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.
美国大型银行公布了今年前三个月的收益。摩根大通(JPMorgan Chase)实现净利润92亿美元，创该行历史新高。消费信贷的强劲表现推动美国银行(Bank of America)实现73亿美元的净利润。花旗集团47亿美元的利润受到投资银行业务的提振。而富国银行(Wells Fargo)试图将一系列丑闻抛诸身后，由于一次性收益，其收入较去年同期增长16%，至59亿美元。高盛(Goldman Sachs)利润下降五分之一，至22亿美元，原因是交易收入大幅下降。