Bloomberg As corporate defaults pile up in China’s onshore bond market, a unit of a once-promising energy conglomerate with $4.8 billion of debt and a checkered past said it won’t be able to meet its payment obligation on Monday. CEFC Shanghai International Group Ltd., a unit of the privately-held CEFC China Energy Co., failed to repay 2 billion yuan ($313 …
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Bloomberg Oil advanced towards $72 a barrel as Venezuela’s election results escalated the risk of US sanctions against the OPEC nation, adding to mounting concerns about supply following curbs against Iran. Futures in New York rose as much as 0.9 percent. President Nicolas Maduro won the elections in Venezuela, increasing the prospect of US sanctions that could curb the nation’s …
Read More »Bloomberg Ghana sees the country’s state-owned gas-station operator as the leading bidder to partner Exxon Mobil Corp. to explore for crude at an offshore field, according to two people familiar with the matter. Exxon was awarded exploration and production rights for the Deepwater Cape Three Points block in January and must choose a local partner for a 5 percent stake …
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Bloomberg China will “significantly increase purchases†of US goods, the White House said as Beijing’s special envoy at talks in Washington declared a trade war has been averted between the world’s two largest economies. A joint statement released by the White House following the talks didn’t place a dollar figure on the increased purchases by China, or address a comment …
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DUBAI / Emirates Business UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has revealed plans for its first mixed-use development in Jumeirah Lakes Towers (JLT), in Dubai, with the launch of SE7EN CITY JLT. The project, valued at AED1.3 billion ($350 million), consisting of 2,635 units, is already 15% complete and due for completion within 36 months. The …
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Bloomberg Total SA said it will not risk investing in Iran following the return of US sanctions, unless it can secure a waiver. Continuing to do business in Iran would be too great a risk as the company has large operations in the US and depends on the country’s banks for financing its operations, Total said in a statement. So …
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Bloomberg Germany brushed aside US concerns about a major natural gas pipeline that will deliver Russian gas to Europe, suggesting President Donald Trump’s administration appears to be protecting its own interests. German Economy Minister Peter Altmaier defended the planned Nord Stream 2 pipeline as Chancellor Angela Merkel meets President Vladimir Putin in Russia. The US warned it may impose sanctions …
Read More »Bloomberg Macquarie Capital is seeking to pare its stake in Taiwan’s first offshore wind farm, people with knowledge of the matter said. The Australian firm, which is an arm of Macquarie Group Ltd., has been reaching out to potential buyers for part of its 50 percent holding in the Formosa I project in the sea off northwestern Taiwan, according to …
Read More »GENEVA / WAM The UAE participated in the 2nd edition of the AI for Good Global Summit, which was organised by ITU in Geneva, in partnership with other UN organisations. Addressing the three-day event, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, spoke about the UAE’s role in leading the international drive for AI governance to serve …
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Bloomberg Crude in London posted the longest stretch of weekly gains since 2011 in a market seen as being increasingly balanced as a result of OPEC’s produ-ction cuts. Both Brent and West Texas Intermediate crude slipped, paring weekly gains. Global prices have been supported this week by concerns over US sanctions against Iran, shrinking stockpiles and production shortfalls in Venezuela. …
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