News

  Bloomberg Batteries capable of storing power at utility scale will be as widespread in 12 years as rooftop solar panels are now, revolutionizing the way consumers use energy. That’s the the conclusion of Bloomberg New Energy Finance, which forecasts the battery market may be valued at $250 billion or more by 2040. It expects 25 gigawatts of the devices ...

  AFP Mexican President Enrique Pena Nieto said Friday that he and Singaporean counterpart Tony Tan will promote the ratification of a trans-Pacific trade pact. The two leaders met during Tan’s state visit to Mexico, the first by a Singaporean head of state to any Latin American nation. After talks at the capital’s ornate National Palace, Pena Nieto said the ...

  Bloomberg Shareholders of Restaurant Brands International Inc., owner of Burger King and Tim Hortons, rejected a proposal that would require a clear plan to add women to the company’s all-male board. OceanRock Investments Inc.’s motion was defeated at Thursday’s annual meeting in Oakville, Ontario, according to the Canadian Press. The Vancouver-based investor became a shareholder when Miami-based Burger King ...

  Bloomberg Renewables will overtake natural gas as the dominant source of electricity generation in the U.S. in 2031, even without subsidies as wind and solar costs plunge, a Bloomberg New Energy Finance analysis showed. This U.S. shift will be driven by $745 billion in investments in renewables through 2040, outstripping the projected $95 billion that will be spent on ...

  Bloomberg Crude fell a third day after the number of rigs drilling for oil in the U.S. rose for a second week. Futures fell as much as 1.8 percent in New York after dropping 4.2 percent in the previous two sessions. Rigs targeting crude in the U.S. rose by 3 to 328 last week, capping the longest run of ...

Bloomberg The main union at South32 Ltd.’s Cerro Matoso mine in Colombia, the world’s second-biggest source of ferro-nickel production, said there’s a greater chance of reaching a three-year wage agreement and avoiding a strike after management sweetened its offer. Cerro Matoso is offering workers a 7 percent raise this year, plus inflation-linked increases in 2017 and 2018. The proposal is ...

  Bloomberg Canada’s jobless rate unexpectedly fell in June to the lowest in a year as full-time work increased and people left the workforce. The unemployment rate fell to 6.9 percent in May from 7.1 percent in April, Statistics Canada said from Ottawa. Economists surveyed by Bloomberg predicted the rate would rise to 7.2 percent. Employers added 60,500 full-time jobs, ...

  Reuters Saudi Arabia is seeking international investors to build two solar power plants, using a deal structure that could become a model for the kingdom’s infrastructure projects as low oil prices pressure the government’s finances. State-owned utility Saudi Electricity Co (SEC) said at the weekend that it was inviting expressions of interest from companies or consortiums around the world ...

  Manama / Tribune News Service A deal has been agreed that will hopefully tackle traffic congestion that has plagued neighbours of a popular mall in Muharraq. The agreement will see costs of a new BD300,000 access road shared by government and investors at Seef Mall Muharraq. It follows a year of negotiations between mall management and the Works, Municipalities ...

  Manama / Tribune News Service Bahrain-based Gulf Petrochemical Industries Company (GPIC) remained profitable last year despite the sharp decline in global prices and other market challenges, it has emerged. The company, which is an equal stakes joint venture of Bahrain’s nogaholding, Saudi Basic Industries Corporation (Sabic) and the Petrochemical Industries Company (PIC) of Kuwait, uses locally available natural gas ...