International News 06/09
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Oil prices close down almost 5%, to lowest level since December 2023
Oil prices fell by almost 5%, reaching their lowest level in almost nine months, following indications of a resolution to the dispute impeding Libyan crude production and exports. Brent crude oil for November 2024 delivery declined by $3.77, or 4.9%, to $73.75 per barrel, representing the lowest point since December 2023. Similarly, West Texas Intermediate (WTI) crude oil declined by $3.21, or 4.4%, to $70.34 per barrel, representing the lowest level since December 2023. While Brent experienced a slight decline of 0.3% last week, WTI saw a 1.7% decrease. The positive sentiment towards oil was prompted by the news that Libya's legislature has agreed to select a new central bank governor within 30 days as part of UN-sponsored talks. This announcement follows a suspension of oil exports and a reduction in production due to disagreements between rival political factions regarding control of the central bank and oil revenues. The prospect of a resolution exerted downward pressure on oil prices.
Bajaj Housing Finance aims to be India's biggest IPO, US$7 billion
Bajaj Housing Finance, India's second-largest housing finance company, is planning to undertake India's largest initial public offering (IPO) in 2024, with the objective of achieving a valuation of 582.97 billion rupees (US$6.94 billion). The IPO is scheduled to take place from 9-11 September, with a proposed selling price per share in the range of 66-70 rupees. The underwriters for this corporate action are Kotak Investment Banking, BofA Securities India, Goldman Sachs and Axis Capital. The demand for luxury properties, which is the primary focus of Bajaj Housing Finance, is expected to contribute to an increase in house prices in India. Research firm Mordor Intelligence estimates that India's residential real estate market will triple in value to US$687 billion by 2029. Bajaj Housing Finance has issued new shares worth up to 35.60 billion rupees, while its parent company, Bajaj Finance, has sold shares worth up to 30 billion rupees.
How much dividend will Coca-Cola pay out this year? Here's the estimation
Coca-Cola is renowned for its dependable and consistent dividend policy, having maintained a track record of regular dividend payments and increases for an impressive 62 years. Despite the challenges presented by the pandemic, Coca-Cola maintained its commitment to dividend payments to its shareholders. The current dividend yield for Coca-Cola is 2.6%, which is slightly lower than usual but still double the yield of the S&P 500 index. The decline in yield is attributable to Coca-Cola's robust growth in share price, which has outperformed the S&P 500 this year. Coca-Cola's robust performance over the past two years, with record sales figures and surpassing earnings from a decade ago, has supported its dividend payout. Looking ahead to 2024, Coca-Cola's performance and dividend payout are likely to remain stable and reliable.