On Tuesday, Shares of Alibaba Group Holding Ltd (NYSE:BABA), lost -0.31% to $84.50.
FIFA signed its first major new sponsor on Wednesday after a gap of more than two scandal-filled years according to AP
Soccer’s governing body declared an eight-year partnership deal with Alibaba E-Auto for the Club World Cup, starting this week. Alibaba E-Auto is the car manufacturing brand of Chinese e-commerce company Alibaba Group, the world’s largest online and mobile commerce company.
It’s the first new sponsor contracted by FIFA since September 2013, when Russian state-controlled gas company Gazprom signed up only for the 2018 World Cup in Russia.
“It is not easy to sell,” FIFA marketing director Thierry Weil said at a news conference for the Alibaba deal. “You can imagine in the given period and given circumstance with what’s going on at FIFA.”
New sales have stalled because of the corruption scandal which has engulfed FIFA.
FIFA has 27 of its 34 sponsor slots vacant for the 2018 tournament, and 28 vacant for the 2022 World Cup in Qatar. FIFA typically sells two-tournament packages, and existing sponsors Visa and McDonalds renewed last year for 2018-2022.
FIFA’s long-range budget called for $5 billion revenue for the 2018 World Cup, but that seemed a conservative figure when broadcasting deals with Al Jazeera and Fox far exceeded previous rights sales for the Middle East and United States, respectively.
The value of the deal with Alibaba was not declared on Wednesday, but its branding will be all over both stadiums in Japan for the Club World Cup starting on Thursday.
“China is not a market which FIFA is strong in yet, to be honest,” Weil said. “FIFA is especially looking into the market to assist develop football in the market … China cannot be neglected because it’s a huge market.” AP Report
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online wholesale marketplace; Alitrip, an online travel booking platform; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Shares of Weatherford International Plc (NYSE:WFT), declined -3.97% to $9.20, during its last trading session.
Oil prices rose on Wednesday on strong Japanese economic data and lower crude oil storage figures from the United States, but many investors expected a fall to below 2008 lows due to a mounting global supply glut, according to Reuters
Brent crude oil futures were up 36 cents at $40.62 a barrel at 0951 GMT (0451 ET). U.S. West Texas Intermediate (WTI) crude futures were at $37.86 per barrel, up 35 cents from their last settlement.
U.S. crude was supported by a surprise 1.9-million-barrel fall in U.S. crude inventories to 488 million barrels last week.
The drop, as estimated by industry group the American Petroleum Institute, compared with analysts’ expectations for an increase of 252,000 barrels.
Official figures from the U.S. Energy Information Administration (EIA) are due at 1530 GMT (1030 EST).
Japan’s core machinery orders unexpectedly jumped in October and reforms aimed at encouraging imports in China, including of energy-intensive machinery helped improve the outlook for Asian demand. Reuters Report
Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. The company offers managed-pressure drilling services, counting closed-loop, air, managed pressure, and underbalanced drilling; drilling services, such as directional drilling, logging while drilling, measurement while drilling, and rotary steerable systems; and tubular running services, which comprise of tubular connection and installation services for the drilling, completion, and work over of oil or natural gas wells.
Finally, Shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), ended its last trade with 4.60% gain, and closed at $4.78, as the company plans to sell as much as 10% of its 40% stake in the Libra offshore oil prospect to lower its debt load, sources told Reuters.
The stake could be worth up to $1.5 billion, according to analysts at Macquarie, Reuters notes.
The Brazil-based energy company has more than $130 billion in debt, the greatest amount in the global oil industry, and hopes to reach $15.1 billion in disposals by the end of 2016, Reuters reports.
“Petrobras finally realized the assets they were offering were not as attractive as they thought and has decided to offer opportunities that are more likely to fetch a higher price,” an industry source told Reuters.
Brent crude dipped below $40 a barrel Tuesday in a selloff that has raised a worrisome possibility: that oil prices could be even lower next year than they have been in 2015, according to WSJ
In a volatile trading session oil prices closed at nearly seven-year lows, extending losses that have rattled global stock markets and raised fresh questions about oil producers’ ability to weather a prolonged rout.
Analysts and investors who initially thought prices would recover in the second half of 2015 now say they don’t expect any pickup until late 2016. WSJ Report
The latest oil plunge is rocking the stock market, with shares of Big Oil companies like ExxonMobil (XOM) and Chevron (CVX) retreating further in recent days, according to CNNMoney
The Dow fell as much as 245 points on Tuesday, with the slumping energy sector leading the way lower. Oil fell as low as $36.64 a barrel, but it bounced off those levels and settled at $37.51.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.