News

  Bloomberg OPEC has never taken supply cuts so seriously, and hedge funds are loving it. Investor optimism that West Texas Intermediate oil prices will rise reached an all-time high as the Organization of Petroleum Exporting Countries delivered on pledges to reduce production. The International Energy Agency said the group has achieved a record 90 percent initial compliance with an ...

  Bloomberg For investors considering financing Tanzania’s proposed 27.6 trillion-shilling ($12.3 billion) borrowing program, the government’s handling of its power utility’s debt problems may give pause for thought. Last month, President John Magufuli fired the Tanzania Electric Supply Co.’s chief executive officer and vetoed its decision to raise electricity prices, ignoring International Monetary Fund advice that higher tariffs may help ...

  Bloomberg Singapore’s Finance Minister Heng Swee Keat outlined a set of targeted measures in his budget speech to help the struggling offshore and energy services industry and spur construction. The government will bring forward S$700 million ($493 million) worth of infrastructure spending and defer levies on foreign workers in the marine and process sectors for another year, Heng told ...

  Bloomberg Makeblock Co., a Chinese maker of DIY robotics parts, is seeking to raise funding at a $200 million valuation as the Sequoia Capital-backed startup expands into classrooms and hobbyist’s workshops globally, people familiar with the matter said. The Shenzhen-based company us seeking to raise about 200 million yuan ($29 million) in a series B round, the people said, ...

  Bloomberg Douyu, the live-streaming service backed by Tencent Holdings Ltd. that’s been compared to Amazon’s Twitch, is in talks to raise a billion yuan ($145 million) in funds at a valuation of about $1.2 billion, according to a person familiar with the matter. The three-year-old company, whose name means “fighting fish,” needs capital to expand beyond games-streaming and fend ...

  Bloomberg Japan posted a bigger-than-forecast trade deficit in January as auto exports declined and energy import costs increased. Economists cautioned against reading the single month’s figures negatively, noting that global demand should support Japan exports this year. Exports rose 1.3 percent from a year earlier (versus +5 percent estimate). Imports climbed for the first time in two years, by ...

  Bloomberg Oasis Management Co.’s Seth Fischer increased his pressure on Panasonic Corp. to sweeten its offer for listed subsidiary PanaHome Corp., calling the transaction a test case of whether Japan’s corporate governance overhaul is working. Oasis will ask the courts to rule on whether the price is fair if shareholders approve the deal on current terms, Fischer said in ...

  Bloomberg The half of Russia’s economy that hasn’t got wind of a recovery is already hunkering down for the crisis to come. Once indispensable for the country’s prospects, consumption flat-lined well below zero throughout last year even as the broader economy defied gloom. From the ruble to industrial output and wages, Russia is on the up and up. But ...

  Bloomberg A senior Toyota Motor Corp. executive is urging the federal government to keep states from setting their own autonomous vehicle rules, something carmakers say could threaten the emerging industry with a patchwork of contradictory regulations. “A clear and unequivocal statutory or regulatory prohibition on states regulating vehicle performance of autonomous vehicle technology would help to halt or prevent ...

  Bloomberg Thailand’s economy grew at the slowest pace in a year last quarter as private consumption moderated. Gross domestic product expanded 3 percent from a year earlier, the National Economic and Social Development Board said in Bangkok on Monday. That is the slowest in a year, according to data compiled by Bloomberg. The median estimate of 20 economists surveyed ...