Tuesday 31st May 2016
NEWS TICKER: TUESDAY, May 31st: Morningstar has placed the Neptune US Opportunities fund Under Review. The fund previously held a Morningstar Analyst Rating™ of Bronze. Fatima Khizou, manager research analyst at Morningstar, comments: “James Hackam, who joined Neptune in 2012 and currently runs the US Equity Income fund, has been appointed lead manager on the fund and head of US equities concomitantly. The Compound Edge investment philosophy, which uses a proprietary quality composite score screening tool that Hackam helped develop, will now be used across the whole range, including this fund. We will be meeting with the new management team to discuss this approach in further detail.” - Over the long weekend, India’s ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corporation (ONGC), today announced it has signed a Memorandum of Understanding (MoU) with SOCAR Trading SA, the trading arm of Azerbaijan's government-owned energy firm SOCAR, for foraying into oil trading business. The agreement covers joint marketing of OVL's crude oil portfolio by leveraging SOCAR Trading's experience in oil trading, OVL says in a statement. "Initially, both the parties agreed to initiate discussion on joint marketing agreement in respect of OVL's equity crude from ACG, Azerbaijan,” the firm says.the Azeri-Chirag-Guneshli (ACG) field is located off the coast of Baku and is the largest oilfield in the Azerbaijani sector of the Caspian basin. OVL owns a 2.7% stake in the field, which it acquired from US-based Hess for $1bn - According to the provisional data published yesterday by ELSTAT real GDP growth in Greece contracted by 1.4% year on year in Q1 on the back of lower private consumption, gross fixed capital investments and exports - Statistics Canada will provide its latest read on how the economy is performing later today when it releases gross domestic product results for the first three months of the year. The consensus view is that the economy grew at an annual pace of 2.9% for the quarter, though the prediction is for a small contraction in March. Worrying for the Bank of Canada is that the Q1 figures will not take into account the damage done by the recent wildfires in Alberta - Telia Company AB (formerly TeliaSonera AB says it is inviting holders of its outstanding £400,000,000 4.375 per cent notes due 5 December 2042 (XS0861990173) to tender any and all of their securities for cash in an offer memorandum released today. The firm says the offer will help it optimise its liability structure and that it will use some of the money (alongside revenue from the sale of Ncell) to reduce its overall debt exposure. To tender securities for purchase eligible securities holders should deliver the securities either via Euroclear or Clearstream. Details of the final principal amount of securities up for purchase and the tender price will be distributed at or around noon GMT on June 8th -

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