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Yahoo BusinessOct 25, 2020
U.S. Futures Slip; Asian Stocks See Muted Gains: Markets Wrap
(Bloomberg) -- U.S. equity futures started the week on the back foot as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. Asian stocks saw modest gains.S&P 500 contracts retreated though were off their session lows. Stocks in Japan, Australia and South Korea edged higher. U.S. House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive as chances faded of a resolution before next week's election. The pound ticked higher after trade talks between the U.K. and the European Union were extended to Oct. 28. Hong Kong is closed for a public holiday Monday.Treasuries advanced, though the 10-year yield remained above 0.8%. Oil extended a decline. U.S. stocks rose Friday as investors held out hope for a spending package, with the S&P 500 Index paring a weekly decline.Investors remain focused on the chances of an agreement on a stimulus package as November's election fast approaches. Still, concerns are mounting that surging virus cases could force additional business closures. The U.S. added more than 85,000 cases in a record figure for one day."There is very limited incentive on both sides to get a deal done," Joseph Shaposhnik, a portfolio manager at TCW, said on Bloomberg TV. "The market has baked that in, has baked in the election and is looking out six months and thinking what are the odds life begins to normalize, a vaccine is introduced."President Donald Trump's chief of staff said t

Yahoo BusinessOct 25, 2020
Cenovus to Buy Husky for $2.9 Billion, Creating Canada Oil Giant
(Bloomberg) -- Cenovus Energy Inc. agreed to buy Husky Energy Inc. in a C$3.8 billion ($2.9 billion) all-stock deal that will combine two of the largest players in Canada's beleaguered oil-sands industry, which is struggling after the slump in crude prices.The transaction will create the country's third-largest oil and natural gas producer and lead to C$1.2 billion in savings, the companies said Sunday in a statement. Following the completion of the deal, Hong Kong billionaire Li Ka-shing and CK Hutchison Holdings, the conglomerate he founded and Husky's biggest shareholder, will together own about 27% of Cenovus.Like most of their industry peers, Cenovus and Husky are currently losing money following the crash in oil demand due to the pandemic. But even before the devastating impact of Covid-19, the Alberta oil sands had already lost their luster due to a chronic lack of pipeline capacity to export crude. That has forced producers there to accept hefty price discounts.Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.That represents a 21% deal premium, excluding the warrants. The takeover is valued at C$23.6 billion when debt is included.The oil sands also face increased environmental scrutiny arising from their carbon intensity, which makes the deposits more polluting to exploit than conventional reserves or shale. International oil majors including Norway's Equinor ASA, France's Total SA and Houston-ba

Yahoo BusinessOct 25, 2020
Pelosi, White House Say Each ‘Moving the Goalposts' on Stimulus
(Bloomberg) -- House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive and the Republican-led Senate might not act before the Nov. 3 U.S. election.Pelosi and White House Chief of Staff Mark Meadows accused each other of "moving the goalposts" on stimulus legislation in back-to-back Sunday interviews on CNN, showing why there's so much pessimism among U.S. lawmakers that a deal can be reached before Election Day. Pelosi cited a continuing lack of agreement on funding for stemming the coronavirus pandemic and on aid related to education."It could happen this week in the House," Pelosi said on "State of the Union." But it's up to Majority Leader Mitch McConnell "as to whether it will happen in the Senate," she said. "We want it the sooner the better, and that's why we're making concessions."Meadows didn't sound optimistic. "We continue to make offer after offer after offer, and Nancy Pelosi keeps moving the goalposts," he said on the same show.Pelosi said the administration was delivering updated proposed language on some unresolved issues, including those related to a testing and tracing program. "My understanding is we will be reviewing that over the weekend and will be having some answers on Monday," she said.If no coronavirus relief bill is passed before the election, Pelosi said House Democrats would keep pressing for an agreement in the lame-duck session after the election. She said they would not wait until Ja
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