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OSLO — Norway's $1.1 trillion sovereign wealth fund, the world's largest, made record returns on investment in the first quarter amid a surge in tech stocks. 

Separately, the fund is assessing whether to make an investment in ride-hailing company Uber Technologies Inc., which is planning an initial public offering, its chief executive told Reuters.

The fund earned 738 billion Norwegian kronor ($84.15 billion) for the January-March period, the highest amount it has ever recorded.

When measured in terms of the fund's international currency basket, the return for the quarter stood at 9.1 per cent, beating its benchmark, it added. 

"The first quarter was an exceptionally good quarter," fund CEO Yngve Slyngstad told reporters.

Apple Inc. made the most positive contribution to the return in the first quarter, the fund said in its quarterly report, followed by Microsoft and Amazon.

The investments that made the most negative contributions were pharmaceutical firm AbbVie, bank Swedbank and US consumer services firm CVS Health.

Tech unicorns 

Overall, out of the 10 largest equity holdings in the fund, five of them are US tech companies. The top three equity holdings are Apple, Microsoft and Alphabet.

The fund participated in the initial public offerings of tech firms Lyft and Weimob in the first quarter, and in the present quarter it is examining the listings of two large companies, including that of Uber, Slyngstad said.

The fund has previously said it wished more companies, and particularly tech companies, had sought public listings, enabling the fund to invest in these fast-growing companies.

Slyngstad welcomed the recent wave of public listings by tech firms, but reiterated that they could be seeking listings at an earlier stage so the fund can capture the fruits of their growth.

"This development of these large unicorns coming to the exchanges is something we view positively," Slyngstad said in an interview on the sidelines of a news conference. 

"We are of course pleased that more companies have decided to go to the stock exchanges. We appreciate the transparency and the liquidity of the public markets.

"From our point of view, an earlier listing is better than a later listing."

BEIJING —China and the United States held "productive" trade talks in Beijing on Wednesday and will continue discussions in Washington next week, US Treasury Secretary Steven Mnuchin said, as the two try to end their trade war.

Mnuchin, along with US Trade Representative Robert Lighthizer, held a day of discussions, before Chinese Vice Premier Liu He goes to Washington next week for another round of talks in what could be the end game for negotiations. 

"Ambassador Lighthizer and I just concluded productive meetings with China's Vice Premier Liu He. We will continue our talks in Washington, DC next week," Mnuchin wrote on his Twitter account. He gave no details.

The three men appeared before cameras at the end of their talks at a state guest house in Beijing, chatting amiably amongst themselves but did not speak to reporters. 

Liu had entertained his US guests on Tuesday night just after they arrived in the Chinese capital.

"We did. We had a nice working dinner, thank you," Mnuchin told reporters at his Beijing hotel earlier on Wednesday, when asked if he had met with Liu on Tuesday. He did not elaborate.

Beijing and Washington have cited progress on issues including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost both sides billions of dollars, disrupted supply chains and roiled financial markets.

But US officials say privately that an enforcement mechanism for a deal and timelines for lifting tariffs are sticking points.

Chinese officials have also acknowledged that they view the enforcement mechanism as crucial, but say that it must work two ways and cannot put restraints only on China.

In Washington, people familiar with the talks say that the question of whether and when US tariffs on $250 billion worth of Chinese goods will be removed will probably be among the last issues to be resolved.

US President Donald Trump has said that he may keep some tariffs on Chinese goods for a "substantial period".

The United States has also been pressing China to further open up its market to US firms. China has repeatedly pledged to continue reforms and make it easier for foreign companies to operate in the country.

In comments published on Wednesday, China's top banking and insurance regulator said the government will further open up its banking and insurance sectors.

NEW YORK — American mega-investor Warren Buffett’s Berkshire Hathaway will invest $10 billion in Occidental Petroleum as the company battles to acquire rival Anadarko Petroleum, Occidental announced on Tuesday. Anadarko’s board had already approved an offer from Chevron when Occidental unveiled a higher bid last week, beginning a tug-of-war over the assets in the shale-rich Permian Basin in Texas.

“We have long believed that Occidental is uniquely positioned to generate compelling value from Anadarko’s highly complementary asset portfolio,” Vicki Hollub, Occidental’s president and chief executive, said in a statement.

“We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity.”

Occidental’s proposed takeover valued Anadarko at $76 a share, compared to the $65 offered by Chevron on April 12. Occidental said it was disappointed that Anadarko had ignored its previous bids.

Anadarko on Monday agreed to resume talks with Occidental, after the board of directors declared that the rival offer “could reasonably be expected to result in a ‘Superior Proposal’” to Chevron’s offer.

Berkshire Hathaway is to receive $10 billion in Occidental shares, with the option to buy 80 million more at $62.50 a share, according to the Occidental statement.

But Chevron said on Tuesday it stood by its initial offer.

“We believe our signed agreement with Anadarko provides the best value and the most certainty to Anadarko’s shareholders,” a Chevron spokesman said.

But the company indicated last week it could walk away from the deal if bidding drove the price up too high.

“We can practically say Chevron will get out of the race,” Gregori Volokhine of Meeshaert Financial Services told AFP.

“It’s not that it’s hard to fight Warren Buffett but this maneuver will give Anadarko a lot of confidence to accept the offer” from Occidental, he added.

Shares in Anadarko were 0.5 per cent lower toward 15:00 GMT while Occidental had fallen an even steeper 1.7 per cent. Chevron was up 3.1 per cent.

BEIJING — US negotiators head to China on Tuesday to try to hammer out details to end the two countries' trade war, including the shape of an enforcement mechanism, the success or failure of which could set the trajectory of ties for years to come.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for talks beginning on April 30, followed by a visit by Chinese Vice Premier Liu He to Washington for more discussions starting on May 8. 

Both sides have cited progress on issues, including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost the world's two largest economies billions of dollars, disrupted supply chains and rattled financial markets.

Those issues are still on the table, according to the White House, but US officials say privately that an enforcement mechanism for a deal and timelines for lifting tariffs are sticking points.

Agreeing to a way to enforce a deal is one thing. Ensuring it holds up under ties strained by growing mistrust and geopolitical tensions will be another, say watchers of the relationship.

"An effective enforcement mechanism will define the deal," Tim Stratford, chairman of the American Chamber of Commerce in China (AmCham), told Reuters.

"The deal doesn't need to revamp China's economy. But it does need to provide a new methodology for dealing with our differences," said Stratford, a lawyer and former assistant US trade representative who has worked in China for more than three decades.

"This is incredibly high stakes. We have a particular window of opportunity, and a lot in the future of US-China relations rests on this," he said.

Earlier this month, Mnuchin said the two sides had agreed on establishing new "enforcement offices" to police an agreement, although he did not give specifics. On Sunday, he told The New York Times talks are entering a critical point: "We're getting into the final laps."

At a crossroads

US President Donald Trump said on April 4 that the two sides could have a deal worked out in about four weeks. On Thursday, he said he would soon host Chinese President Xi Jinping at the White House — a meeting seen as needed to cement an agreement. 

Although a final date for a deal — if there is one — remains unclear, talks have brought China and the United States to a crossroads in their fraught relationship.

China has long defined commerce as the ballast in the relationship.

Now, some warn that the two are teetering towards a new type of "Cold War", as Beijing asserts its growing military strength in Asia and Washington ramps up scrutiny of Chinese tech companies and cracks down on Chinese espionage and influence campaigns at US institutions and universities.

Beijing sees US actions as efforts to contain its development.

But years of only piecemeal economic reforms in China and continued industrial policies that US companies complain have eroded their competitive edge have weakened key US business sector support for China. AmCham said this month that US businesses could no longer be counted on as a "positive anchor" in bilateral relations. 

US officials, chagrined by what they say have been years of Chinese stalling tactics in annual economic dialogues, have been adamant that a trade deal must have teeth.

Lighthizer has suggested that some form of the tariffs Trump imposed last year on Chinese goods as leverage in the dispute should hang over a deal to ensure compliance.

Any such a mechanism would be fragile, trade experts said.

For one, it would mean continued uncertainty for already trade war-weary businesses and markets.

They also say China's record of exploiting loopholes at the World Trade Organisation suggests it will look aggressively for new areas where it can say the United States is not living up to its pledges. If Washington reestablishes tariffs weeks or months down the road, it could lead to retaliation and the collapse of the deal.

In such a case, the two sides would find themselves back at square one, this time without negotiations as a viable way to deescalate disputes. 

Because of this, one American trade consultant said: "It takes great imagination and optimism to think we can come up with an effective enforcement mechanism beyond the short term."

A durable deal? 

Another source with knowledge of the trade talks argued that if the United States triggered the mechanism, Beijing would be unlikely to "come back to the table with this president", referring to Trump. 

"As long as there is a mechanism of tariffs hanging over the deal, it won't be durable," the source said. 

Trade advisers in China appear more confident that an agreement would not fall apart quickly because both sides need it politically, particularly Trump, who is seen in China as eager for a détente as the 2020 US presidential election approaches.

Wang Dong, an expert on China-US relations at Peking University, said it would be politically difficult for both sides to return to talks in the wake of a collapsed deal. 

"I'm not saying China will end altogether future talks with the Trump administration. But it would take time to build momentum again, to say the least," Wang said. 

AMMAN — The Housing Bank for Trade and Finance (Housing Bank) will distribute cash dividend to shareholders at a rate of 15 per cent of the share nominal value, according to a statement by the bank.

The bank’s general assembly on Thursday approved a recommendation by the board of directors in this regard.

During the general assembly meeting, which was presided over by Abdel Elah Al Khatib, chairman of the board of directors, the assembly approved the board of directors’ report and the financial results for 2018, as well as the bank’s plan for 2019. 

Despite increasing competition and economic challenges, the bank was able to register balanced financial growth in 2018, Khatib indicated. 

He said the bank’s total income grew by 7 per cent to reach JD 348.8 million in 2018 due to an increase in net interest income, commission income and other key indicators. However, the bank’s net profit recorded in 2018 was less than that of 2017. 

Its pre-tax profit totalled JD132 million compared with JD180 million in 2017, with its net profit standing at JD94.5 million compared with JD125.2 million in 2017. 

The bank attributed the decline to the implementation of the International Financial Reporting Standard Nine, in which provisions amounting to JD63 million were booked. 

The bank’s other financial indicators reflected a solid performance, with the capital adequacy ratio reaching 16.1 per cent and the liquidity ratio 124 per cent, both of which are higher than the rate required by the Central Bank of Jordan.

BENGALURU — A capital raise for Tesla Inc. will not come cheap and CEO Elon Musk must finally prove to investors that he can produce and deliver Model 3s and higher margin electric cars on time, Wall Street analysts said on Thursday. 

After unveiling a $700 million loss in the first quarter, Musk conceded on Wednesday evening that he needed to pull in more capital for the car world’s highest profile venture of recent years.

Seven Wall Street brokerages asked by Reuters said they expected Musk to tap investors for between $1 billion and $3 billion in the near future. 

The results also stressed the company’s paying off of $920 million in existing debt in the first quarter, but bond yields in the company surged on the news, while shares fell, as investors began to price in what that might cost. 

In European trading before the start of the US business day, investors were already demanding a record risk premium for holding Tesla’s $1.8 billion junk bond, pushing the yield on the 5.3 per cent note due in August 2025 to the highest in six months at 8.51 per cent. 

Tesla shares, already down more than 20 per cent this year, dipped 1.4 per cent to $255.13 in early trade. 

After months of uncertainty following Musk’s swiftly retracted claim last summer that he was set to take the company private, and a series of failures to meet production targets, they said the cost of new capital would now be far higher than a year ago.

“Obviously, investors would have appreciated that confession [to raise capital] when the shares were higher, the fundamental performance better and Elon Musk less erratic,” Evercore analyst Arndt Ellinghorst said in a note. 

Tesla’s first quarter results disappointed both in terms of sales and a sharp drop in the number of vehicles delivered to global customers, and there was scepticism over promises of a return to profitability in the third quarter.

“Ultimately we believe the company’s guidance is aggressive,” analysts from Wedbush Securities said in a note to clients.

Musk has long resisted the need to raise capital, but he told a conference call with analysts it was now the right time.

Several analysts covering the company argued Tesla needed to simplify operations. 

“For investors we think the question is whether or not people want to put capital into Tesla for Robo taxis and autonomous when Uber or Lyft or Nvidia could end up being better alternatives,” Roth Capital analyst Craig Irwin wrote.

“We don’t think Tesla would need to raise capital as urgently if they weren’t spending so much money on these initiatives outside of their core mission of producing awesome EV’s.”

CFRA analyst Garrett Nelson said Tesla’s timing — with the stock down more than 22 per cent year-to-date is quite inopportune to raise capital and that Tesla should have completed an equity issuance months ago.

LONDON — British Prime Minister Theresa May has reportedly approved a limited role for China’s Huawei to help build a 5G network in the UK, shrugging off security warnings from senior ministers and Washington surrounding the telecoms giant, media said Wednesday.

Britain’s National Security Council, which is chaired by May, agreed on Tuesday to allow the Chinese technology giant limited access to build “non-core” infrastructure such as antennas, The Daily Telegraph newspaper wrote.

The Financial Times, citing those close to the meeting, added that the Chinese company had been banned from more sensitive “core” parts of the project. 

The Times newspaper meanwhile was more cautious, stating that May was “considering giving limited approval”.

Her reported moves come despite concerns raised by Home Secretary Sajid Javid, Foreign Secretary Jeremy Hunt, Defence Secretary Gavin Williamson, International Trade Secretary Liam Fox and International Development Secretary Penny Mordaunt.

May’s Downing Street office declined to comment on the story.

However, Digital Minister Margot James dismissed the media speculation.

“In spite of Cabinet leaks to the contrary, final decision yet to be made on managing threats to telecoms infrastructure,” she Tweeted.

She later told Sky News that while a final decision had not been made, James indicated that a security review had concluded.

“The decision has not been finally made yet and the prime minister will take advice from all of the relevant agencies and departments,” James added.

Huawei itself welcomed the report.

“Huawei welcomes reports that the UK government is moving towards allowing Huawei to help build the UK’s 5G network,” it said in a brief statement.

“This green light means that UK businesses and consumers will have access to the fastest and most reliable networks thanks to Huawei’s cutting edge technology.”

“While we await a formal government announcement, we are pleased that the UK is continuing to take an evidence-based approach to its work and we will continue work cooperatively with the government, and the industry,” the Chinese company added.

Britain’s move would be at odds with the United States, which has banned Huawei’s 5G technology from its territory and urged allies in the so-called Five Eyes intelligence sharing collective — comprising also Australia, Britain, Canada and New Zealand — to follow suit.

Huawei is the leading manufacturer of equipment for next-generation 5G mobile networks with almost instantaneous data transfer that will become the nervous system of Europe’s economy, in strategic sectors like energy, transport, banking and healthcare.

Spying fears 

The technology titan faces pushback in some Western markets over fears Beijing could spy on communications and gain access to critical infrastructure.

Last month, Britain identified “significant technological issues” in Huawei’s engineering processes that pose “new risks” for the nation’s telecommunications, according to a government report.

“Further significant technical issues have been identified in Huawei’s engineering processes, leading to new risks in the UK telecommunications networks,” read annual findings from the Huawei Cyber Security Evaluation Centre oversight board.

The board — which includes officials from Britain’s GCHQ cyber security agency as well as a senior Huawei executive and representatives from the UK telecommunications sector — added it could provide only limited assurance that risks posed by the Chinese tech giant to UK national security would be “sufficiently mitigated long-term”.

Shrugging off the widespread concerns, Egypt on Sunday said Huawei would roll out a 5G phone network there for the first time during the upcoming Africa Cup of Nations football tournament.

LONDON — World oil prices struck fresh 2019 peaks on Tuesday, boosting energy shares prices.

Crude futures extended Monday's sharp rally, which was triggered by a US crackdown on Iranian oil exports.

Brent North Sea crude reached $74.70 per barrel on Tuesday, the highest point since early November.

WTI hit a similar near six-month high at $66.19 per barrel. 

"UK markets have returned from their long break with solid gains for the FTSE 100, led by strength in oil stocks, thanks to the surge in crude prices over the past 24 hours," noted Chris Beauchamp, chief market analyst at IG trading group.

Brent had rallied more than $2 per barrel on Monday and WTI jumped $1.70. 

The White House on Monday announced it was calling an end to six-month waivers that had exempted countries from unilateral US sanctions on Iranian oil exports.

Starting in May, these countries — China, India, Turkey, Japan, South Korea, Taiwan, Italy and Greece — would face sanctions if they continue to buy oil from Iran.

"This points to a big drop in the supply side, which boosts the commodity's price," said Margaret Yang Yan, market analyst at CMC Markets Singapore.

"Iran's daily oil output amounts to 1.3 million barrels, according to latest figures in end March." 

But she added that "the sustainability of oil's rally depends on Saudi and other OPEC members' actions to increase oil supply in the month to come".

Stephen Innes, head of trading and market strategy at SPI Asset Management, said rising crude prices meant $80 per barrel was now a "possibility".

"Oil quickly repriced higher on fears that markets could face an immediate supply crunch, adding more pressure to the already tenuous global supply squeeze," he added.

Energy and oil-linked shares jumped on Tuesday, with Tokyo-listed crude developer Inpex rallying 2.8 per cent and oil refiner JXTG up 1.1 per cent.

In London, BP shot up 2.4 per cent and Shell jumped 2.3 per cent — also as European stock markets reopened following the long Easter holiday weekend and before a deluge of corporate results this week.

"Some of the world's biggest technology companies are reporting earnings this week as well as a raft of the big European banks," Nick Twidale, chief operating officer at Rakuten Securities Australia, said in a note to clients. 

"Investors will be hoping for some better-than-expected results from both groups to keep the topside momentum in global equities."

Separately, Sri Lanka's stock market slumped 3.6 per cent as the Colombo Stock Exchange reopened for trading after terror attacks on Easter Sunday killed more than 320 people.

AMMAN — Citibank N. A. Jordan is working in collaboration with Citi’s Inclusive Finance group to advance financial access for 10,000 women across Jordan, according to a statement of the Citibank N. A. Jordan. 

Jordan has made progress in advancing financial inclusion for women in recent years, the statement said, citing the Global Findex data released by the World Bank.

 In 2018, a total of 26.6 per cent of women in Jordan had a bank account, recording more 10 per cent increase since 2014.

However, with just over one in ten women in Jordan participating in the formal economy, there is still more work to be done to ensure that women in Jordan are financially included across the country.

The collaboration will take place through Microfund for Women, which provides sustainable financial services that enable women in Jordan to achieve greater financial independence.

The Fund offers small business development loans that average $539 to some of the country’s most marginalised populations (96 per cent of them women), providing them with the financial resources they need to start their own micro businesses.

To help achieve this goal, Microfund for Women has received the sum of $5m from Citibank N. A. Jordan, through Citi’s partnership with the US Government’s Overseas Private Investment Corporation. 

This amount will help provide loans to an additional 10,000 Jordanian women, increasing their number of borrowers by 7 per cent. 

Greater financial inclusion for these 10,000 women will be helpful for both the borrowers and the economy, the statement indicated. 

Noting that this is the first partnership with Citi N. A. Jordan, MFWs Managing Director Muna Sukhtian said, “This loan will be used to provide a financial resource for entrepreneurial youth, especially women in their start- ups which will have a direct positive impact on the beneficiaries and the society as a whole”.

In remarks, Nour Jarrar, Citibank N. A. Jordan’s CEO said, “The deal is just the latest example of how this innovative public-private partnership — the “Global Inclusive Finance Framework” — leverages inclusive businesses and local microfinance institutions in emerging markets across the world to extend microloans in local currencies to borrowers that need support”. 

So far, Citi Inclusive Finance and OPIC have funded 65 institutions in 50 countries.