overturning a lower court's decision it had infringed copyright.

The court ruled six to two in favour of Google.

At issue was whether Google's use of Oracle's Java API - a widely-used "building block" for programmers - counted as "fair use" under US copyright law.

If it was, the fact that Google was accused of copying more than 11,000 lines of code would not matter.

Justice Stephen Breyer, in his written opinion, said that "to allow enforcement of Oracle's copyright here would risk harm to the public".

So many programmers used and had deep knowledge of Oracle's building blocks that such a move would turn computer code into "a lock limiting the future creativity of new programs".

"Oracle alone would hold the key," he warned.

'A monopolist'

Oracle made clear that it firmly disagreed with the court's judgement, saying that it had increased Google's power further and damaged other companies' ability to compete.

"They stole Java and spent a decade litigating as only a monopolist can," said Dorian Daley, the company's general counsel, in a statement.

"This behaviour is exactly why regulatory authorities around the world and in the United States are examining Google's business practices."

Google, meanwhile, painted the decision as a victory for the software industry as a whole.

"Today's Supreme Court decision in Google v Oracle is a big win for innovation, interoperability and computing," wrote Ken Walker, the company's senior vice president for global affairs.

"Thanks to the country's leading innovators, software engineers and copyright scholars for their support."

'Eviscerates copyright'

The majority of judges agreed that Google's copying of the Java code - in the particular way it was used - was "a fair use of that material".

But the judges disagreed on how to apply traditional copyright law to computer code.

Justice Breyer, writing for the majority, acknowledged that it is "difficult to apply traditional copyright concepts in that technological world".

But in a dissenting opinion, Justice Clarence Thomas wrote that allowing fair use simply because it allows new products to be created effectively redefines the idea.

"That new definition eviscerates copyright," he warned.

He also lamented that the majority had decided not to rule on whether code was copyrightable, instead saving the question for another day and relying on fair use instead.

"The majority cannot square its fundamentally flawed fair-use analysis with a finding that declaring code is copyrightable," he wrote of his peers.--BBC

Penguin Random House keeps furlough cash despite strong sales

Britain's biggest publisher says it will not hand back funds it received under the furlough scheme, despite seeing strong sales in lockdown.

Penguin Random House UK is thought to have claimed about £1m via the scheme.

Like other publishers, it has seen demand for books surge as people spend more time at home.

A spokesperson said: "We have used the government's furlough scheme for its intended purpose: to protect jobs during this extraordinary time."

Companies are under no obligation to repay the taxpayer cash they receive through the government's job retention scheme, but they have been urged to do so if they can afford it.

It is not known how many of workers at Penguin Random House were furloughed at the height of the pandemic.

Only six of 1,800 members of staff are now on paid leave, including a number of facilities staff at its head office in London, which is currently closed.

The publishing house, which is owned by German firm Bertelsmann, saw global revenues rise by 4.6% to €3.8bn last year. It does not publish its UK profits separately, but they are thought to have soared.

In its 2020 annual report, the publisher said that it sells more than 600 million printed books, e-books and audiobooks each year, with the UK making up 6.5% of its sales.

'Strong performance'

Other publishers such as Hachette UK and Harper Collins were reported as having placed staff on furlough at the height of the pandemic, although the latter said after a "strong performance" it did not claim any money from the scheme.

Housebuilders Redrow, Barratt and Taylor Wimpey also handed back cash, so too gaming retailer Games Workshop, distribution giant Bunzl and the Spectator magazine.

The furlough scheme was launched in April 2020 to support businesses that could not operate, or had to cut staffing levels, during lockdown.

More than 1.3 million employers in the UK have claimed support under the scheme, which covers up to 80% of an employee's salary for the hours they can't work up to £2,500 per month.

It has cost the government around £55.7bn to date, according to latest figures from HMRC.

The highest take-up rate has been in hospitality businesses such as restaurants, cafes and pubs.--BBC

Stocks gain on U.S. recovery prospects but dollar pauses for breath

Asia's stock markets rose on Tuesday as another batch of strong U.S. economic data bolstered the global outlook, while currency and bond markets paused for breath after a month of rapid gains in the dollar and in U.S. Treasury yields.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) advanced 0.4% to a two-week high, while Tokyo's Nikkei (.N225) loitered just short of a two-week peak. The Dow (.DJI) and S&P 500 (.SPX) had closed at record peaks on Monday.

Overnight, on the heels of a bumper jobs report on Good Friday, March data showed a gauge of U.S. services activity hit a record high while at the same time markets are cheering a huge $2 trillion government spending program. read more

"On aggregate, it's good for the global economy and therefore that's a justification to move into more cyclical-sensitive FX pairs and to buy stocks in general," said Kyle Rodda, market analyst at brokerage IG in Melbourne.

"Yields haven't budged much and so tech stocks have outperformed," he said. In Asia, chipmakers pushed Taiwan's benchmark index up (.TWII) 1% to a record peak and broad gains lifted Australia's ASX 200 (.AXJO) to a seven-week high.

The Shanghai Composite (.SSEC) was steady, while Hong Kong's stock market remains closed for holidays.

European markets, which have been shut since Thursday's close, were also poised for gains with DAX futures up 1.2%, EuroSTOXX 50 futures 1% higher and FTSE futures up 0.8%. S&P 500 futures were steady.

The yield on benchmark 10-year U.S. Treasuries was steady in New York, and in Asia on Tuesday it fell two basis points to 1.6860%. The U.S. dollar held at $1.1810 per euro after posting its steepest drop in several weeks overnight.

"Considering the strength of the U.S. economic news flow since we left off on Thursday for the Easter break, the surprise ... is that U.S. bond yields are lower than they were in the middle of last week and the dollar is softer," said Ray Attrill, head of FX strategy at National Australia Bank.

The dollar crept a fraction higher on the yen on Tuesday to 110.25 and was broadly steady elsewhere. The Australian dollar held at $0.7647 ahead of a Reserve Bank of Australia policy decision due at 0430 GMT.

The pullback in yields and the greenback follows major moves upward over the first quarter, with an 83 basis point rise in 10-year yields the biggest quarterly gain in a dozen years and a 3.6% rise in the dollar index the sharpest since 2018.

That has been mostly driven by investors betting on the United States leading the global recovery and forcing the U.S. Federal Reserve to hike rates sooner than expected.

Fed minutes from its March meeting are due on Wednesday, although they will not address the most recent data surprises.

Fed Funds markets have priced in a full rate hike by the end of 2022 while eurodollar markets have it priced by December .

"What needs to be tested is how the Fed reinforces and reassures on its flexible average inflation target policy," said Vishnu Varathan, head economist at Mizuho Bank in Singapore.

"The dollar's past few weeks of movement reflects markets moving ahead despite what the Fed has said," he added.

The dollar's overnight wobble helped oil prices higher and Brent crude futures rose 1.2% to $62.91 a barrel while U.S. crude climbed by the same margin to $59.35 a barrel. Gold tacked on 0.3% to $1,733 an ounce.-The Thomson Reuters Trust Principles.

Credit Suisse to reveal losses from Archegos; 2 execs to depart -sources

Credit Suisse Group AG (CSGN.S) will on Tuesday detail losses from its relationship with Archegos Capital Management LP after dumping over $2 billion worth of stock to end exposure to the troubled investor, two sources familiar with the matter said.

The episode, which analysts have said could cost the Swiss bank several billion dollars, is also expected to result in the departures of Chief Risk Officer Lara Warner and Brian Chin, the bank's investment banking head, the sources said.

Credit Suisse and Archegos declined to comment. Warner and Chin did not respond to requests for comment.

The two executives are paying the price for a year in which Credit Suisse's risk management protocols have come under harsh scrutiny, with two major relationships turning sour in quick succession, saddling the bank with what JPMorgan Chase & Co analysts estimate could add up to $7.5 billion.

Archegos, a private investment vehicle of former hedge fund manager Sung Kook "Bill" Hwang, fell apart late last month when its debt-laden bets on stocks of certain media companies unraveled. Credit Suisse and other banks, which acted as Archegos' brokers, had to scramble to sell the shares they held as collateral and unwind the trades. read more

While sources have said some banks, including Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and Deutsche Bank AG (DBKGn.DE), managed to exit the trades without taking a hit, others have ended up with losses. Japan's Nomura Holdings Inc (8604.T) has flagged a possible $2 billion loss, for example. Nomura declined to comment.

For Credit Suisse, the Archegos episode came just weeks after the demise of another major client - the British finance firm Greensill. Credit Suisse had marketed funds that financed Greensill's operations. Warner's role has come under scrutiny in the aftermath of that firm's collapse as well. read more

Credit Suisse's share price has fallen by a quarter in the past month as investors assess the hit to the bank's bottom line and credibility, overshadowing an otherwise strong start to the year. The episodes have also put pressure on Chief Executive Thomas Gottstein who has been trying to move Credit Suisse on from another string of bad headlines, spanning a spy scandal that ousted predecessor Tidjane Thiam to a $450 million write-down on a hedge fund investment.

UNWINDING THE TRADES

Hwang, a former Tiger Asia manager, ran into trouble following a March 24 stock sale by media company ViacomCBS Inc (VIAC.O). Archegos was heavily exposed to ViacomCBS, sources said, and the slide in stock set off alarm bells at its banks, which called on the fund for more collateral.

When the firm could not meet the demand, the banks started selling the collateral, which included shares of Baidu Inc (9888.HK) and Tencent Music Entertainment Group (TME.N), among others.

While some banks were able to offload their collateral earlier, Credit Suisse still had shares left. On Monday, it offered 34 million shares of ViacomCBS priced between $41 to 42.75; 14 million American depository receipts of Vipshop Holdings Ltd (VIPS.N) between $28.50 and $29.50; and 11 million shares of Farfetch Ltd (FTCH.N), priced between $47.50 and $49.25 in secondary offerings, a source familiar with the situation said.

The shares were the remaining holdings tied to Archegos that Credit Suisse needed to sell before tallying up losses, the source said.

ViacomCBS shares, which traded at a record of $101.97 in March, closed down 3.9% at $42.90 in regular trading. Vipshop was down 1.19% at $29.78, while Farfetch shares fell nearly 6.1% to $49.69.-The Thomson Reuters Trust Principles.

U.S. auto industry calls for govt help as it warns of impact of chip shortage

A U.S. auto industry group on Monday urged the government to help as it warned the global semiconductor shortage could result in 1.28 million fewer vehicles built this year and disrupt production for another six months.

The U.S. Commerce Department should dedicate a portion of funding in a proposed bill to expand U.S. semiconductor production to auto sector needs, the Alliance for Auto Innovation said in written responses to a government-initiated review.

U.S President Joe Biden in February ordered several Federal agency actions to address the chip crisis and is also seeking $37 billion in funding for legislation to supercharge chip manufacturing in the United States. read more

Some funding should "be used to build new capacity that will support the auto industry and mitigate the risks to the automotive supply chain evidenced by the current chip shortage," the group's chief executive, John Bozzella, wrote.

The group said the U.S. government could specify "a particular percentage – that is reasonably based on the projected needs of the auto industry – be allocated for facilities that will support the production of auto grade chips in some manner."

The group represents nearly all major automakers with factories in the United States including General Motors Co (GM.N), Ford Motor Co (F.N), Volkswagen AG (VOWG_p.DE), Toyota Motor Corp (7203.T) and Hyundai Motor Co (005380.KS).

Automakers have been hit particularly hard by the global chip shortage after many cancelled orders when auto plants were idled during the coronavirus pandemic.

When they were ready to recommence production, they found that chipmakers were busy fulfilling orders for the consumer electronics industry which as seen demand for premium devices - both for work and leisure - boom as people spent more time at home.

Most automakers have been hit by the shortage. In recent announcements, Ford said last week it would cut output at seven North American assembly plants, while Kia Motors (000270.KS) said it was cutting two days of production in Georgia. read more-The Thomson Reuters Trust Principles.

Tesla’s market value set to gain $50 bln on record EV deliveries

Tesla Inc's (TSLA.O) stock surged 5% on Monday after the electric car maker posted record quarterly deliveries on strong demand in China that helped offset the impact of a global shortage in auto parts.

The company headed by Elon Musk said on Friday it was encouraged by the strong reception of its Model Y crossover in China and that it was quickly progressing to full production capacity. read more

Tesla said it delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles, according to Refinitiv data.

"Tesla is executing impeccably. I am not surprised by the strong deliveries," said Roth Capital Partners analyst Craig Irwin, even as he added that the stock is "egregiously overvalued."

"EVs are an exciting place to be, and Tesla is the leader."

At least three brokerages raised their price targets on Tesla's stock. Wedbush was the most aggressive, increasing it by $50 to $1,000, much higher than the median analyst price target of $712.50, according to Refinitiv data. Wedbush also raised its rating to "outperform" from "neutral."

Tesla last traded at $695. The shares are down about 1% so far in 2021, but they remain up more than 600% over the past 12 months.

Tesla's $668 billion market capitalization makes the company by far the most valuable carmaker, even though its production is a fraction of rivals such as Toyota Motor Corp (7203.T), Volkswagen AG (VOWG_p.DE) and General Motors Co (GM.N).

Tesla managed to produce roughly the same number of vehicles in the first quarter as in the fourth quarter, even as a global semiconductor shortage hampered automakers.

"Great work by Tesla team!" Musk tweeted on Monday. "Special mention of Tesla China."

"The (EV) sector looks primed to resume its march higher, considering the surging demand for EVs in China, Europe, and the U.S.," said Jesse Cohen, a senior analyst at Investing.com. "Tesla's delivery numbers could be the spark needed to jump-start the next rally."-The Thomson Reuters Trust Principles.

Archegos-linked stocks slide as markets eye more unwinding

Archegos Capital Management’s ill-fated bets weighed on ViacomCBS (VIAC.O), Discovery Inc (DISCA.O) and other media stocks on Monday, and at least one analyst said it remained unclear when banks exposed to the troubled family office would be done selling off their positions in the shares.

Archegos, run by U.S. investor Sung Kook "Bill" Hwang, was caught on the wrong side of debt-laden bets on the stocks of these companies last month, forcing several Wall Street banks that acted as brokers to sell shares in the companies. read more

Credit Suisse Group AG (CSGN.S), which is expected to record billions of dollars in losses from its exposure to Archegos, is still unwinding its positions, a source familiar with the trades said on Monday. The bank declined to comment.

Nomura, which has flagged a possible $2 billion loss, also declined to comment.

Other banks with exposure to Archegos, including Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and Deutsche Bank AG (DBKGn.DE), have unwound their trades, according to sources with direct knowledge of the transactions.

ViacomCBS shares, which traded at a record of $101.97 in March, were down 2.8% at 43.40. Discovery last traded down 1.4% at $42.69 after hitting $78.14 last month. Shares of Tencent Music Entertainment Group (TME.N) and Farfetch also slid.

"It's the uncertainty as to the magnitude of the unwind,” that's weighing on the shares, said CFRA analyst Tuna Amobi, who has “Buy” ratings on both Discovery and Viacom.- The Thomson Reuters Trust Principles.

Crypto market cap surges to record $2 trln, bitcoin at $1.1 trln

The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4% at $59,045 . Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range.

Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap.

Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3% at $2,103 . Its market cap was $244 billion on Monday. It hit a record high of $2,144.99 last Friday.

"Momentum and interest have begun to expand beyond bitcoin and ethereum," said Paolo Ardoino, chief technology officer at crypto exchange Bitfinex.

"As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets... as they become more market-ready," he added.

Blockchain data provider Glassnode, in a research report, said the fact that bitcoin has held the $1 trillion market cap for one week is a "strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole."

It added that on-chain activity continues to reinforce bitcoin's robust position, with a volume equivalent to over 10% of circulating supply transacting above the $1 trillion threshold.

Also on Monday, Grayscale Bitcoin Trust (GBTC.PK), a $35 billion publicly listed investment vehicle that holds bitcoin, said it remains committed to converting to an exchange traded fund. In a blog post, Grayscale said the timing of its transition would depend on the regulatory environment.

Bitcoin has risen more than 100% this year, while ethereum has gained nearly 190%. Both have massively outperformed traditional asset classes, bolstered by the entry of mainstream companies and large investors into the cryptocurrency world, including Tesla Inc (TSLA.O) and BNY Mellon (BK.N).-The Thomson Reuters Trust Principles.

KKR raises $15 bln in Asia's biggest fund as buyout-backed deals rise

Private equity powerhouse KKR & Co (KKR.N) said on Tuesday it has raised $15 billion for its fourth Asia-Pacific focused fund, marking the region's biggest private equity fund at a time when buyout-backed deals are on the rise.

U.S.-based KKR started marketing the new Asia fund towards the end of 2019, initially targeting $12.5 billion, sources familiar with the situation have said previously.

KKR said the fund exceeded its target size to reach its hard cap for fund investors' commitments and received strong support from new and existing global investors, including significant representation from Asia Pacific-based investors.

Coronavirus-spurred growth in the technology sector is expected to drive M&A activity in Asia this year. Private equity-backed deals in the region rose 51% to a record $129 billion last year. read more

Many regional funds including China's Primavera Capital and Boyu Capital are also raising funds, while Hillhouse Capital is targeting raising $13 billion, sources have said. read more

KKR said its fund would tap into opportunities stemming from rising consumer spending and urbanisation trends, as well as corporate carve-outs, spin-offs and consolidation.

KKR will invest about $1.3 billion in capital alongside fund investors through the firm and its employees' commitments.

In January, it said it had closed its first fund targeting real estate investments in Asia Pacific, days after it closed its inaugural Asia infrastructure fund.-The Thomson Reuters Trust Principles.

Oil climbs on weaker dollar, outweighing OPEC+ supply worries

Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.

Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday.

U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4%, to $59.45 barrel, after sliding 4.6% on Monday.

"The weaker U.S. dollar is a contributor, and increasing (U.S.) growth confidence helps," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.

The dollar fell 0.4% against a basket of currencies on Monday and dipped a bit further on Tuesday. Oil prices typically rise against a falling dollar, as a weaker greenback makes dollar-priced oil cheaper for those holding other currencies.

Adding to positive sentiment, England is set to ease coronavirus pandemic restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons and outdoor hospitality areas. read more

That helped offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July. 

S.Korea's SK Group buys 16.3% stake in Vietnam's VinCommerce for $410 mln

South Korea's third-largest conglomerate, SK Group, said on Tuesday it has agreed to acquire a 16.3% stake in Vietnam's VinCommerce, a retail affiliate of Masan Group (MSN.HM), for $410 million.

SK Inc, formerly SK Holdings Co Ltd (034730.KS), as well as battery maker SK Innovation (096770.KS), SK Telecom (017670.KS), world's second-largest memory chip maker SK Hynix (000660.KS) and power generation firm SK E&S are participating in the deal through an investment unit focused on Southeast Asia.

VinCommerce operates about 2,300 convenience stores and supermarkets in Vietnam, with a roughly 50% market share in the country's consumer retail sector, SK said.

SK plans to accelerate other investments in major strategic interests such as online and offline distribution, logistics, and electronic payment in Vietnam by utilizing its strategic partnership with Masan Group, it said.-The Thomson Reuters Trust Principles.

Exxon sues Energy Transfer over charges from pipeline dispute

Exxon Mobil Corp's (XOM.N) XTO Energy shale unit filed a breach of contract lawsuit against Energy Transfer LP (ET.N) over disputed payments for the Dakota Access Pipeline, according to a Texas state court filing.

The suit alleges the pipeline operator hit XTO with deficiency charges and revoked other credits after the oil producer shifted some oil to other outlets last August. Exxon took the actions after a U.S. court ordered Dakota Access Pipeline (DAPL) shut, it said.

Exxon asked a state court in Houston last week to award it damages exceeding $1 million, a return of its revoked credits, attorneys fees and other costs.

Energy Transfer and Exxon both declined to comment.

In July 2020, a U.S. District Court suddenly ordered the crude pipeline with a capacity of about 570,000 barrels per day to be shut and gave Energy Transfer 30 days to empty the line, prompting Exxon to scramble to find other ways to move its oil. DAPL is the main artery for shipping crude from North Dakota's Bakken oilfield.

Exxon lined up alternatives that were dwindling "by the hour" as other DAPL shippers sought outlets, and to avoid violating a potential court order, it told the court.

At about that time, a U.S. Gulf Coast hurricane forced Exxon's Beaumont oil refinery offline, prompting it to declare force majeure on pipeline volumes over four days. Energy Transfer rejected Exxon's force majeure claim.

The refinery is a major consumer of Exxon's DAPL oil.

Shortly after the DAPL shutdown, an appeals court reversed the decision, allowing the pipeline to temporarily continue operations. By then, Exxon had shifted 40% of its promised DAPL volumes to other suppliers, according to the lawsuit.

A federal court hearing is set for Friday on whether the pipeline can continue to operate without a crucial permit while the U.S. Army Corps of Engineers conducts an environmental review of line.- The Thomson Reuters Trust Principles.

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Independence Day

18/04/21

Public Holiday in lieu of Independence Day falling on a Sunday

19/04/21

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

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