(Bloomberg) -- North America’s most infamous oil pipeline project just got a surprise $5.3 billion financial aid package from Alberta as the Canadian province fights to rescue its battered oil-sands industry.Keystone XL, which for years has faced court challenges and environmental opposition in the U.S., will get a $1.1 billion investment and a $4.2 billion loan guarantee from Alberta to help TC Energy Corp. build the line to the U.S. Gulf of Mexico. The Calgary-based pipeline giant said it will invest the remaining $2.7 billion.Once touted by Canada as a key step to turn the country into an energy superpower, the project counted celebrities like Mark Ruffalo and Daryl Hannah among foes who pressured the Obama administration to block it.Approval from President Donald Trump years later came at a time when investing in the project was far from certain as the Canadian oil industry was cutting costs, competing output from U.S....
Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. A few weeks ago, proposals for Washington to work together with oil producers to curb supply to the global market would have been dismissed for violating U.S. antitrust laws....
Russ Koesterich, BlackRock Global Allocation Fund Portfolio Manager, joins Yahoo Finance’s On The Move to weigh in on the global markets hitting record lows since the 2008 recession. ...
(Bloomberg) -- Private equity firms are working the phones in Washington to fix what they consider a major flaw in the coronavirus rescue bill: they fear that companies they own are largely ineligible for the billions of dollars in small business loans the U.S. is doling out to save the economy.In a flurry of calls this week to congressional offices and the Small Business Administration, private equity firms said the $2 trillion law seems to exclude most of their portfolio companies due to a technical definition of how a “small business” is defined. They’ve asked the SBA, which is writing regulations for the lending program, to specify whether their holdings can participate.While the biggest firms in the industry and its trade association are downplaying the problem, other executives say privately that it could deal a serious blow to the businesses they own. The legislation, signed last week by President Donald Trump,...
Billionaire trader Steven A. Cohen is cautioning the staff of his investment firm, Point72 Asset Management, to remain cautious amid markets that have recovered slightly from coronavirus-driven lows. Cohen also wrote that his $16 billion firm's returns are "essentially flat for the year," a result that "speaks to how well our investment professionals have managed risk in such a challenging environment." Point72 is best known for stock market investments, its core hedge fund strategy, although it also bets on other securities following a so-called macro style, which involves global wagers on lots of asset classes at once based on macroeconomic trends....
