International News 05 June 2025
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Petronas plans to sell oil and gas subsidiary in Canada for US$7 billion
Malaysia's state-owned energy company, Petronas, is planning to sell its Canadian subsidiary, Progress Energy Resources, with an estimated value of US$6 billion to US$7 billion. The company is working with financial advisors on the sale plan and is considering selling a portion of its shares based on market value. While interest from potential buyers is being explored, no final decisions have been made yet. In 2012, Petronas acquired Progress Energy, thereby strengthening its position in the shale gas asset and natural gas supply sectors. Despite recent challenges, including a 30% drop in net profit in 2024 due to lower global oil prices, Petronas remains committed to its investments in Canada, including a 25% stake in the LNG Canada project. The company has also announced plans to reduce its workforce starting this year.
Gold Prices Stabilize, US Jobs Data Offset Trade Uncertainty
The price of gold stabilised in April, with strong US jobs data counterbalancing concerns regarding US-China trade relations and global economic uncertainty. Spot gold prices were at US$3,351.49 per ounce, with US gold futures at US$3,375 per troy ounce. Market analyst Kelvin Wong highlighted uncertainties around trade relations, while Tim Waterer mentioned the JOLTS jobs data easing economic concerns related to tariffs. The White House has indicated the possibility of talks between President Trump and Xi Jinping to address ongoing trade disputes. The Chinese Foreign Minister, Wang Yi, emphasised the necessity for improved bilateral relations. Despite an increase in job openings in April, the rise in layoffs suggests that economic conditions are weakening. Overall, demand for gold remained consistent as investors closely monitored developments in trade relations and economic indicators.
Robinhood annexes Bitstamp for US$200 million, expands global crypto grip
Robinhood has recently acquired Bitstamp, the world's oldest cryptocurrency exchange, for $200 million in cash. This acquisition strengthens Robinhood's global position, particularly in Europe, the UK and Asia. This acquisition gives Robinhood over 50 crypto licences, thousands of institutional clients and a solid retail customer base. Bitstamp is renowned for its institutional clientele and is said to have over 5,000 institutional clients and 50,000 retail customers. The move was well received by the market, with Robinhood's shares rising after the announcement. The company's Crypto General Manager also hinted at potential future acquisitions. This strategic move is expected to strengthen Robinhood's position in the cryptocurrency market and increase its competitiveness on a global scale.