Elliott Takes $1 Billion Stake in Us Oil Refiner Phillips 66, Urges Board Revamp

By Svea Herbst-Bayliss and Laura Sanicola (Reuters) – Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. The activist investment firm in a letter to the Houston energy company’s board on Wednesday said Phillips […]

With Fed likely done hiking rates, Waller flags pivot ahead

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -Federal Reserve policymakers look increasingly comfortable closing out the year with U.S. interest rates on hold and the clock ticking on how soon to deliver a first rate cut as they try to engineer a “soft landing” for the economy. “Inflation rates are moving along pretty much […]

3M, DuPont defeat massive class action over forever chemicals

By Clark Mindock (Reuters) -A U.S. appeals court on Monday handed 3M, Corteva Inc subsidiary E.I. du Pont de Nemours and Co and other manufacturers of toxic so-called “forever chemicals” a big win in their fight against legal liability for the substances, rejecting a lower court’s ruling that would have allowed about 11.8 million Ohio […]

Shoppers click ‘buy’ as retailers slash prices ahead of Cyber Monday

(Reuters) -Holiday shoppers in the U.S. are seeking out the best deals and strategically nabbing the deepest discounts ahead of Cyber Monday, according to data from retailer websites aggregated by third parties. Cyber Monday, the first Monday after the Thanksgiving holiday, is set to be the biggest U.S. online shopping day of the year as […]

Most Gulf Markets in the Red on Falling Oil Prices

By Ateeq Shariff (Reuters) – Stock markets in the Gulf ended lower on Sunday in response to Friday’s fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil – a catalyst for the Gulf’s financial markets – fell on Friday as the release of some hostages in Gaza reduced the […]

Wall St Ends Mixed in Truncated Black Friday Trading

By Stephen Culp NEW YORK (Reuters) -U.S. stocks ended little changed in holiday-shortened trading on Friday, with low volume and conviction as investors watched the start of the seasonal shopping season for signs of consumer resiliency. The S&P 500 closed nominally higher, while the Dow eked out a modest gain. The Nasdaq was dragged slightly […]

Big investors say US markets rally could prove short-lived

By Carolina Mandl, Svea Herbst-Bayliss and David Randall NEW YORK (Reuters) -The recent rally that has lifted U.S. stocks and bonds is more of a year-end rebound than a turning point, according to big money managers, who see fiscal and monetary policies, next year’s presidential election and recession fears as likely to start weighing on […]

Morgan Stanley Urges Higher Quality Corporate Bonds as 2024 Maturities Approach

By Matt Tracy (Reuters) – Investment bank Morgan Stanley is recommending that corporate bond investors focus on higher quality investment-grade and high-yield bonds headed into next year, as a wave of maturities poses risk to more junk-rated companies. Morgan Stanley said it suspects the Federal Reserve has neared the end of its rate-hiking cycle, with […]

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Elliott Takes $1 Billion Stake in Us Oil Refiner Phillips 66, Urges Board Revamp

November 29, 2023

By Svea Herbst-Bayliss and Laura Sanicola (Reuters) – Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. The activist investment firm in a letter to the Houston energy company’s board on Wednesday said Phillips […]
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