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Activist fund Elliott ramps up pressure on South Korean auto giant Hyundai
US activist hedge fund Elliott Management dismissed Hyundai Motor Group's restructuring plan as insufficient on Monday and called on the South Korean conglomerate to adopt a holding company strategy and appoint more independent board members. Stepping up its campaign against the South Korean carmaker on Monday, Elliott said it was unclear how the group's restructuring plan would benefit minority shareholders. Hyundai said in a statement that it would continue to communicate with investors including Elliott to explain the goals and needs of its reorganization plan.
Trump's revenge: U.S. oil floods Europe, hurting OPEC and Russia
As OPEC's efforts to balance the oil market bear fruit, US producers are reaping the benefits - and flooding Europe with a record amount of crude. US oil is on offer everywhere, said a trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing US oil. US oil output is expected to hit 10.7 million bpd this year, rivaling that of top producers Russia and Saudi Arabia.
U.S. grants more time to wind down business with Rusal
Americans engaged with United Company Rusal PLC have until Oct 23 to wind down their business with the aluminum giant amid US sanctions, the US Treasury Department said on Monday in a statement extending the time period. US Treasury Secretary Steven Mnuchin said the department was weighing RUSAL's petition for delisting, adding: Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL's petition.
Stock futures flat as U.S. bond yields near 3 percent
The yield on 10-year US Treasuries US10YT=RR, the benchmark for global borrowing costs, hit 2.9980 percent, its highest since January 2014. The US five-year inflation swap, a key market gauge of long-term US inflation, hit its highest level in 3-1/2 years. More recently, the stock market sold off in February as inflation expectations sent treasury yields surging.
China's Lishen plans first European sales office for electric vehicle batteries
Chinese battery maker Tianjin Lishen plans to open a sales office in Germany, its first in Europe, and is in talks to supply local auto makers with batteries used to power electric vehicles, a source at the company told Reuters. They are buying lithium-ion rechargeable batteries used to power electric vehicles from multiple producers to diversify their supply chains, the source at Tianjin Lishen Battery said. It will be a sales office not a factory, the source at Lishen said.
Hasbro blames Toys 'R' Us for dismal first quarter
Toymaker Hasbro Inc (HAS.O) fell 23 cents a share short of Wall Street expectations for profit in the first quarter as the fallout of the Toys 'R' Us bankruptcy drove a nearly $100 million shortfall in revenue. Mattel, which reports on the first quarter on Thursday, also saw its shares drop another 5 percent after the Hasbro results. We are working to put the near-term disruption from Toys'R' Us behind us, Hasbro Chief Executive Officer Brian Goldner said.
Elliott wants Hyundai Motor Group to adopt holding company structure
US activist hedge fund Elliott Management said on Monday a restructuring plan proposed by Hyundai Motor Group to simplify its shareholding structure was not enough, and recommended it create a holding company, among other measures. Earlier this month, Elliott disclosed that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor Group and called for a more detailed roadmap as to how the group will improve corporate governance, optimize balance sheets and enhance capital returns.
Halliburton revenue jumps on higher North American demand
Oilfield services provider Halliburton Co (HAL.N) reported a 34 percent jump in first-quarter revenue on Monday as rising oil prices prompted North American companies to boost oil and gas production. The company's revenue from North America jumped nearly 58 percent to $3.52 billion in the three months ended March 31, while revenue from international operations rose 9 percent. Halliburton warned of 10 cents per share hit to first-quarter earnings in February due to delays in deliveries of sand used in fracking.
Volvo Trucks plans to share electric truck battery tech across brands
Volvo Trucks plans to share battery technology across its brands to tame development and production costs for the crucial but expensive component, as the world's second-largest truck maker ramps up electric offerings, the company told Reuters on Monday. As vehicle makers face growing costs to develop lower-emission vehicles and automated driving capabilities, Volvo Trucks, owned by Sweden's Volvo AB (VOLVb.
Elliott proposes 'accelerate Hyundai' changes
Activist investor Elliott Management Corp on Monday proposed the addition of three independent members to the board of Hyundai Motor Group in a document laying out its agenda after taking a more than $1 billion stake in the carmaker. Elliott also urged Hyundai's board to reduce excess cash on the balance sheets at Mobis and Hyundai Motor Co to minimize drag on returns.
China may backslide on deleveraging if trade war looms
In the first quarter, gross domestic product (GDP) in the world's second-largest economy grew 6.8 percent - well above the annual target. The Chinese economic data for March - such as weaker growth in industrial output and investment - is suggesting that momentum is slowing. We are basically expecting domestic demand growth to play a larger role this year and next than we had initially. Oxford expects China's GDP to grow 6.5 percent this year, indicating significant slowing from the first quarter.
Low profile hedge funds post high returns in year after New York Sohn conference
His, short, or bet against, Frontier Communications Corp (FTR.O) gained 61 percent since it was announced on May 8 of last year. Returns from picks of higher-profile investors at Sohn last year were mixed and Einhorn's Greenlight is among those nursing heavy losses. In the first quarter alone, Greenlight was down 14 percent, Einhorn wrote in a letter to clients dated April 3. As hedge fund returns have stalled in the past year, investors have protested by pulling cash out.
Libya examines Total-Marathon purchase, casting doubt on deal: sources
Libya had not given the required formal approval to the Total-Marathon deal, meaning it could be blocked, the source added. Total CEO Patrick Pouyanne told reporters at an industry event in Paris on Thursday that the deal was all but settled. The deal was still under consideration and negotiations between many parties here in Tripoli, a second oil Libyan oil source said. It also gives Total a presence at fields in eastern Libya, where most of the country's oil resources lie.
GM Korea drops bankruptcy vote plan after last-minute wage deal
The automaker had sought wage concessions from the union as well as government funding and incentives to save its remaining three South Korean factories. Through the latest agreement, GM Korea will be a competitive manufacturing company, Kaher Kazem, chief executive of GM Korea, said in a statement in Korean.
China's HNA Group to remain a 'major investor' in Deutsche Bank: HNA spokesman
China's HNA Group will remain a major investor in Deutsche Bank (DBKGn. DE), the aviation-to-financial services conglomerate said in a statement on Monday, citing a company spokesman. The group, in its statement, said that the share sell-down was prompted by the current market environment, which led to a decision not to renew a part of the financing structure for our stake. Our commitment to remain a major investor in Deutsche Bank remains unchanged, the statement said, citing the spokesman.
Air France KLM shares fall amid more strike disruption
Air France KLM (AIRF.PA) shares fell on Monday as its Air France division faced further disruption to flights due to workers striking in protest over pay. Air France KLM shares were down 1.4 percent in early trading, among the worst performers on Paris' SBF-120 index. Air France predicted that 25 percent of its flights would be canceled on Monday, the 10th day of a strike by staff. The airline has said that the strike has cost it 220 million euros ($270 million).

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