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Bloomberg Eskom Holdings SOC Ltd, the cash-strapped South African power utility, wants the government to take on about 100 billion rand ($7.2 billion) of its debt as part of a rescue plan that will enable it to continue operating. The company’s executives outlined the proposal to move the debt onto the government’s balance sheet to bond investors in London this …

Bloomberg Chancellor Angela Merkel’s government is bowing to industry pressure to boost Germany’s offshore wind capacity, already among the biggest in Europe. The government will assess how to boost offshore capacity to 20 gigawatts by 2030 from a planned 15 gigawatts, according to details in an energy law passed by the parliament. The administration in Berlin has steadfastly blocked pressure …

Dammam / Emirates Business Saudi Aramco has awarded a major simulation and well-testing contract to Baker Hughes — a GE company — to be a partner in optimising production from new and existing wells across conventional fields in Saudi Arabia. Demonstrating the strength and breadth of its expertise and portfolio of oilfield services, BHGE will deliver a comprehensive well services …

DUBAI / WAM The Dubai Chamber of Commerce and Industry participated in a seminar organised as part of the Interregional Export Forum in Perm, Russia, where participants were briefed on the various competitive advantages that Dubai offers to Russian exporters, companies and investors. During the forum, Sanan Nasibli, Head of Dubai Chamber’s Azerbaijan office, delivered a detailed presentation titled “Doing …

Bloomberg While Alberta’s plan to mandate Opec-style production cuts already is boosting oil prices and shares, the revival of Canada’s resource nationalism adds another layer of risk for investors to consider. The removal of millions of barrels of crude from the market will help shareholders of smaller producers who are exempt from the cuts, like Bonterra Energy Corp, as well …

Bloomberg Oil surged the most in more than five months as Saudi Arabia and Russia extended a cooperation pact and US-China trade tensions cooled. Unprecedented supply cuts in Canada also drove prices higher. Futures in New York advanced almost 6 percent on Monday, bouncing back from the worst monthly slump in a decade. Although Russia and Saudi Arabia have yet …

MOSCOW / WAM Russian newspapers and news agencies highlighted the UAE’s historic achievement of making the UAE passport the world’s leading passport, coinciding with the Year of Zayed and the 47th National Day. In a press release, RIA Novosti and Vesti Roy said that the UAE passport is ranked first in the passport index while noting the tweet of His …

Bloomberg President Donald Trump said in a tweet that China has agreed to “reduce and remove” tariffs on imported American-made cars, a claim that wasn’t immediately confirmed by Beijing. Trump gave no other details in his post, which came shortly after he agreed with Chinese President Xi Jinping to a truce in the trade war during a meeting at the …

Bloomberg Canada’s largest oil producing province ordered an unprecedented output cut, an effort to ease a crisis in the nation’s energy industry and adding to global actions to combat a recent price crash. The plan will reduce production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7 percent, from January until excess oil in storage …

Bloomberg Vivint Solar Inc dropped the most in more than two years after saying a fund managed by Blackstone Group LP, its biggest owner, is selling 8 million of the rooftop solar company’s shares at a 21 percent discount. Vivint fell 21 percent to $5.51 at 11:33 am in New York, after earlier sliding as much as 22 percent. That’s …