FT News Briefing Tuesday, May 7
May 7, 2019
Tensions escalate as senior US officials accuse China of backtracking on trade commitments, with potential tariff threats looming. In corporate news, Anadarko Petroleum’s board favors Occidental Petroleum’s $55bn bid against Chevron, raising shareholder concerns. Meanwhile, former Goldman Sachs banker Roger Ng is placed under house arrest with a hefty bail due to the 1MDB case. Additionally, Kraft Heinz faces serious accounting issues, prompting a restatement of nearly three years of earnings, shaking confidence in legacy brands.
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Trade Talks Uncertainty
- US-China trade talks face uncertainty after President Trump threatened higher tariffs on Chinese imports.
- This action followed accusations from US officials that China backtracked on commitments, impacting global markets.
Anadarko's Acquisition
- Anadarko Petroleum's board backs Occidental's $55bn bid over Chevron's, adding more cash and avoiding a shareholder vote.
- This move may anger shareholders like T. Rowe Price, who oppose the deal due to financial risks.
1MDB Case Update
- Former Goldman Sachs banker Roger Ng was extradited from Malaysia and is under house arrest on $20m bail.
- He and Tim Leissner are accused in the 1MDB scandal, where billions were allegedly stolen from a Malaysian state fund.