Bloomberg Occidental Petroleum Corp will look for ways to cut costs other than dropping rigs, in response to the recent slump in oil prices, according to Chief Executive Officer Vicki Hollub. “We’re going to keep our rigs running and we’re going to figure out how to reduce costs in some other way that’s not impacting people who are depending on ...
Read More »News
Premier Oil eyes bid for Chevron North Sea assets
Bloomberg Premier Oil Plc is considering a bid for a package of North Sea oil and gas assets put on the block by US oil major Chevron Corp that’s worth about $2 billion, according to people familiar with the matter. The first round of bids is due before the end of the month, the people said, asking not to be ...
Read More »China to defuse trade war with reversal on cars
Bloomberg China took more steps to defuse trade tensions with the US, confirming it will remove the retaliatory duty on automobiles imported from America and preparing to restart purchases of American corn. The 25 percent tariff imposed on vehicles as a tit-for-tat measure will be scrapped starting from January 1, the finance ministry said. China also may buy at least ...
Read More »DLF sees cash crunch toppling peers
Bloomberg India’s largest listed property developer expects many of its smaller peers to go belly-up as creditors cut financing after a shock default. “Weaker balance sheets are going to fall off, while large listed developers will get though current liquidity crisis,†Saurabh Chawla, outgoing chief financial officer of DLF Ltd., said. Smaller developers have already been struggling amid a slump ...
Read More »China plans advanced tech plan by 2025, WSJ reports
Bloomberg China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate advanced technologies by 2025, the Wall Street Journal reported, citing sources briefed on the strategy. Beijing’s changes would come in response to pressure from US President Donald Trump, who launched a tit-for-tat tariff dispute with China this year ...
Read More »From Adobe to AI, China’s 40-year transformation
Bloomberg Forty years ago, 18 villagers of Xiaogang in Anhui Province banded together to disobey the orders of China’s government, risking their lives by deciding to farm individually instead of collectively. Now, they’re celebrated as the pioneers of Reform and Opening Up — the process of turning China into a market-based economy that celebrates its 40th anniversary this week. As ...
Read More »Rules guiding pollution cuts adopted at UN talks in Poland
Bloomberg Envoys at a United Nations conference adopted a set of steps on fighting climate change meant to guide efforts to rein in greenhouse gas pollution worldwide. The diplomats drawn from energy and environment ministries in almost 200 countries backed rules to implement the three-year-old Paris Agreement, which called for drastic reductions in the use of fossil fuels by the ...
Read More »Apple nears 7-month low as more analysts cut iPhone estimates
Bloomberg Apple Inc fell with shares on course to close at their lowest level since April, as more analysts joined the chorus of bears and skeptics warning about the prospects for iPhone sales. The stock dropped as much as 2.9 percent, and shares are on track for their 10th negative week of the past 11. At current levels, Apple is ...
Read More »â€˜Canada’s borrowing is crowding out firms’
Bloomberg A borrowing spree by the Canadian federal and provincial governments is threatening to increase costs for companies just as the economy turns, according to BlackRock Inc. Public-sector borrowing is set to swell as issuers including the federal government, Ontario — already the world’s largest issuer of sub-sovereign debt — and Alberta continue to run budget deficits, BlackRock’s head of ...
Read More »PG&E accused of falsifying pipeline safety records
Bloomberg PG&E Corp, already under scrutiny for a deadly California wildfire last month, now faces potential penalties for allegedly breaking natural gas pipeline safety rules and falsifying records, state regulators said. The California Public Utilities Commission said that the state’s biggest utility owner systematically violated rules to prevent construction crews from accidentally damaging pipelines during excavations. PG&E also allegedly falsified ...
Read More »