Overnight Top Business Stories – 25 October


1) Boris Johnson’s Election Bid Casts Doubt Over EU Brexit Delay
Boris Johnson’s efforts to break three years of gridlock in the U.K. Parliament with another election were thrown into doubt after his main opponent demanded he rule out a no-deal Brexit first. Labour Party Leader Jeremy Corbyn said Thursday that his decision on backing the prime minister’s bid for an election depends on the length of a Brexit extension.

2) Steinhoff Ex-CEO Art Sale Hit Price of Top South Africa Painter
A mass sale of art by former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste caused a slump in the price of paintings by famed South African artist Jacob Hendrik Pierneef, according to people familiar with the matter. Jooste quit as head of Steinhoff the day the global retailer reported accounting irregularities in late 2017. View Share Prices for Steinhoff.

3) Beirut Protests Draw a Careful Silence From Gulf Arab States
This week’s bulletin from the Saudi government congratulated the new Japanese emperor, condemned a truck bombing in Afghanistan and noted discussions with Brazil over intellectual property rights.

4) Oil Industry Revival in South Sudan Hinges on Fragile Peace Pact
South Sudan’s hopes of rebuilding its oil industry and shattered economy after a five-year civil war that killed almost 400,000 people hinge on a fragile peace accord that looks increasingly at risk of unraveling.

5) It’s Time to Keep a Close Eye on Asia Financials: Taking Stock
While poor earnings from internet companies like Amazon.com Inc. and Twitter Inc. sent jitters through the U.S. market, it is traditional financial giants that weighed on Asia Friday. The region’s benchmark MSCI Asia Pacific Index halted a rally as Ping An Insurance (Group) Co. sank more than 3% after reporting a slowdown in new business value.

6) Korea’s Japan Boycott Doesn’t Extend to Funds Returning 27%
South Korea’s boycott of Japan stops at financial products generating high returns. While many Koreans have ceased buying everything from beer to cars to clothing from Japan and canceled trips there amid a trade spat, they have flocked into the nation’s real estate investment trusts.

7) U.S. Farm Sales to China May Hit Pre-Trade War Level by Election
U.S. farmers may return to pre-trade war levels of sales to China in time for the presidential election year, relieving economic pressure on one of Donald Trump’s key political constituencies as he campaigns for a second term and fights an impeachment inquiry.

8) Oil Pares Weekly Gain as Supply-Demand Seesaw Challenges Traders
Oil declined, but was still on track for its biggest weekly gain in more than a month, as investors weigh further signs of a slowing global economy against tightening crude supplies.