M&A
Chevron-Hess Deal Hits Delay
Chevron’s planned acquisition of Hess has hit another snag, due to the international arbitration panel that is handling Exxon’s right-of-first-refusal dispute regarding Hess’ stake in an oil project in Guyana.
The panel is slated to make a decision three months after the schedule hearing in May 2025.
The deal is also subject to review by the US FTC which is waiting for the result of the above arbitration case.
The delays have wreaked havoc on both Chevron’s and Hess’ stock prices.
BANKING
Santander Says Hola to Canada
Spanish bank, Banco Santander, is getting closer to setting up shop in Canada.
The bank still needs to get approval from Canada’s banking authority which could take up to a year to approve.
Foreign banks entering the Canadian market is pretty rare and it’s unlikely Santander will give much competition to Canada’s big six banks.
MARKETS
Bank of England Cuts Rates
The Bank of England has cut interest rates by 25 basis points, the first cut in four years.
The cut offers some minor relief to consumers.
Now, all eyes will be on when the US Fed will join the rate cut party.
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