Serica Energy Rejects Kistos’ Revised $1.4 Billion Merger Offer
Serica Energy rejected a revised merger proposal valuing it at nearly 1.2 billion pounds...
Serica Energy rejected a revised merger proposal valuing it at nearly 1.2 billion pounds (US$1.4 billion) from energy investment firm Kistos, saying it undervalues the British oil and gas group’s core assets.
Kistos on July 25 disclosed details of the proposal, which comprised a cash-and-stock offer of 425 pence per share, representing a 19% premium to Serica’s last closing price.
It also proposed that Tony Craven Walker, Serica’s chairman, take on the same role at the combined firm, and that Andrew Austin, Kistos’ chairman, assume the role of CEO.
Inflation might have hit its peak, but there's still pain ahead even if prices start...
Inflation might have hit its peak, but there's still pain ahead even if prices start to fall, according to Mohamed El-Erian, famed economist and advisor to Allianz.
"I think inflation has peaked in the US, at least for the next three to four months…But the problem is not that inflation is going to come down — that's a really good thing. The problem is that inflation is going to come down with growth probably going into a recession, and that's not good news."
The EV-market leader Tesla is bidding for a portion of billions in federal and state dollars that are up for grabs in coming years as the Biden administration, automakers and many states try to accelerate a fast-charger build-out along highways to reassure drivers that they can travel without fear of losing power.
Tesla already has a national network of fast chargers for its own drivers, but they aren’t available to other types of vehicles in the U.S. For a year, the company has said it plans to open its U.S. network to others, though details about timing and whether it would open existing stations or new ones have been sparse. Recent regulatory filings and other documents indicate that the company is applying for public funding that, if granted, would require access by other makers of EVs to the network.
Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks
Investors appear to be taking...
Investors appear to be taking disappointing earnings reports in stride.
After a punishing start to the year, the S&P 500 has climbed nearly 5% in July, including last week’s 2.5% rise. Even some companies that have posted sharply lower quarterly results have seen their shares rally in the following days.
So far this reporting season, shares of companies in the S&P 500 that have missed Wall Street’s earnings expectations have slipped 0.1% on average in the two days before their report through the two days after, according to FactSet. That compares with the five-year average of a 2.4% decline.
Read MORE on this story, via the Wall Street Journal
Why the U.S. thinks plan to force cap on Russian oil prices could actually work
The Biden administration has proposed a price cap on Russian oil exports to limit President Vladimir...
The Biden administration has proposed a price cap on Russian oil exports to limit President Vladimir Putin’s revenues from oil, which Hochstein said is being used directly to fund the country’s war against Ukraine. The cap is intended to keep Russian oil prices low, without cutting off supply altogether, triggering a devastating spike in global oil prices.
But some EU countries largely dependent on Russian oil have been hesitant to embrace such a move. This is partially because of fears Putin will refuse to sell at the price, and cut off Moscow’s supply altogether.
