Chevron agreed to take over Anadarko in a $49bn deal. The acquisition expands Chevron’s shale-oil assets in America’s Permian basin, where Anadarko is a leading independent operator. It also gains a huge liquefied-natural-gas project in Mozambique. Big oil companies have been increasing their shale production targets, adding to the pressure on smaller, independent outfits to consolidate.
Following years of costly litigation, Apple and Qualcomm settled their dispute over royalties and reached a six-year licensing agreement. Their quarrel had revolved around patent fees for the use of Qualcomm’s chips in Apple’s iPhone. While the dispute dragged on, Apple had switched to Intel to supply it with chips, but Intel had encountered problems designing chips for next-generation 5g phones and now plans to exit that business.
Investors pored over Uber’s prospectus, which it released ahead of its forthcoming IPO. Overall revenues hit $11.3bn last year, though growth is slowing at Uber’s core ride-hailing service. Uber Eats, its food-delivery service, accounted for 13% of sales, a big jump from the previous year. Uber is aiming for a $100bn stockmarket valuation, which would make it the biggest flotation in five years.
German prosecutors charged Martin Winterkorn with “particularly serious” fraud relating to the emissions-cheating scandal at Volkswagen that happened during his time as chief executive. Mr Winterkorn resigned soon after the scandal broke in 2015. He has been indicted in America on similar charges but is unlikely to face trial there. The German authorities want him to return some of his pay, and he could face up to ten years in prison, making this one of the gravest legal cases brought against a German executive.
Volkswagen unveiled an electric SUV that it will build in China from 2021, stepping up its production of zero-emission vehicles to take on Tesla in the world’s biggest car market. VW described its new car as “a lounge on wheels”.
America’s big banks reported earnings for the first three months of the year. JPMorgan Chase made a net profit of $9.2bn, a record for the bank. A strong showing in consumer lending drove Bank of America’s net income of $7.3bn. Citigroup’s $4.7bn profit was boosted by investment banking. And Wells Fargo, which is trying to put a series of scandals behind it, saw its income rise by 16% compared with the same three months last year, to $5.9bn, thanks to one-off gains. Profit at Goldman Sachs dropped by a fifth, to $2.2bn, as trading revenues tumbled.
美國大型銀行公布了今年前三個月的收益。摩根大通(JPMorgan Chase)實現凈利潤92億美元，創該行歷史新高。消費信貸的強勁表現推動美國銀行(Bank of America)實現73億美元的凈利潤。花旗集團47億美元的利潤受到投資銀行業務的提振。而富國銀行(Wells Fargo)試圖將一系列丑聞拋諸身后，由于一次性收益，其收入較去年同期增長16%，至59億美元。高盛(Goldman Sachs)利潤下降五分之一，至22億美元，原因是交易收入大幅下降。