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Bloomberg Saudi Arabia is in talks to build an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy. Joint studies for a refinery and petrochemical complex will be conducted by state oil giant Saudi Aramco and South Africa’s Central Energy Fund, energy ministers from the two countries ...

Bloomberg Oil explorers still reeling from the late-2018 price collapse shut down drilling rigs in the biggest US field and elsewhere at the fastest pace in almost three years. The number of working oil rigs plunged by 21 this week to 852, the lowest since late May, according to data released by oilfield-services provider Baker Hughes. A 26 percent surge ...

Bloomberg Nigeria’s state-owned oil company said it’s in talks with financiers to raise as much as $4.1 billion and will seek to sign service deals to increase production from three leases. The Nigerian National Petroleum Corp, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration & Energy Production Co to raise $3.15 billion and CMES-OMS Joint Venture Ltd for ...

Bloomberg A red-hot economy, business-friendly policies and a Communist party led by free-traders: that’s the elevator pitch Vietnamese Prime Minister Nguyen Xuan Phuc is delivering to global investors amid the US-China trade war. “We are ready to grab the opportunity,” Phuc said in an interview with Bloomberg TV’s Haslinda Amin, a few days before departing this week to the World ...

Bloomberg The French government is proposing to integrate Renault SA and Nissan Motor Co in a structure that would probably put the two carmakers under a single holding company, Nikkei reported. A delegation including Martin Vial, a Renault director designated by the French government, visited Japanese officials in Tokyo to discuss the plans, Nikkei reported, without saying where it got ...

Bloomberg One of Canada’s largest phone companies is standing by its partnership with Huawei Technologies Co, the Chinese firm at the center of rising diplomatic tensions between Beijing and Ottawa. Telus Corp sent a memo to employees last week, sticking by its work with Huawei, the Globe and Mail newspaper reported. The memo was signed by Eros Spadotto, executive vice ...

Bloomberg Malaysia’s new strategy to combat drugs will focus on health and social support for users rather than enforcing criminal laws. The Cabinet task force to address the drug problem met and is of the opinion that Malaysia’s Dangerous Drugs Act 1952 needs to be reviewed and that drug use should be viewed as a social health issue, Liew Vui ...

Bloomberg Sun Pharmaceutical Industries Ltd plunged to its lowest point in almost six years after a media report that a new whistle-blower complaint alleging corporate governance lapses has been sent to India’s market regulator. Shares of the nation’s largest drugmaker slipped 8.4 percent to close at 390.75 rupees a share — the lowest level since March 2013. Sun Pharma was ...

Bloomberg Business owners — and their accountants — can rest a bit easier: the IRS has given them the long-anticipated final word on how they can claim one of the biggest perks in the 2017 Republican tax overhaul. The regulations detailing the new 20 percent deduction for pass-through business owners are of critical importance to the operators of such entities, ...

Bloomberg Italy’s communications regulator Agcom rejected Telecom Italia SpA’s landline network separation plan, saying it wouldn’t be a boost to competition in the domestic phone market, according to a document seen by Bloomberg. The plan, proposed last year by former Chief Executive Officer Amos Genish, would let the country’s largest phone company to continue “enjoying a significant competitive advantage with ...