Overnight Top Business Stories – 1 November


1) Trump Is on Treacherous Ground After Impeachment Inquiry Vote
Donald Trump’s presidency stands on its most treacherous ground after the House voted Thursday to approve and proceed with its impeachment inquiry. The resolution, passed on a largely party-line 232-196 vote, does not just lay out a road map for the public phase of the inquiry.

2) Steinhoff Mulls Sale of 25% of Pepco Unit in IPO Next Year
Steinhoff International Holdings NV is considering the sale of about a quarter of Pepco Group through an initial public offering that could value the European retailer at more than 4 billion euros ($4.4 billion), according to people familiar with the matter. View Share Prices for Steinhoff Internation Holdings NV.

3) Shoprite Investor Seeks to Curb Wiese Power With Director
A Shoprite Holdings Ltd. shareholder nominated a veteran retail executive to the board of Africa’s biggest grocer in an attempt to reduce the influence of Chairman Christo Wiese- part of a wider investor pushback against the former billionaire. Wiese, 78, has been chairman of the Cape Town-based company for almost three decades. View Share Prices for Shoprite.

4) Marriott Sells St. Regis New York to Qatar Investment Authority
Marriott International Inc. has sold the St. Regis New York for $310 million to Qatar’s sovereign wealth fund, offloading a historic property that served as the launching point for an indispensable cocktail and a preeminent luxury hotel brand.

5) Ghana Warns of Unaffordable Debt Buildup Over Excess Power Deals
Ghana’s energy sector will accumulate losses of more than $12.5 billion by 2023 if the country fails to renegotiate deals with independent power producers and gas suppliers, said Finance Minister Ken Ofori-Atta.

6) World’s Top Currency Awaits Fresh Boost as Russia Mulls Spending
Already the best performer among major currencies this year, the ruble could get an extra fillip when Russia starts using part of its $123 billion oil cash hoard to spur growth. For now, the mechanism the Finance Ministry employs to build up its wealth fund from windfall oil revenues puts a limit on the ruble’s gains.

7) Stocks Push Higher as China Talks, Data Mulled: Markets Wrap
Most Asian stocks rose and European and U.S. futures pushed higher Friday as investors weighed better-than-expected Chinese manufacturing data against uncertainty about an interim U.S.-China trade deal. Treasuries held their mid-week gains ahead of Friday’s American jobs and manufacturing data.

8) JPMorgan Stock Pickers Bet on Thai Tourism in Ignored Asean
Southeast Asian stock markets still have “selective investment opportunities” even though Wall Street is ignoring them, according to JPMorgan Asset Management. The money manager, which has about $3 billion invested in the region’s equities, says tourism shares are one example, particularly in Thailand.