KHOBAR / Reuters State-controlled Saudi Electricity Co (SEC) has signed a deal with Japanese Tokyo Electric Power Co (TEPCO), Nissan Motor Co and Takaoka Toko for the first electric vehicle (EV) pilot project in the world’s largest oil exporter, it said. Saudi Arabia is keen to develop its auto industry as part of efforts to diversify the economy beyond oil …

ABU DHABI / Reuters Saudi Arabia plans to prequalify for bidding firms from two or three countries by April or May for the first nuclear reactors it wants to build, a consultant for the government body work-ing on the nuclear plans said on Monday. Saudi Arabia, the world’s top oil exporter, wants nuclear power to diversify its energy supply mix, …

Bloomberg Australia, one of the world’s biggest users of rooftop solar panels, likely added the most new capacity on record last year as electricity users sought to ease escalating power bills. A preliminary estimate by Australia’s Clean Energy Regulator of 1.05 gigawatts installed last year would be a record for the country, the government body said in an emailed statement. …

Bloomberg In northeast Brazil, beyond the resorts and pristine beaches, lie some of the world’s best winds for generating electricity. Welcome to Serra Branca. It’s a wind generator’s heaven, featuring breezes so perfect for spinning turbines that this Brazilian region is capable of churning out more wind energy than any other part of the world. In the latest testament to …

Bloomberg China’s banking regulator pledged to continue its crackdown on malpractice in the $38 trillion industry in 2018, vowing to tackle everything from poor corporate governance and violation of lending policies to cross-holdings of risky financial products. The China Banking Regulatory Commission unveiled its regulatory priorities for the year in a statement. They include: Inspecting the funding source of banks’ …

Bloomberg India should make it easier for new banks to open in the South Asian nation, according to a new report from the Brookings Institution. The Reserve Bank of India could consider easing rules for allocation of permits, including an initial capital requirement of 5 billion rupees ($79 million) and so-called priority sector lending targets, which include loans to farmers …

Bloomberg The pound has hit the highest level since the Brexit vote in 2016, yet JPMorgan Chase & Co. remains relatively glum on its prospects. While recent Brexit developments have been constructive, the bank sees sterling failing to maintain its strength amid flagging economic fundamentals and a “non-negligible risk” that Brexit talks collapse. It sees the pound falling to $1.30 …

Bloomberg Germany’s central bank has decided to include the Chinese yuan in its own reserves, in a further boost to the international status of the currency. Speaking at an event in Hong Kong on Monday, Bundesbank board member Andreas Dombret said the decision was taken last year following an investment of 500 million euros ($611 million) by the European Central …

Bloomberg Morocco will loosen its currency peg in a long-awaited move aimed at strengthening its economy and avoiding financial imbalances that forced a slew of emerging nations into sharp devaluations. Bank al-Maghrib, as the central bank is known, will allow the dirham to fluctuate 2.5 percent above or below its official rate, significantly widening the band from 0.3 percent each …

Bloomberg India will break up its debt-burdened flag carrier into four separate companies and offer to sell at least 51 percent in each of them as part of a disinvestment proposed by Prime Minister Narendra Modi. The core airline business comprising Air India and Air India Express—the low-cost overseas arm—will be offered as one company, and the process will be …