News

Bloomberg Natural gas traders are facing the possibility of another mild US winter. Temperatures from December through February will be above normal for much of the southern US, East Coast and Northeast, the US Climate Prediction Center said in a report. A run of “beautifully mild weather” this autumn has already weighed on the market, said John Kilduff, founding partner ...

Bloomberg Schlumberger Ltd. and Baker Hughes, the world’s two biggest oilfield service companies, say North America’s growth engine is slowing. The investment appetite by explorers in North America “seems to be moderating” with the priority now being preservation of cash flow rather than the pursuit of continued production growth, Schlumberger said in an earnings statement. Baker Hughes, said in its ...

Bloomberg Sunoco LP’s bondholders are creating an obstacle for a $3.3 billion deal struck by the company to sell more than 1,100 gas stations and convenience stores to 7-Eleven Inc. A group of creditors has told the company it intends to oppose Sunoco’s attempt to change the terms of the credit pact governing about $1.6 billion of bonds — a ...

Bloomberg As money rushes into China’s fledgling biotechnology sector, Eli Lilly & Co. and other foreign drugmakers are scaling back. Eli Lilly, along with GlaxoSmithKline Plc, announced plans the past few months to cut research teams in China, after Novartis AG shuttered a biotech research unit there a year ago. “This closure comes after careful study and consideration, and is ...

Bloomberg The US has been disappointed this year at China’s lack of progress in pursuing market-oriented reforms, said a senior administration official, ratcheting up the pressure on the world’s second-largest economy ahead of President Donald Trump’s visit there next month. While China made progress in previous decades toward market pricing and reducing the number of state-owned enterprises, the US is ...

Bloomberg Tesla Inc. has reached an agreement with the Shanghai government to set up its own manufacturing facility in the city, the Wall Street Journal reported Sunday, citing people briefed on the plan. The Palo Alto, California-based carmaker is working with the local government on the timing and details of an announcement, the people told the newspaper. The deal, which ...

Bloomberg Vivo, the fast-growing smartphone brand backed by reclusive Chinese billionaire Duan Yongping, will begin selling to Western markets for the first time as it accelerates a global expansion. Emboldened by its success against Apple Inc. and Samsung Electronics Co. at home, the company now intends to tackle developed markets with higher-end devices. In coming months, China’s third-largest smartphone brand ...

Bloomberg Prime Minister Malcolm Turnbull’s government will provide modeling to the states in a bid to get them to back its proposed “national energy guarantee” to bolster reliability of Australia’s faltering electricity grid. “It’s in the country’s interest and it’s in the states’ interests to get on board with this,” Energy Minister Josh Frydenberg said. Australia’s six states and two ...

Bloomberg General Electric Co.’s new boss promised “sweeping change” as he delivered a brutal assessment of the 125-year-old manufacturer. Results for the latest quarter are “completely unacceptable,” Chief Executive Officer John Flannery told investors as he slashed the profit forecast and pledged to unload $20 billion of GE businesses. “We need to make some major changes with urgency and a ...

Bloomberg Aegon NV, the Dutch insurer that generates most of its business from the US, is scouting for acquisitions and has looked at companies including smaller rival ASR Nederland NV amid consolidation in the domestic market, according to people familiar with the matter. As part of its search for potential targets, The Hague-based Aegon recently made an informal approach to ...