Australia’s Brambles ends $14 billion takeover talks with CVC Capital

– Australia’s Brambles Ltd said on Tuesday European private-equity firm CVC Capital Partners has ended preliminary talks with the company over a potential A$20 billion ($14 billion) takeover offer, citing external market volatility. The development comes a day after the Australian logistics firm confirmed it was evaluating the offer, which would have been one of the biggest private-equity-backed takeovers in the country. It had not put a number on the deal. Shares of Brambles dropped…

"Australia’s Brambles ends $14 billion takeover talks with CVC Capital"

Oil prices open lower as EU struggles to seal Russia import ban

– Oil prices opened lower in early Asian trade on Tuesday after the European Union’s efforts to enact a ban on Russian oil imports, a move that would tighten global supply, ran into resistance from member country Hungary. Brent crude futures fell 35 cents, or 0.3%, to $113.89 a barrel at 0004 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.5%, to $113.68 a barrel. EU foreign ministers failed on…

"Oil prices open lower as EU struggles to seal Russia import ban"

Eni to open bank accounts to pay for Russian gas after EU clarification – sources

MILAN -Italian energy group Eni will open bank accounts this week to pay for Russian gas after clarification that such a move will not breach sanctions, two sources said on Monday. In updated guidance on Friday, the European Commission confirmed its previous advice that EU sanctions do not prevent companies from following Russia’s payment procedures which involve opening an account at a designated Russian bank. It said companies can pay for Russian gas – so…

"Eni to open bank accounts to pay for Russian gas after EU clarification – sources"

Russia gives Credit Bank of Moscow licence to export gold

– Credit Bank of Moscow (MKB), one of Russia’s largest private lenders, has obtained a gold export licence from the government, it said on Monday, becoming the latest Russian bank to turn to precious metals trade to offset the impact of sanctions. The main operators of the gold market in Russia and its largest lenders – Sberbank and VTB – have been hit by harsh Western sanctions imposed on Moscow after it sent tens of…

"Russia gives Credit Bank of Moscow licence to export gold"

McDonald’s to exit Russia after more than 30 years

– McDonald’s Corp said on Monday it has started a process to sell all its restaurants in Russia, exiting the country after more than 30 years following its invasion of Ukraine. The world’s largest fast food chain had in March decided to close its 847 restaurants in Russia, taking a hit of $50 million per month. It now expects to record a non-cash charge of about $1.2 billion to $1.4 billion following the sale. The…

"McDonald’s to exit Russia after more than 30 years"

China’s thermal coal futures mute as Beijing reins in commodity inflation

BEIJING – Trade in China’s thermal coal futures has almost come to a halt, after Beijing stepped up its control of coal prices to rein in the soaring costs of energy and raw materials. The flagship product for Zhengzhou Commodity Exchange (ZCE) has at times seen as many as 1 million lots exchange hands in a day but recorded a turnover of just 27 lots on Monday. That was down 99.9% from a year ago…

"China’s thermal coal futures mute as Beijing reins in commodity inflation"

Rainstorms in France give some relief to cereals but not enough, FNSEA says

PARIS – Storms and rainshowers in large parts of France overnight provided some relief but not enough for French cereals suffering a prolonged drought, the head of the French agriculture association said on Monday. FNSEA chief Christiane Lambert said on BFM television that rain that fell overnight would not solve wheat growers’ problems as some of it ran off the land rather than penetrate bone-dry soils. “The situation is very complicated because water reserves are…

"Rainstorms in France give some relief to cereals but not enough, FNSEA says"

Saudi Aramco net profit soars 82% in Q1 on high oil prices

DUBAI -State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier. The world’s top oil exporter was forecast to post a net income of $38.5…

"Saudi Aramco net profit soars 82% in Q1 on high oil prices"