News

Bloomberg Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the US and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased official pricing for Arab Light crude ...

Bloomberg Shenhua Group Corp., China’s biggest coal miner, and China Guodian Corp., one of the nation’s largest coal-fired power generators, are in merger discussions, according to people with knowledge of the matter. The talks are preliminary and the merger may not go ahead, said the people, who asked not to be identified as the information isn’t public. The Hong Kong-listed ...

Bloomberg Eni SpA led a group that signed off on a $7 billion investment in a project to export natural gas from Mozambique. The country’s President Filipe Nyusi and Eni Chief Executive Officer Claudio Descalzi attended a ceremony in the capital Maputo to formally approve the Coral South liquefied natural gas project. Once built, the floating LNG plant, with a ...

Bloomberg The good news from OPEC wasn’t good enough. Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators fled bearish positions for a second week. During the reporting period, the Organization ...

Bloomberg South Korea’s finance ministry has drawn up an 11.2 trillion won ($10 billion) supplementary budget to help meet President Moon Jae-in’s effort to increase jobs and incomes. If passed by the parliament, the finance ministry plans to use 4.2 trillion won of the spending package to create 86,000 new jobs, 71,000 of them in the public sector, including positions ...

Bloomberg Shares of jewellers climbed in India after the government set the rate for gold under the uniform goods and services tax below expectations, signaling a potential recovery in demand in the world’s second-largest market. Titan Co. advanced as much as 15 percent to a record 542.50 rupees ($8.4) in Mumbai, while Tribhovandas Bhimji Zaveri Ltd. increased as much as ...

Bloomberg In his air-conditioned office protected from the scorching heat and dust outside, S.M. Imran points at a white lined map pinned on his wall showing Power Cement Ltd.’s planned expansion at its plant in Pakistan’s arid southern Sindh province. Power Cement is aiming to triple capacity, riding a wave of Chinese-financed infrastructure projects across Pakistan valued at more than ...

Bloomberg One MobiKwik Systems Pvt., one of India’s largest digital-payment providers, is pushing back its target for profitability by a year as it invests more in its business to capitalize on the government’s shock ban on high-value rupee notes. The demonetization drive announced late last year created a digital-payments market at least 30 times bigger than what the company had ...

Bloomberg Canada’s trade deficit was wider than forecast in April, and there was further disappointment in revised figures showing larger gaps in the prior two months. Imports exceeded exports by C$370 million ($274 million) in April, Statistics Canada said in Ottawa. The median forecast in a Bloomberg survey of economists was for shortfall of C$20 million. In addition to the ...

Bloomberg Euro-area manufacturing and services continued to expand at the fastest pace in six years, powered by growth in the region’s two biggest economies — Germany and France. A composite Purchasing Managers’ Index held at 56.8 in May, unchanged from the previous month, IHS Markit said on Monday, confirming a May 23 estimate. A gauge for services slipped slightly, while ...