A crude awakening?
Europe's slick performance
Somewhat unexpectedly, prices for Brent crude received some support from a sustained, albeit brief, recovery in European oil demand through April and May. It would be unwise to read too much into the news, particularly as it might simply reflect an upsurge in demand linked to the unseasonably cold spring across the continent, but the year-on-year increases represent the only consecutive monthly rises since the start of 2011. Perhaps more revealingly, prices for diesel have now been on the up for a full quarter, which could theoretically point to a rise in demand from Europe's haulage industry - a surer sign of incipient recovery. The Paris-based International Energy Agency has raised its second-quarter demand estimate for Europe by 2 per cent since the start of the year, and crude prices have also responded to the deterioration in Egypt's security situation.
WPP knocked off perch
Publicis Omnicom
In a move that could herald an upswing in M&A activity, France's Publicis Groupe and US counterpart Omnicom Group have announced a merger that will create the world's biggest advertising group, worth around $35bn (£23bn). The new entity, which would trade through a dual listing on the NYSE and Paris Bourse, will obviously need to gain regulatory approvals, and the prospective joint chief executives - John Wren and Maurice Levy - might also need to appease existing clients. And, though both groups' shareholders will hold roughly 50 per cent of the new Publicis Omnicom Group, questions have already been asked about whether the deal, ostensibly a 'marriage of equals', clearly favours the Publicis shareholders.
Elan finally succumbs
Perrigo's Irish affair
US generic drug producer Perrigo Co. is to buy Irish counterpart Elan Corp. in an $8.6bn (£5.6bn) deal that will hand the Michigan-based group the tax-breaks commensurate with an Irish domicile, together with double-digit royalties on Elan's blockbuster multiple sclerosis treatment, Tysabri - a product that generated revenues of $1.6bn in 2012. The deal was struck subsequent to three hostile approaches by US biopharmaceutical investor Royalty Pharma, which eventually ended up in the courts. Perrigo, with a market value of about $12bn, will pay $6.25 a share in cash plus a scrip component equating to $10.25 a share.
California creaming
Sparks to fly?
Barely a week goes by without another pricing scandal. US regulators have levied fines amounting to $410m on JP Morgan after it was charged with manipulating electricity prices in California and the mid-west. The Federal Energy Regulatory Commission (FERC) said the bank had employed improper bidding strategies to gain excessive payouts from the agencies that run the power grids in California and the mid-west. The agency recently levied penalties of a similar magnitude on Barclays, for manipulating electricity prices in western US states, but Barclays, like JPMorgan, is disputing the allegations.
OPEC sheikh-down
Saudi call
Saudi Arabia's Prince Al Waleed bin Talal has warned that the Arab kingdom needs to reduce its reliance on crude oil and diversify its revenue streams in response to the rapid expansion of US shale technology. In an unusually frank public address to Saudi oil minister Ali al-Naimi, Prince Alwaleed pointed out that demand for oil from OPEC member states was "in continuous decline". No doubt, the deteriorating security situation in the Middle East and North Africa has concentrated the Prince's mind, and ensuring low rates of unemployment among Saudi nationals must be now viewed as a strategic priority, given the part chronic joblessness played in the Arab spring uprisings.
Robert Ansted
Our long-standing statistics editor Robert Ansted retires this week, after an incredible 39 years at Investors Chronicle. We would like wish Robert the very best, and thank him on behalf of our readers for his unwavering dedication to the cause of Britain's private investors throughout a period that has seen huge change across financial markets.
