Bloomberg US oil refiners won’t be allowed to complete shipments of Venezuelan crude they booked before the Trump administration slapped new sanctions on the Latin American nation. US Treasury Department officials have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter. The ...
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New Fortress Energy falls in trading debut
Bloomberg New Fortress Energy LLC fell 6.6 percent in its trading debut, as the markets gave a cold shoulder to the first operating company to go public after the US government reopened. The energy infrastructure company raised $280 million on Wednesday, selling 20 million shares for $14 each — below the $15 price it had set for them. The shares ...
Read More »Anil Ambani’s RCom plunges 54% on bankruptcy filing
Bloomberg Billionaire Anil Ambani’s Reliance Communications Ltd. had a record plunge in Mumbai after the company said it will file for insolvency following failed attempts to sell assets and repay about $6.3 billion of debt. Shares of RCom, as the company is called, were trading at 7.01 rupees in Mumbai, down 39 percent. The company’s dollar-denominated bonds due November 2020 ...
Read More »Sony sees biggest drop since 2015
Bloomberg Sony Corp. reported weaker profits in the PlayStation business and cut its annual revenue forecast, triggering the steepest share decline in almost three and a half years. The stock fell 8.1 percent in Tokyo on Monday, the most since September 2015, after operating income in games fell 14 percent to 73 billion yen ($666 million) for the holiday quarter. ...
Read More »China luxury dealmaker plans IPO for Lycra unit
Bloomberg Acquisitive Chinese luxury apparel firm Shandong Ruyi Group is planning an initial public offering (IPO) for The Lycra Co., maker of the elastic material used in yoga pants and skinny jeans. Ruyi aims to list the business within three years, the group’s chief strategy officer, Kelvin Ho, said in an interview in Hong Kong. Lycra Co. owns some well-known ...
Read More »Shopping spree to show what’s up with China economy
Bloomberg China’s consumers have cut back on purchases of everything from Apple Inc.’s iPhones to Swiss watches as the trade war with the US hits the economy. Landing just days after hundreds of local companies issued profit warnings and multinationals sounded the alarm about softening demand, the week-long Lunar New Year holiday will provide the next litmus test of the ...
Read More »Business groups line up behind limits to Trump’s tariff powers
Bloomberg After failing to stop Donald Trump from unleashing tariffs on national security grounds, the US business community is lining up behind efforts to limit his power to impose them. The US Chamber of Commerce, Business Roundtable, and two coalitions with dozens of trade associations are backing legislation to require congressional approval before a president imposes such national-security tariffs. Trump ...
Read More »Nissan scraps plan to make SUV in UK over Brexit worries
Bloomberg Nissan Motor Co. abandoned a plan to make the X-Trail sport-utility vehicle at the UK’s biggest auto factory, saying uncertainty over Brexit isn’t helping on future investment. “We appreciate this will be disappointing for our UK team and partners,†Nissan Europe Chairman Gianluca de Ficchy said in a statement. “While we have taken this decision for business reasons, the ...
Read More »UK sees consumer worries near crisis-era levels, investment falls
Bloomberg Concern about Brexit’s impact on the UK economy is growing, with consumer worries near crisis-era levels, investment falling and the property market suffering. Nationwide Building Society said that house-price growth ground close to a halt as values rose just 0.1 percent in January from a year earlier. That report came hours after research group GfK said consumers are the ...
Read More »Infrastructure spending to help US keep recession at bay
Bloomberg Minnesota leaders are starting work on a $2 billion light rail project, the state’s largest infrastructure project — and the kind of spending that may help keep recession risk at bay. Spending by cities and states is a bright spot that could help to extend the expansion, now in its 10th year and within months of becoming the longest ...
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