Bloomberg Russia has sent a senior delegation to Venezuela to consult high-ranking government officials on a plan to stem the brutal economic collapse in a key Kremlin ally. Venezuela is reeling from the impact of US sanctions and low oil prices. Russia, which has maintained close ties with the leftist government of President Nicolas Maduro and provided a lifeline in ...

Bloomberg Typhoon Yutu slammed into northern Philippines on Tuesday and is travelling a path similar to last month’s super storm Mangkhut that killed at least 82 people and damaged about $500 million of farm output in the Southeast Asian nation. More than 10,000 people were moved to safer grounds before Yutu came ashore. As many as 12 million people are ...

Bloomberg Mongolia’s president said he may go on a hunger strike or stage a sit-in as a last resort to pressure the North Asian nation’s parliament to voluntarily disband after he criticized it for failing to stand up to economic challenges. President Khaltmaa Battulga, who has only has limited power to introduce and veto legislation, made the suggestion in a ...

Bloomberg Keep pouring money into coal-fired plants and it won’t be just the fuel that’s getting burned. As much as $60 billion of coal power assets may be stranded in the next decade across Vietnam, Indonesia and the Philippines, according to a new study by Carbon Tracker, which cited tighter environmental policies and competition from cheaper renewable energy. That analysis ...

Bloomberg India’s top court has directed the federal electricity regulator to decide within 8 weeks on approving revised tariffs for three power producers in the western state of Gujarat due to increased cost of imported coal. The Gujarat government sought the top court’s intervention to implement a state government panel’s report that recommended implementing a cost-reflective tariff, which would mirror ...

Bloomberg Simec Atlantis Energy Ltd., a renewable energy developer, plans to extend its tidal stream project in Scotland by adding two new turbines. The MeyGen facility currently has a capacity of 6MWs, and the extension will bring it to 10MWs. It’s partially funded by a $19mn support package from the European Commission. Atlantis is trying to bring costs down by ...

Bloomberg With new pipelines unlikely to come online anytime soon, analysts at Royal Bank of Canada (RBC) are floating a new idea to ease Alberta’s crude oil bottlenecks: Give producers a temporary respite from making royalty payments. Suspending the average 5 percent royalty that Alberta’s oil producers pay to the province in the form of cash or barrels of crude ...

Bloomberg China plans to deepen its foreign-exchange markets to encourage both domestic and overseas players to trade and borrow external currencies more onshore, in the latest step towards fostering a global role for its financial system. The China Foreign Exchange Trade System (CFETS), an arm of the central bank, plans to develop swaps involving overseas currencies — such as between ...

Bloomberg Two of China’s top online brokers for trading overseas stocks are preparing to face off in the U.S. market. Tiger Brokers, backed by veteran investor Jim Rogers, is planning a $200 million US initial public offering (IPO) early next year, people with knowledge of the matter said. Futu Securities, a rival backed by tech tycoon Pony Ma’s Tencent Holdings ...

Bloomberg The smog is so bad in India the government is developing firecrackers that emit less pollution. Scientists at the government-run Council of Scientific and Industrial Research institute have created pyrotechnic prototypes that emit about 30 percent less particulate matter, India’s environment minister Harsh Vardhan said at a briefing in New Delhi. Costs for consumers are estimated to be as ...