Business

Brookfield, BlackRock no longer in race for over $10 billion Aramco pipeline stake

U.S. asset manager BlackRock and Canada’s Brookfield Asset Management Inc are no longer in the race to buy a stake in Saudi oil giant Aramco’s pipeline business, two sources familiar with the deal said. Apollo Global Management and New York-based Global Infrastructure Partners (GIP) are among the bidders still in the race for the deal, […]

Business

GM to start making Silverado electric pickups late next year in Detroit

General Motors Co is planning to start production of Chevrolet Silverado electric pickup truck late next year at its Detroit-Hamtramck assembly plant, a source familiar with the U.S. automaker’s plan said on Tuesday. The vehicle is expected to go on sale in early 2023 as a 2024 model, another source said. The company declined to […]

Business

Wall Street pulls back, Treasury yields inch lower as eyes turn to Fed

Wall Street lost ground, pulling back from the prior session’s record closing highs and Treasury yields edged lower on Tuesday as investors trained their focus on the approaching earnings season and the Federal Reserve’s economic outlook. All three major U.S. stock indexes closed in the red, led by the blue-chip Dow, which notched an all-time […]

Business

Halliburton’s CEO earned $10 million more in 2020, despite pledge to cut pay

The top executive for oilfield services firm Halliburton Co earned roughly $10 million more in 2020 than the prior year, despite company pledges to reduce executive pay as the coronavirus pandemic crushed the oil industry, according to a regulatory document filed on Tuesday. Chief Executive Jeff Miller earned $22.3 million in 2020, versus $12.8 million […]

Business

Morgan Stanley dumped $5 billion in Archegos stock night before fire sale

Morgan Stanley sold about $5 billion of Archegos’ stocks the night before the fire sale hit rivals, CNBC reported on Tuesday, citing people with knowledge of the trades. Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to shop around its stock late Thursday, according to the report. The […]

Business

Oil gains 1% on strong U.S., China economic data

Strong economic data from China and the United States helped lift oil prices by 1% on Tuesday, recouping some of the previous session’s losses. Brent rose 59 cents, or 1%, to settle at $62.74 a barrel. U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to settle at $59.33 a barrel. Prices were […]