Seemingly decisive backing for Emmanuel Macron's En Marche political movement in French Assembly elections have boosted confidence in equity markets at the start of the week. Click here for The Trader Nicole Elliott's latest views on the markets.
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Oil and gas explorer Cairn Energy (CNE) watched its share price fall 3 per cent after updating the market on its tax dispute in India. In March, the government had said via the international arbitration tribunal that $53m (£41m) of dividends from Cairn India Ltd (now Vedanta Ltd) were no longer restricted. In 9 June, the tribunal issued a formal order to the same effect, but on 16 June the India Income Tax Department directed Vedanta Ltd to pay the sum due to Cairn to the government, instead. International arbitration proceeds are progressing - Cairn says it is owed $104m, including that $53m in historical dividends, and is seeking damages of around $1bn. The tribunal’s final hearings are scheduled for January 2018.