Leading tech firm Apple Inc announced on Tuesday its fifth multi-billion dollar offering of corporate bonds since 2013.
Likely inspired by low interest rates, the household name synonymous with smart technology issued $12 billion of bonds in nine parts. After a two week lull in issuance, the offering by Apple was welcomed by the bond market. Apple’s equity investors also appeared to embrace the move, which could be used to finance share buybacks and increased dividends.
Spanner in the oil works
In the first OPEC* to non-OPEC deal in over 15 years, Russia and Saudi Arabia have agreed to freeze oil production at January levels. Stimulated by the drop in oil prices to below $30 per barrel earlier in the year, it is hoped that the restriction to production will boost prices. The United Arab Emirates, Qatar, Kuwait and Venezuela have also signed up to the deal, but the return of Iran to global oil markets has caused complications. Eager to regain some of the market share lost during years of sanctions Iran, along with neighbouring Iraq, have cast doubt on the finalisation of the deal. Meanwhile, US shale producers are also voicing disquiet. Akin to siblings arguing over who has to go to bed first, some are stating they “won’t freeze production unless Iran and Iraq have to as well!” Perhaps self-elected arbiters Russia and Saudi Arabia will have to put their foot down and send everyone to bed early.
Staying put
The City of London is heaving a sigh of relief, now that banking behemoth HSBC has finally decided to keeps its headquarters in London. In early 2015, the company announced it was considering migrating back east, having moved to London in 1992. After almost a year of uncertainty, the unanimous decision by HSBC’s board to sit tight in its 50-storey building in Canary Wharf was welcomed by the UK financial sector. According to Douglas Flint, the company’s chairman, the decision to eschew relocation to Hong Kong was based on the UK’s “internationally respected regulatory framework and legal systems, and immense experience in handling complex affairs”.
And finally…
If some recent news stories are to be believed, malingerers are now manifold across the globe. Several cases of absenteeism from jobs in the public sector have recently been revealed, the most extreme being that of an Indian electrical engineer who was finally sacked after an extended leave of 25 years. Meanwhile, a skiving civil servant in Spain was only discovered to have been playing hooky for six years after he became eligible for a long-service award. Perhaps an award for services to shirking might have been more appropriate.
