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Chinese stocks are up on Friday amid volatile trading. The Shanghai Composite Index is up 1.93%, after having fallen 2%.
Big banks won a dispute over zinc prices. A US judge on Thursday dismissed a private antitrust lawsuit in which zinc purchasers accused affiliates of Goldman Sachs, JPMorgan Chase & Co and Glencore of conspiring to drive up the metal’s price.
China’s circuit breaker didn’t last long. China is suspending its new stock market circuit breaker as of Friday, the Shanghai and Shenzhen stock exchanges said, after the mechanism failed to stop sharp falls in the country’s volatile markets.
One of Standard Chartered’s old guard is leaving. Standard Chartered Deputy Chief Executive Mike Rees will step down from his role on April 30. Rees, who has worked at the bank for 26 years, will officially leave at the end of the year.
Shell can handle a few years of really cheap oil. Royal Dutch Shell has told investors its purchase of BG can work even if oil prices average $50 a barrel for two years, its lowest estimate to date as it seeks to secure shareholder support for the $51 billion deal amid plunging crude markets.
Spain’s political situation is getting tricky. The leader of Spain’s opposition Socialist party, Pedro Sanchez, ruled out a pact with the ruling People’s Party during a visit to Portugal to study its leftist coalition government’s success in booting out a right-wing leader.
Blackstone is expanding in London. Blackstone Group is planning to bring its multi-manager hedge fund platform Senfina Advisors to Britain, according to Reuters. The platform, launched in 2014 in the US, has around $2 billion under management.
Saudi Arabia denies targeting Iran. The Saudi-led coalition fighting rebels in Yemen denied an accusation by Tehran that its warplanes had targeted the Iranian embassy there.
Brazil could see a big telecoms merger. Oi SA, Brazil’s most indebted phone carrier, has started talks with the controlling shareholder of rival TIM Participações SA over a potential merger, with discussions initially focusing on governance issues.
Saudi Aramco may go public. Saudi Arabia is considering issuing shares in state-owned oil giant Saudi Aramco, the kingdom’s powerful deputy crown prince told The Economist. The thirty-something son of King Salman chairs the Supreme Council, which has overseen the company since it was separated from the oil ministry last year.
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