Regional News

Bloomberg California Resources Corp filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them. The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be coming in a matter of weeks. Denbury Resources Inc and Noble Corp ...

Bloomberg Discussions about how to fight climate change almost always conclude with a lament over the “lack of political will.” It’s as if the roadblock preventing these clean-tech visions and white-paper dreams from becoming market-driven reality is an irrational, unforeseen hiccup. That’s a comforting fallacy. The lack of political will is the whole point: Climate change is a problem caused ...

Bloomberg Chevron Corp will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers. The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of ...

Bloomberg Sasol Ltd is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant US chemicals project. ...

Bloomberg Even before the pandemic struck, outdoor air pollution was linked to the deaths of as many as nine million people each year. Now two new studies show that Covid-19 patients are more likely to die if they live in regions with high levels of air pollution. Air pollution affects human health in insidious ways. The burning of fossil fuels ...

Bloomberg The fallout from the coronavirus crisis is starting to upend wheat tenders in the world’s top importer. In a rare move, Egypt cancelled a tender within hours of announcing it, without giving a reason. The state buyer added a new clause requiring suppliers to replace any cargoes affected by virus-related restrictions with wheat from elsewhere, and bear the difference ...

Bloomberg Saudi Telecom Co has postponed talks to raise debt to fund the acquisition of Vodafone Group Plc’s stake in its Egyptian business because of the coronavirus outbreak, according to people with knowledge of the matter. Work on the acquisition is still continuing and the kingdom’s largest telecoms operator may resume negotiations with banks for a loan of more than ...

Bloomberg Suzlon Energy Ltd will offer to restructure debt at a steeper discount than Indian banks have been willing to consider so far, said people familiar with the matter, pushing the wind turbine maker closer towards bankruptcy. The Pune-based company proposes to swap its 113 billion rupees ($1.6 billion) of outstanding debt into 36 billion rupees of new debt, translating ...

Bloomberg Saudi Aramco will increase dividend payments and pay less tax as the government tries to secure the $2 trillion valuation targeted by Crown Prince Mohammed bin Salman in the state oil company’s initial public offering (IPO). The state-run company, which produces about 10% of the world’s oil, plans to announce its intention to float later this month with the ...

Bloomberg When aluminum demand last contracted during financial crisis and unwanted metal started flooding into warehouses, it took more than a decade to work through the glut. Now, the market is bracing for another sharp rise in inventories as demand growth grinds to a halt. Aluminum has tumbled to a two-and-a-half-year low as slowing global growth and the US-China trade ...