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Friday, 1 September 2017

China’s Legend buys 90% stake in Luxembourg bank

China’s Legend buys 90% stake in Luxembourg bank:

"Legend Holdings is buying a 90 per cent stake in Banque Internationale a Luxembourg from its Qatari owners, Precision Capital, in a transaction bankers say is valued at over $1bn. The acquisition is the largest of takeover of a European deposit-taking institution by a Chinese company to date. Legend first made its name in 2005 when it bought IMB’s PC unit. In purchasing the European bank, the investment group is taking advantage of a vacuum that has been left as other Chinese acquirers are barred from further purchases at Beijing’s behest. As a well-connected, state-backed group, it is likely to get Beijing’s official support for the purchase."

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Cheap Oil And Costly Fuel Are Harvey Windfall for Top Market - Bloomberg

Cheap Oil And Costly Fuel Are Harvey Windfall for Top Market - Bloomberg:

"The shutdown of almost a quarter of U.S. crude refining capacity in the wake of Hurricane Harvey is presenting a rare opportunity for fuel traders in Asia. A spike in American gasoline prices as the storm cuts off supplies is drawing shipments from as far away as Singapore. The disruptions are also weighing on global crude futures, helping drive up processing profits thousands of miles away from Harvey’s trail of destruction on the U.S. Gulf Coast. Returns from making oil products in Asia have soared to the highest level in more than two years. Even companies that aren’t transporting fuel west are benefiting, according to Indian Oil Corp., the nation’s top refiner. Traders have hired vessels to ferry at least 105,000 tons of processed products from Singapore to America next month, and are seeking to charter more. Tankers have been booked to transport gasoline from Europe to the U.S., and the fuel is now set to be shipped over even longer distances as the premium of American prices soar relative to those in Asia, the world’s biggest oil market. Additionally, Indian Oil says demand is strong enough for refiners that don’t export to stick to domestic markets and enjoy cheaper feedstock and higher fuel prices."

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