Shell looks to buy BG Group, US police officer hit with murder charge and the debate on gender quotas

Oil price collapse spurs major M&A deals Royal Dutch Shell is in "advanced" talks to buy BG Group for GBP46bn ($68bn), a 50 per cent premium to the undisturbed market price. That comes soon after Halliburton, the oil services group, paid $35bn for rival Baker Hughes and Spain's Repsol bought Talisman Energy of Canada for $8.3bn. The industry shake-up resembles the M&A fever of the late 1990s, another period of low oil prices. BG confirmed the talks in a statement, after an earlier report by The Wall Street Journal. (FT, WSJ)

The combined group would usurp Chevron as the world's second largest energy group by market capitalisation. (Quartz, NYT)

In the news

South Carolina police officer charged with murder Michael T. Slager was charged with murder on Tuesday after a graphic video emerged of him shooting an apparently unarmed black man in the back while he ran away. The shooting occurred after the officer stopped the driver of a Mercedes-Benz with a broken taillight. (NYT)

As Western sanctions lifted, Iran heads East A week after six major powers found tentative agreement on Iran's nuclear programme, top Iranian officials are heading to Beijing to discuss oil projects with large energy company executives. A delegation plans to meet the management of Sinopec, China's largest oil refiner. (WSJ)

Sayonara to culture of long working hours In a break with the past, Japanese companies are pushing for work-life balance. Printer maker Ricoh is banning work after 8pm. Uniqlo parent Fast Retailing is looking to introduce a four-hour day for some employees. Robot maker Fanuc is doubling the size of its gym and building a new tennis court. (FT)

Scottish aid for Ed Miliband Nicola Sturgeon has offered to help Mr Miliband to become prime minister. "We will fight to keep David Cameron out of Downing Street," the leader of the Scottish National Party said at a spirited debate in Scotland. With polls suggesting a hung parliament is likely after May's election, much of the focus was on possible coalitions. (FT)

Rand Paul is running for President The libertarian conservative announced he is running for the Republican nomination, saying: "We have come to take our country back from Washington." Mr Paul, a Kentucky senator and son of former candidate Ron Paul, aims to ride on the enthusiasm of his father's base without alienating the mainstream. (FT, Politico)

A smartwatch with scissors and a toothpick Victorinox, maker of the Swiss army knife, plans to unveil "something approaching a smartwatch" in early 2016. Chief Executive Carl Elsener said he wants to ensure the watch has "a long lifespan compared to a mobile phone or a computer." (Reuters)

It's a big day for

Haruhiko Kuroda The Bank of Japan governor will hold a press conference today after keeping monetary policy steady. The BoJ is under pressure to act after as weak demand and a slide in oil prices threatens to push Japan back into deflation. (fastFT)

German factory orders Economists anticipate industrial orders will rebound 1.5 per cent in February, after a 3.9 per cent month-on-month slide in January.

Swiss deflation Year-on-year consumer prices are expected to show 1.1 per cent deflation in March, a fifth negative reading. The report could have implications for further monetary easing.

Food for thought

European foreign policy in a single word: Appeasement The American security umbrella that has protected Europe the past 70 years will not stay up forever, argues Robert Kaplan. When Vladimir Putin undermined the strategic state of Ukraine, Europe stood and watched. Part of the problem is that nations have no chill-up-your-spine loyalty to Europe. Only about half a dozen of Nato's 28 members spend 2 per cent of output on defence, as required. Among European elites, there is nothing to fight for. Why should Washington defend a continent that will not defend itself? (FT)

Bet on the Panda? Beijing possesses economic competetence, a population that is entreprenurial and education-minded, and huge potential to enhance productivity, argues Martin Wolf. A shift towards market forces, a better legal system, and stronger consumption might release the potential for another two decades of catch-up growth. But managing in a deceleration is hard, particularly when the economy is unbalanced. China's government must deploy deft macroeconomic management: if it fails, investment might collapse and the effects could be devastating. (FT)

Gulf countries must keep Iran in check The agreement in Lausanne is as seismic as the 1979 Camp David accords between Egypt and Israel, argues Abdulrahman Al-Rashed, a leading Arab intellectual. The nuclear agreement could turn the page on Iran's struggle with the West and Israel, yet it may also give Iran more room to achieve regional superiority. With the US no longer pledging Gulf security, Gulf countries must reconsider their defensive policies and "significantly develop their military capabilities." (Asharq Al-Awsat)

Video of the day

Do board quotas work? The number of women on company boards has hit the 25 per cent target in the UK. But Lex's Robert Armstrong and Rochelle Toplensky are at odds about the need for quotas.

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