World Street | Bitcoin tops $50,000, Carl Icahn boards JetBlue, EU skims profit from Russia’s frozen assets and more

Bitcoin has boomed past the $50,000 level for the first time in two years, as ETFs swing public sentiment back to the cryptocurrency’s favour. Saudi Arabia presses pause on oil capex plans, while other oil player, Diamondback Energy, is set to acquire its rival. JetBlue shares fly high as Carl Icahn tries to enter the company cockpit. All this and more on this edition of World Street.

Green Goals

Saudi Arabia decided to halt its oil capacity expansion plans because of the energy transition, its energy minister said, adding that the kingdom has plenty of spare capacity to cushion the oil market. The Saudi government on January 30 ordered state oil company Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020, which was set to be reached in 2027.

Peltz Push

Unilever CEO Hein Schumacher said billionaire activist and board member Nelson Peltz is “fully behind” a recently devised strategy to re-invigorate the company, even as some other investors remain sceptical after years of industry underperformance. Schumacher told Reuters he wants Unilever to chart a “systematic” marketing strategy for its top brands.

M&A Watch

US drugmaker Gilead Sciences agreed to acquire CymaBay Therapeutics for $4.3 billion, adding a treatment for chronic liver disease to its portfolio. Gilead will pay $32.50 in cash for each share of CymaBay for the drug developer, representing a premium of 26.5 percent to Friday’s close.

AI Skills

Google has pledged €25 million ($26.98 million) to help people in Europe learn to use artificial intelligence (AI). Announcing the funding on Monday, the tech giant said it had opened applications for social enterprises and nonprofits that could help reach those most likely to benefit from training.

Slick Move

US oil producer Diamondback Energy said it would buy privately held rival Endeavor Energy Partners in $26 billion cash-and-stock deal that continues a rapid consolidation in the top U.S. shale oilfield, reports Reuters. The combined company would be the third-largest oil and gas producer in the Permian basin of West Texas and New Mexico, behind Exxon Mobil and Chevron.

Flying High

After activist investor Carl Icahn shared that he holds a nearly 10 percent stake in JetBlue Airways, adding that he believes the counter is unvalued, JetBlue shares surged over 15 percent in extended trading. The stake was bought in a series of purchases over January and February, according to regulatory filings. Additionally, Icahn might discuss the possibility of board representation with the airline operator.

Shining Bright

Bitcoin broke the $50,000 mark in trade after more than two years. The change in sentiment occurred when a batch of US spot exchange-traded funds began trading, supported by signs of steady inflows as well as growing attention on the so-called halving due in April, reported Bloomberg.

Thawing Russian assets

The European Union Council adopted a strategy to use the excess profits from frozen Russian assets in the EU to aid Ukraine in its war efforts. The Council of the European Union decided to establish a separate account for the excess profits. Following the Russian invasion of Ukraine, the EU and G7 countries froze $323 billion of Russian central-bank assets.