News

Bloomberg Egypt may exceed its $10 billion target for foreign direct investment this year as the weaker pound reduces the cost of doing business in North Africa’s largest economy and a new investment law comes into force, the investment minister said. Sahar Nasr told Bloomberg she had been approached by investors from Saudi Arabia, Singapore, China and the United Arab ...

Bloomberg Europe’s oil industry is once again generating cash even as crude languishes at half the price of three years ago. Yet companies remain vulnerable to a renewed downturn. The region’s top three — Royal Dutch Shell Plc, Total SA and BP Plc — can now cover spending from cash flow with oil at $50 a barrel. But BP predicts ...

Bloomberg Saudi Arabia aims to sell about 5% of Saudi Aramco in an initial public offering next year, and stock exchanges from UK to Japan are vying for what may be world’s richest IPO. Saudi crown prince, Mohammed bin Salman, will soon decide where to sell the company’s shares after government officials heard a presentation on the listing process last ...

Reuters Booming refinery profits are helping West African oil producers sell cargoes quickly, aided by a shortage in certain types of crude amid OPEC production cuts and Venezuelan troubles. A fight for sour crude has helped keep Angolan oil in high demand and now, even long-suffering Nigerian grades are finding keen buyers in the United States and Asia as refineries ...

Bloomberg Libya’s crude shipments jumped to a new three-year high last month, dealing a fresh blow to OPEC and allied oil-producing nations as they battle to restrict a global supply surplus that’s depressing prices for the commodity. The North African nation shipped about 865,000 barrels a day of crude in July, tanker tracking data compiled by Bloomberg show. That was ...

Bloomberg Lee Jae-yong, vice chairman of Samsung Electronics Co., rejected allegations that he paid bribes to a friend of South Korea’s former president to secure support for a key merger. Testifying for the first time in his graft trial, the 49-year-old said a 2014 meeting with then-President Park Geun-hye lasted less than five minutes while a pow-wow the next year ...

Bloomberg Bharti Airtel Ltd., India’s largest wireless carrier, is considering selling about a 3 percent stake in its tower unit through an institutional share sale, people with knowledge of the matter said. The New Delhi-based company could pare its holding in Bharti Infratel Ltd. as soon as this month, according to the people, who asked not to be identified because ...

Bloomberg Daiichi Sankyo Inc.’s settlement of thousands of lawsuits blaming the company’s blood-pressure drugs for causing intestinal damage brings to $339 million the amount the drugmaker has paid for its handling of the medicines. Daiichi officials agreed on Monday to pay $300 million to resolve patient suits over its Benicar, Benicar HCT, Azor and Tribenzor blood-pressure treatments. The accord comes ...

Bloomberg Thyssenkrupp AG is considering a radical breakup plan as a possible alternative to the proposed combination of its European steel operations with India’s Tata Steel Europe Ltd., according to people familiar with the matter. Under the alternative scenario, Thyssenkrupp would retain its European steel operations and hive off most or all of the other activities, said the people, who ...

Bloomberg China’s foreign-exchange regulator is examining how some of the country’s biggest dealmakers used their domestic assets as collateral to get loans overseas, people familiar with the matter said. The State Administration of Foreign Exchange recently began reviewing loan guarantees for Anbang Insurance Group Co., Dalian Wanda Group Co., Fosun International Ltd., HNA Group Co. and the Chinese owner of ...