Bloomberg Nigeria’s efforts to revamp its aging refineries may be bogged down due to a lack of resources, but Africa’s top oil producer is moving ahead with mini-plants in an effort to help end its dependency on fuel imports. The country’s first modular refinery, built by independent producer Waltersmith Petroman Oil Ltd, began operations in the southeastern Imo state earlier …

Bloomberg Tokyo Gas Co plans to develop one of Japan’s largest offshore wind projects as the nation looks to a major expansion of the technology to achieve net-zero emissions by 2050. The 600-megawatt facility — about 30 times larger than the nation’s existing capacity — is planned to be built off the coast of Chiba prefecture, east of Tokyo, if …

Bloomberg Global stocks paused amid their best monthly gains in three decades as investors awaited a slew of economic indicators that could support the rally in risk assets. The Stoxx Europe 600 Index drifted at the open, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. Bank stocks edged higher following a report …

Bloomberg India’s equity benchmark retreated from a record as an early rally in Asian equities faltered. The S&P BSE Sensex lost 0.6% to 44,268.87 in Mumbai, while the NSE Nifty 50 Index declined by the same magnitude. Both slipped from all-time highs, as did the region-wide MSCI AC Asia Pacific Index, which was little changed. “These levels could prove to …

Bloomberg China stocks fell by the most this month on concern that liquidity conditions in the financial system are not strong enough to support recent gains. The CSI 300 Index lost 1.3% just two sessions after closing at its highest level in five years. The liquidity-sensitive ChiNext Index retreated 2.2% to its lowest since October 23. Investors have been worried …

Bloomberg Oil reached its highest level since March as the start of the US presidential transition process buoyed broader markets and a string of positive Covid-19 vaccine news continued to support the demand outlook. Futures rose to their highest since March in New York, alongside the back-end of the forward curve strengthening markedly into backwardation. The structures of both WTI …

Bloomberg China may delay the launch of its national carbon market for power companies to the first half of 2021, according to a researcher who helped the government design the emissions trading system. Actual trading of emission allowances will likely begin next year, Zhang Xiliang, director of Tsinghua University’s Institute of Energy, Environment and Economy, said at the International Finance …

Bloomberg The UK government plans to double the amount of renewable power supported by the country’s main subsidy mechanism and create a new structure that will bolster a variety of technologies, speeding up a wave of new investment. The next round of the contracts for difference system will clear the way for as much as 12 gigawatts of new green …

Bloomberg A 230-metre tall wind turbine built by Vestas Wind Systems A/S collapsed at a site in northern Sweden over the weekend. The cause of the accident is unknown and the company is assembling a team that will investigate at the site, spokesman Anders Riis said by phone. A lot of snow is expected this week, which may delay the …

Bloomberg Global airline lobby IATA is working on a mobile app that will help travellers demonstrate their coronavirus-free status, joining a push to introduce so-called Covid passports to speed up the revival of international travel. The Travel Pass will display test results together with proof of inoculation, as well as listing national entry rules and details on the nearest labs, …