Bloomberg Opec and allied oil producers will cut or adjust production as needed to balance the market, the group’s president, United Arab Emirates Energy Minister Suhail Al Mazrouei, said on Wednesday. If Opec+ needs to reduce output, it will do so, he said in a Bloomberg TV interview in Abu Dhabi. The producers will take whatever steps are necessary to ...

Bloomberg The International Energy Agency (IEA) welcomed the oil market’s return to surplus as Opec’s production surge sw-ells global stockpiles and drives prices into a bear market. Inventories in industrialised nations have increased for four straight months and are set to jump by 2 million barrels a day next half if current output is maintained, the IEA said in its ...

Bloomberg AES Corp, a long-time builder of coal-fired power plants around the world, published a report that projects how climate change could affect its business. The bottom line, the company says, is that its move away from carbon fuels means its business model holds up whether the world warms a lot or a little. The report, which AES says is ...

Bloomberg SSE Plc is to split off its green generation into a separate business known as SSE Renewables under the UK utility’s increased focus on low-carbon generation. The new company will have 4 gigawatts of capacity by March including onshore and offshore wind, flexible hydro, run-of-river hydro and pumped storage. That compares with 7.3 gigawatts of conventional assets. We’re starting ...

Bloomberg Hon Hai Precision Industry Co.’s disappointing earnings will fan fears that Apple Inc.’s legion of global hardware suppliers are in for hard times. The main assembler of iPhones reported net income of NT$24.9 billion ($806 million) in the September quarter, about 12 percent below the average analysts’ estimate. Hon Hai joins a string of Apple suppliers that have warned ...

Bloomberg Samsung Group’s biotechnology unit is facing a potential criminal investigation and delisting after South Korea’s financial regulator said that the company “intentionally” violated accounting rules surrounding an initial public offering. A securities panel of South Korea’s Financial Services Commission said Samsung Biologics Co. deliberately overstated the value of affiliate Samsung Bioepis ahead of its IPO in 2016, which raised ...

Bloomberg Tata Steel Ltd.’s quarterly profit rose to the highest in nine years as India’s oldest steelmaker reaped gains from higher prices and its focus on the domestic market, where a government push to improve infrastructure has raised demand. Group net income surged nearly four-fold to $495 million in the three months ended on September 30, from 9.76 billion rupees ...

Bloomberg Tencent Holdings Ltd. posted earnings that surpassed all analyst estimates as one-time gains and advertising demand limited the impact of a government clampdown on its lucrative games business. Net income surged 30 percent to 23.3 billion yuan ($3.4 billion) for the September quarter, compared with the 18.4 billion yuan average of estimates. With revenue growing at the slowest pace ...

Bloomberg Babytree Group, a Chinese parenting website backed by Alibaba Group Holding Ltd. and Fosun International Ltd., is seeking as much as $282 million in a Hong Kong initial public offering. The Beijing-based company is offering 250.3 million shares at HK$6.80 to HK$8.80 apiece, according to terms for the deal obtained by Bloomberg. The deal, which is expected to price ...

Bloomberg SoftBank Group Corp. is continuing to push money into one of its biggest investments: WeWork Cos. The New York-based co-working company signed a $3 billion warrant with SoftBank, WeWork said in a discussion of its third-quarter earnings. SoftBank agreed to pay $3 billion to WeWork for the opportunity to buy shares before September 2019 at a price of $110 ...