Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains. Brent crude futures for June delivery rose by 29 cents, or 0.4%, to $67.33 a barrel at 0157 GMT. U.S. West Texas Intermediate (WTI) crude futures for May delivery, which expire on Tuesday, were up 19 cents, or 0.3%, to $63.57 barrel.
Police in Texas will serve search warrants on Tesla after a vehicle crash which killed two people. A Tesla 2019 Model S was being driven at high speed near Houston on Saturday night when it left the road, hit a tree and burst into flames, police said. The bodies of two men were found inside the vehicle - one in the front passenger seat and one in the back seat, prompting police to say nobody was in the driver's seat at the time of the crash.
A former top NFL prospect, Love's career in Washington is over before it started thanks in part to an ACL tear in his college finale.
Pakistan Prime Minister Imran Khan had hoped a fight over cartoons of the Prophet Mohammed would result in an easy win -- placating the ultra-conservative quarters at home while being hailed as a defender of Islam abroad.
Nikola Vucevic had 29 points and nine rebounds, and the Chicago Bulls held off the Boston Celtics 102-96 on Monday night. Coby White added 19 points and seven assists to help the Bulls snap Boston’s season-high six-game winning streak. Chicago has won its last two since a five-game skid.
(Bloomberg) -- Chinese delivery giant Meituan has raised $9.98 billion from a record top-up placement and a convertible bonds sale as it doubles down on efforts to fight the likes of Alibaba Group Holding Ltd. in newer areas such as online groceries.The nation’s third-largest internet company has sold 187 million shares in a top-up placement at HK$273.8 each, near the top end of its marketed range, and also raised $400 million from shareholder Tencent Holdings Ltd., according to terms of the deal obtained by Bloomberg News. The $7 billion new stock issuance is the largest-ever such sale by a Hong Kong-listed company, data compiled by Bloomberg show. Meituan has also sold $2.98 billion in zero-coupon convertible bonds.Meituan’s shares were volatile in the morning session in Hong Kong, trading up 1.5% as of 10:00 a.m. local time after falling as much as 1.8% earlier. The placement price represents a discount of 5.3% to the stock’s closing price Monday. The convertible bonds are divided in two tranches -- $1.48 billion six-year notes and $1.5 billion seven-year paper, the terms showed.The stock and bond sales come as Meituan grapples with the cost of competing against the likes of Alibaba and Pinduoduo Inc. in newer spheres such as community e-commerce and online groceries. The company has warned it will remain in the red for several more quarters despite record revenues as it spends heavily on new initiatives.“It makes sense to raise money to make more of a shift into autonomous delivery, seek to delve into more technology-focused areas especially under the backdrop of the anti-monopoly” drive, said Zhou Luyun, an analyst at Northeast Securities Co. in Shanghai. “The pricing shows that the market buys this blueprint.”Meituan intends to use the proceeds from the offerings for technology innovations, including the research and development of autonomous delivery vehicles, drones delivery, and other cutting-edge technology, and general corporate purposes, the terms showed.“After this placement, some short-term investors could sell the stock and shares could trade in a range of HK$250-HK$300 for a while,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. “In the medium to longer term, online platform operators like Meituan and Tencent still have a solid growth outlook.”Community buying is one of Meituan’s chief expansion areas, where buyers in the same neighborhood enjoy bulk discounts on fresh produce. But the firm faces entrenched competition from other Internet giants.All three main ratings agencies lowered their outlook on Meituan after it reported earnings last month, with S&P Global Ratings and Moody’s Investors Service saying that its large investments in community e-commerce would come at a heavy cost, generate negative free cash flow and dampen earnings.Meituan’s focus on developing fast-growing new businesses comes as China’s economic recovery has helped the world’s largest meal-delivery service increase orders, while its hotels and travel businesses have benefited from a rebound in domestic travel when the country reined in the pandemic.The company has begun using self-driving vehicles for grocery delivery in the Chinese capital since the Covid-19 outbreak last year, with at least 15,000 orders being completed so far, Wang Xing, the company’s chief executive officer, told analysts during a conference call in March. Wang said Meituan is also experimenting with how to deliver food using drones in the southern Chinese city of Shenzhen.Tencent is delving deeper into Meituan at a time global investors are souring on the Chinese tech sector due to heightened regulatory scrutiny. Meituan had lost some $123 billion of its value from a Feb. 17 high through Monday, pummeled by fears that Beijing’s crackdown on Jack Ma’s Internet empire will expand beyond Alibaba and Ant Group Co. to engulf other sector leaders like Tencent and Meituan.“They are going into new areas including group purchases and those need a lot of capital and they need a war chest to compete,” said Kerry Goh, chief investment officer at Kamet Capital Partners Pte. “Valuations are still pretty decent compared to a year ago.”Bank of America Corp. and Goldman Sachs Group Inc. are joint global coordinators and joint bookrunners for both the bond and equity offerings. CLSA Ltd. and UBS Group AG are also joint bookrunners for the top-up placement.(Updates Meituan’s share move in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg Law) -- The case of the former Minneapolis police officer accused of killing George Floyd went to the jury after Derek Chauvin’s defense attorney said the viral video of him kneeling on Floyd’s neck and back doesn’t tell the entire story.Moments after jurors went into deliberation, defense attorney Eric Nelson pleaded with Judge Peter Cahill to declare a mistrial, pointing to the “public context” and “profound” media attention of the trial, including criticisms from Rep. Maxine Waters (D-Calif.) and television shows. Waters urged protesters to “get more confrontational” if Chauvin isn’t convicted, according to news reports. Cahill shot down Nelson’s bid, though he acknowledged that the defense may have something to work with on appeal.“A congresswoman’s opinion really doesn’t matter a whole lot,” Cahill said.The closing arguments come amid heightened tension in Minnesota and nationwide over police use of force. A 20-year-old Black man, Daunte Wright, was shot and killed by an officer in nearby Brooklyn Center, Minn., during the Floyd trial, spurring protests that could possibly erupt further following a verdict in the Chauvin trial. Nelson has spent the trial laying ground work for potential appeals if Chauvin is convicted, arguing Cahill should have sequestered the jury sooner to keep them from being influenced by news coverage. The jury will decide if the state proved Chauvin is guilty of second-degree murder, third-degree murder, or manslaughter. Chauvin faces up to 40 years in prison.The jury’s deliberations on the first day ended at 8 p.m., according to the court, without a verdict on the counts against Chauvin. The jury is set to resume deliberations Tuesday morning.Nelson in his closing argument broke down videos of Floyd’s arrest on May 25, 2020, to show the various decisions Chauvin and other officers had to make in the moment as they sought to subdue the suspect safely. Chauvin had to evaluate how aggressive Floyd was and whether he posed a risk to police officers or bystanders shouting at officers as they sought to arrest him. Officers were constantly evaluating Floyd’s resistance and health, Nelson said as he walked jurors through video of Floyd’s arrest and death.“A reasonable officer should be able to use a reasonable amount of force to overcome a suspect’s resistance,” Nelson told jurors.Arrest FootagePolice were called to Cup Foods in Minneapolis May 25, 2020, after reports that a customer used a possible counterfeit bill. According to body camera footage shown to jurors, Floyd became agitated when officers approached him in his car with their guns drawn. He shouted he was afraid of being shot, echoing what he said during a 2019 traffic stop also shown to jurors.The confrontation escalated after police got Floyd out of his car and attempted to put him in the back of a squad car. Floyd screamed he was claustrophobic and couldn’t breathe. Chauvin arrived on the scene to assist two rookies—one of whom Chauvin trained—attempting to arrest Floyd. Chauvin had to make a series of snap decisions to assess the risks Floyd posed to police and bystanders, Nelson said. When officers were struggling to get Floyd into a police car, “not a single use of force expert who testified, not a single police officer who testified said anything that happened to this point was unreasonable,” Nelson said. The “dispute” over whether Chauvin killed Floyd begins when officers pulled Floyd to the ground after he refused to get into the car. Nelson broke down video of officers restraining Floyd to show they were assessing the suspect’s health and whether further force was warranted, showing Chauvin was following police procedure, Nelson said.‘Betrayed the Badge’Prosecution in its closing arguments emphasized that only Chauvin is on trial and not the practice of policing itself.Special prosecutor Steve Schleicher praised the “most noble profession of policing” while making his final argument that Chauvin should be found guilty in Floyd’s death. Schleicher laid out the case that Chauvin violated police department policy and training when he was filmed kneeling on Floyd’s neck for more than nine minutes on May 25, 2020, painting Chauvin as a rogue actor.“What the defendant did was not policing. What the defendant did was an assault,” Schleicher said during closing arguments. “There’s nothing worse for good police than bad police.”Chauvin “betrayed the badge and everything it stood for,” he added.Prosecutors posited that police ignored Floyd’s cries for help amid the arrest and during his struggle. Schleicher said that Floyd near the end of his life referred to Chauvin as “Mr. Officer.”“We call the police when we need help. And he pleaded with Mr. Officer,” Schleicher said. “He asked for help with his very last breath. But Mr. Officer did not help, the defendant did not help, he stayed on top of him.”Schleicher showed footage of Floyd’s arrest to the jurors to make the case that Chauvin and the other officers failed to provide aid as required by department training and policy. Rather than rolling Floyd to his side to aid his breathing, as is required, the officers held Floyd prone while he shouted he couldn’t breathe.Garland’s ViewU.S. Attorney General Merrick Garland urged the public to wait for the verdict in the Chauvin trial while adding that racism still plagues the country.“We do not yet have equal justice under law,” Garland said in an interview that aired Monday with ABC News. The Justice Department has an ongoing investigation into whether Chauvin violated federal civil rights laws, which will continue regardless of the verdict in the murder trial.Asked if he believes there’s racism and bias within law enforcement agencies, Garland said, “Racism is an American problem. It’s plain to me that there has been and remains discrimination against African Americans and other communities of color, and other ethnic minorities.”Finishing the state’s argument, special prosecutor Jerry Blackwell pushed back on defense claims that Floyd died from an enlarged heart.“The reason George Floyd is dead is because Mr. Chauvin’s heart is too small,” Blackwell said.To contact the reporters on this story: Ayanna Alexander in Washington at email@example.com; Ian Lopez in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrew Childers at email@example.com; Bernie Kohn at firstname.lastname@example.org; Meghashyam Mali at email@example.com(Updates on jury ending first day of deliberations.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Exxon Mobil on Monday floated a proposal for a public-private carbon storage project that would collect planet-warming carbon dioxide emissions from U.S. petrochemical plants and bury them in deep under the Gulf of Mexico. The plan would require "$100 billion or more" from companies and government agencies to store 50 million metric tons of CO2 by 2030, with capacity potentially doubling by 2040, Joe Blommaert, president of Exxon's Low Carbon Solutions business, said in an interview. Blommaert outlined the plan on Monday, about two months after the largest U.S. oil producer appointed him to run a new Low Carbon Solutions business that could profit from selling carbon-reduction technology and services.
Minnesota politician suffered one of worst election defeats in US history to Ronald Reagan.
Tampa Bay Lightning forward Alex Killorn crushed two members of the Carolina Hurricanes in 25 seconds, and completed the Gordie Howe hat-trick.
Frank Jackson scored 20 points, including a tiebreaking baseline drive in the final minute, lifting the Detroit Pistons to a 109-105 victory over the Cleveland Cavaliers on Monday. Josh Jackson grabbed it and then scored to go up 107-103 with 16.5 seconds remaining, giving the Cavaliers their fifth loss in six games. Collin Sexton scored 28 points and Darius Garland added 23 for the Cavaliers.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Romeo Power, Inc. (NYSE: RMO) securities between October 5, 2020, and March 30, 2021, inclusive (the "Class Period"). Investors have until June 15, 2021, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Executive Centre (TEC), the leading premium flexible workspace provider across Asia Pacific and the Middle East, announced that it was ranked in the Financial Times Top 500 Asia-Pacific High-Growth Companies 2021.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased LifeMD, Inc. (NASDAQ: LFMD) securities between January 19, 2021 and April 13, 2021, inclusive (the "Class Period"). Investors have until June 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
(Bloomberg) -- Asia stocks fell in early trade Tuesday after weakness in the technology sector pulled U.S. indexes from all-time peaks, with investors weighing corporate earnings and recent spikes in virus cases. The yen hit its strongest levels since early March.Shares opened lower in China and Hong Kong and Japan led declines across the region. U.S. contracts edged higher, after the tech-heavy Nasdaq 100 Index underperformed in the U.S. session, while the S&P 500 Index also fell. Tesla Inc. slumped after concerns about a fatal crash of one of its electric vehicles, which appeared to have no driver.Treasury yields traded around 1.6%, well off recent highs, and the dollar dipped.Investors are awaiting further confirmation of the private sector’s recovery from the pandemic as the earnings season gathers pace. The bright spot in the latest reports was the first revenue gain for International Business Machines Corp. in eleven quarters. Even with this latest pullback in major indexes, and the latest grim news on the spread of Covid-19, global stocks are trading near record highs.“We do think the market is a little overextended here,” Dave Sekera, chief U.S. market strategist at Morningstar Investment Services, told Bloomberg TV, adding that broad U.S. equities look about 5% overvalued. “Having said that we do still see value in a couple of areas, the value category being one.”Here are some key events to watch this week:Apple’s first product unveiling of the year on Tuesday.Reserve Bank of Australia releases minutes of its policy meeting on Tuesday.EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases new home sales dataThese are some of the main moves in markets:StocksS&P 500 futures were up 0.1% as of 10:40 a.m. in Tokyo. The S&P 500 fell 0.5%. The Nasdaq 100 dropped 1%Japan’s Topix Index slid 1.3%The Shanghai Composite fell 0.2%Hong Kong’s Hang Seng Index dipped 0.7%Korea’s Kospi Index edged up 0.4%Australia’s S&P/ASX 200 Index slipped 0.4%CurrenciesThe yen pared earlier gains, trading around 108.23 per dollarThe offshore yuan was at 6.5051 per dollarThe Bloomberg Dollar Spot Index fell 0.1%The euro was at $1.2044BondsThe yield on 10-year Treasuries was steady at 1.60%CommoditiesWest Texas Intermediate crude rose 0.3% to $63.55 a barrelGold was 0.1% lower at $1,769.77 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Australian buy-now-pay-later company Afterpay said on Tuesday it is exploring a U.S. listing after more than doubling its third-quarter sales, offering U.S. investors an easier path to owning a stock that has boomed through the pandemic. Afterpay has tapped Goldman Sachs to advise on the listing, two sources with direct knowledge of the matter told Reuters. Goldman declined to comment.
Walter Mondale, a leading liberal Democratic voice of the late 20th century who was U.S. vice president under Jimmy Carter and lost in a historic landslide to Ronald Reagan in the 1984 presidential election, died on Monday at age 93, his family said. "It is with profound sadness that we share news that our beloved dad passed away today in Minneapolis, Minnesota," the family said in a statement. Mondale, the first major U.S. party presidential nominee to pick a woman running mate, believed in an activist government and worked for civil rights, school integration, consumer protection and farm and labor interests as a U.S. senator and vice president during Carter's troubled one-term presidency from 1977 to 1981.
Walter Mondale, the former vice president to Jimmy Carter and staunch democrat who lost the 1984 presidential election to Ronald Reagan, has died. He was 93. Mondale’s family announced his death in a statement on Monday, and did not mention a cause of death, according to the Associated Press. Mondale was a United States Senator, […]
(Bloomberg) -- Oil edged higher toward $64 a barrel as traders monitored a patchwork recovery in demand from the coronavirus pandemic a year to the day since futures for the U.S. benchmark went negative.West Texas Intermediate rose 0.3% in Asia after closing modestly higher on Monday. In the U.S., refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of Covid-19 infections. The dollar fell for a sixth straight session on Monday, boosting the appeal of commodities priced in the currency.Crude is up more than 30% in 2021 as investors bet the reopening of economies will stoke consumption and keep draining global inventories. As demand picks up, the Organization of Petroleum Exporting Countries and its allies are planning a cautious return of some supply from next month. The OPEC+ grouping may skip a full-scale ministerial meeting planned for next week, possibly indicating members don’t see much need to revise current strategy.“If prices sustain in the current band, they wouldn’t want to make any changes to what’s been agreed for May-July,” said Vandana Hari, founder of Vanda Insights in Singapore. Still, “crude appears to be under-pricing the risk of a demand slowdown in India and Europe countering gains in the U.S.,” she said.Oil’s forward curve suggests growing confidence, with the widely watched spread between WTI’s contracts for December this year and 2022 at the widest backwardation in about a month. That’s a bullish pattern, with prices for the final month of 2021 more than $4 a barrel above those a year further out. Brent’s prompt spread is also backwardated, with a gap of 61 cents a barrel.A year ago today, the global oil market faced an unprecedented crisis, with WTI ending at -$37.63 a barrel. Prices went negative after lockdowns savaged demand and producers Saudi Arabia and Russia had flooded the market in a price war. A restoration of OPEC+ unity marked by deep supply cuts, and the development of vaccines, helped prices to stage a steady recovery.At present, OPEC+ has decided to revive just over 2 million barrels a day of the 8 million it’s been keeping offline, with the supply to be returned in stages over the three months to July. If the ministerial gathering is scrapped, the coalition may go ahead with just a monitoring committee meeting on April 28.Later Tuesday, investors across markets will track a high-profile speech from China’s President Xi Jinping at the Boao Forum on Asia. The address is expected to touch on the risks and challenges that the world is facing, and what solutions China can offer to promote development and prosperity.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The technology firm is holding its first event of 2021 and is expected to reveal a number of new products.