News

Bloomberg A US appeals court ruled against New York’s bid to block a pipeline that will shuttle natural gas to a $900 million power plant under construction there, setting a potential precedent for other battles over gas conduits. The court sided with federal energy regulators’ ruling that New York waived its right to act on the pipeline by failing make ...

Bloomberg Turning Canada’s heavy oil sands into a more marketable kind of crude is making a comeback, or rather half a comeback. Alberta’s government’s C$1 billion dollar pledge ($780 million) will help support the construction of smaller and cheaper varieties of upgraders. The so-called partial upgraders would process the sticky oil just enough so that it can flow freely through ...

Bloomberg With his swift rejection of Broadcom Ltd.’s hostile takeover of Qualcomm Inc., President Donald Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security. Although Broadcom is based in Singapore, China loomed large over the US government’s fears about a ...

Bloomberg Volkswagen AG secured 20 billion euros ($25 billion) in battery supplies to underpin an aggressive push into electric cars in the coming years, putting pressure on Tesla Inc. as it struggles with production issues for the mainstream Model 3. The world’s largest carmaker will equip 16 factories to produce electric vehicles by the end of 2022, compared with three ...

Bloomberg European Commission President Jean-Claude Juncker demanded Prime Minister Theresa May give more detail about how the UK sees its relationship with the European Union after Brexit. “It’s obvious that we need further clarity if we’re going to reach an understanding on our future relationship,” Juncker told the European Parliament in Strasbourg, France. “It’s now time to translate speeches into ...

Bloomberg London overtook New York as the biggest real estate exposure for Norway’s $1 trillion wealth fund. The fund held 22.8 percent of its real estate portfolio in London, followed by 21.5 percent in New York and 19.1 percent in Paris at the end of 2017, according to a report released on Tuesday in Oslo. At the end of 2016, ...

Bloomberg Some consumer prices that skyrocketed in January probably returned to Earth in February, indicating fears of runaway US inflation that jarred financial markets were overblown. The consumer price index probably rose 0.2 percent in February from the previous month, after a 0.5-percent jump in January, according to the median estimate of economists surveyed by Bloomberg News ahead of Labor ...

Bloomberg Add co-working giant WeWork Cos. to the growing list of players looking to profit from Toronto’s booming office market. The New York-based company is targeting more than a sixfold surge in Toronto by 2020, bringing its locations in the city to at least 20, according to Dave McLaughlin, WeWork’s general manager for the Northeast. WeWork opened its first locations ...

Bloomberg Oil fell below $61 a barrel, following its biggest rally in seven months, on speculation that growing US production will help keep global markets well supplied. WTI futures dropped as much as 2.2 percent ahead of a government report that may show further expansion in shale output. Stockpiles in Cushing, Oklahoma, the delivery point for futures contracts, were little ...

Bloomberg The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members. The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and ...