Bloomberg President Donald Trump is preparing to issue an executive order with the goal of giving oil companies more opportunities to drill offshore, reversing Obama-era policies that restricted the activity. The offshore drilling directive is set to be issued soon, Interior Secretary Ryan Zinke told an industry conference in Washington, according to three attendees who spoke on condition of ...

  Bloomberg The largest disruption to Australian metallurgical coal exports in six years has caused a record surge in spot prices after flooding from cyclone Debbie swamped rail tracks and cut deliveries to ports. Hard coking coal jumped 86 percent to $283.10 a metric ton this week, the biggest gain in data going back four years, according to The Steel ...

  Bloomberg Iran will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the Persian Gulf nation, people with knowledge of the matter said. National Iranian Oil Co. will cut the credit period on crude oil sales to 60 days from 90 days for ...

  Bloomberg Source Energy Services Ltd., Canada’s largest distributor of fracking sand, is seeking to raise C$175 million ($130 million) in an initial public offering, reviving the deal after it was postponed last month as oil prices fell, according to people familiar with the sale. The Calgary-based company plans to sell the shares at C$10.50 apiece, down from the previous ...

  Bloomberg The scent of doom is returning to China’s local government bond market. S&P Global Ratings pulled the trigger on the first ever downgrade of a Chinese local-government financing vehicle, citing the city in eastern Jiangsu province’s high debt burden. Traders and analysts are uneasy as well, with 18 of 29 polled in a Bloomberg News survey saying they’d ...

  Bloomberg Jonathan Tepper, the founder of a London-based research firm who a year ago warned that Australia had one of the biggest housing bubbles in history, has attacked regulators for acting too late to cool the market as they ignored their own warning signs and were hostile to suggestions property was too expensive, according to the Weekend Australian. The ...

  Bloomberg Unilever Plc’s announcement that it’s looking at ending its dual nationality and basing itself in London or Rotterdam means Theresa May finds her Brexit strategy facing either a big endorsement or an early blow. Few companies have more day-to-day contact with the British people than Unilever. It estimates its products, from Marmite and Vaseline to Hellman’s mayonnaise, are ...

  Bloomberg The meeting between US President Donald Trump and Chinese President Xi Jinping this week is encouraging and sets the stage for the world’s two largest economies to strengthen ties, said Ford Chief Executive Officer Mark Fields. “When you have two leaders meet face to face, they become people to each other,” Fields said in an interview with Bloomberg ...

  Bloomberg Altice NV and its partners are exploring a sale of about 20 percent of their US cable-TV business in an initial public offering this quarter, as billionaire Patrick Drahi takes advantage of historically strong equity markets to raise cash for expansion, according to people familiar with the matter. Drahi’s Altice may use the proceeds from the listing of ...

  Bloomberg Deutsche Bank AG Chief Executive Officer John Cryan said he plans to focus on restoring revenue growth after the lender raised 8 billion euros ($8.5 billion) from shareholders to bolster capital. In a letter to employees, Cryan said he will aim for “prudent growth,” even as cost reductions continue. While many investors and analysts in Europe were still ...