PALORINYA /Â AP In the bushland of northern Uganda, a recently arrived refugee from South Sudan describes how soldiers detained and tortured him for two months back home for reading an article online. Tall and thin as a reed, dirt coating his tattered T-shirt and jeans, the young man is one of more than 100,000 people who have fled a ...
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The death cult that is spreading beyond Mexico
Mexico City / AP The life’s work of Dona Queta is inconspicuous from the street, only the presence of a few flowers on the path in front of the white bars indicate there’s anything special behind them. But every day hundreds of people make the pilgrimage to the shrine, created by the 62-year-old to honour Santa Muerte in Mexico City’s ...
Read More »Exxon’s new CEO looks to shift investments to shale
Bloomberg Exxon Mobil Corp. is trading in long-term projects that pump oil over decades for US shale drilling that can be switched on or off as crude prices change. Long a world leader in multi-billion dollar oil and natural gas developments that take years to build and even longer to profit, Exxon is diverting about one-third of its drilling ...
Read More »Oman gains ‘breathing space’ with jumbo $5 billion bond sale
DUBAI / Reuters Oman’s government has given itself breathing space from the pressure of financing a large budget deficit by selling $5 billion of international bonds, almost completing its entire foreign borrowing plan for 2017 in a single issue. Wednesday’s bond sale, in tranches of five, 10 and 30 years, was about double the size that most investors had ...
Read More »Iraq’s February oil exports rose despite output cuts
Bloomberg Iraq’s crude exports rose 1 percent by volume in February, contrasting with a decrease in monthly shipments by Saudi Arabia after both countries agreed to OPEC’s plan to cut oil production in an effort to prop up prices and trim a global oversupply. Exports increased to 3.85 million barrels a day last month, about 39,000 barrels a day more ...
Read More »Kuwait Energy plans London IPO at $1bn valuation
Bloomberg Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to people familiar with the matter. The independent energy firm, with assets across Oman, Egypt, Iraq and Yemen, is working with Bank of America Corp., the people said, asking not to ...
Read More »ONGC to see spending plans curtailed by potential merger
Bloomberg India’s plan to push its top oil producer to fund a takeover of a state refining company may threaten some near-term investments including a plan to revive a long-delayed development project aimed at cutting the nation’s energy imports, according to company officials with knowledge of its finances. Oil & Natural Gas Corp.’s capital expenditure plans, including a $4.5 ...
Read More »India’s Modi takes a dig at critics of currency ban
Bloomberg It’s not the economy. Prime Minister Narendra Modi took a dig at critics of his cash ban after government data showed surprisingly strong growth that helped India retain its position as the world’s fastest-growing big economy. “Well known intellectuals from Harvard and Oxford, who have been at key positions in the Indian economic system, had said the GDP ...
Read More »Lenovo sells property asset amid shrinking smartphone sales
Bloomberg Lenovo Group Ltd. will pick up about HK$1.7 billion ($219 million) from selling out of a developer of property and parking lots in central China, striking the latest real estate deal to shore up earnings battered by shrinking smartphone sales. The world’s largest PC maker struck an agreement to sell a 49 percent stake in the joint venture ...
Read More »Small firms yank Hong Kong IPOs after official crackdown
Bloomberg Four planned listings on Hong Kong’s small-company exchange, known for its wild price swings, were shelved this week in the wake of a warning that participants would be more thoroughly scrutinized. Logistics provider XiangXing International Holding Ltd. said it will postpone its initial public offering on the Growth Ente- rprise Market after receiving inquiries from regulators. Local lingerie ...
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