Bloomberg Red tape, rising costs and declining crude prices are throttling exploration in Indonesia, the former OPEC member that now produces less oil than it uses. Only 20 percent of the 287 onshore rigs operated by contractors for local and foreign explorers are at work, compared with 60 percent in 2012, accor- ding to Wargono Soenarko, chairman of the Indonesian ...

Bloomberg Utility owner Southern Co. has agreed to take the lead on building two nuclear reactors at its Vogtle power plant in Georgia from bankrupt contractor Westinghouse Electric Co. as soon as next month. The Atlanta-based utility owner said in a statement that an interim contract with Westinghouse will be extended to June 3 while the companies finalize and gain ...

Bloomberg India’s oil demand bounced back in April after falling for three consecutive months, recovering from the impact of the country’s move to withdraw high-value notes. Fuel consumption rose 3.3 percent to 16.79 million tons in April, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. Diesel use, which accounts for about 40 percent of the total fuel demand ...

Bloomberg Companies led by SoftBank Group Corp. of Japan and Taiwan’s Foxconn Technology Co. Ltd. are bringing India some of the cheapest solar power in the world, helping Prime Minister Narendra Modi reach his ambitious clean-energy goals. In two auctions this week for renewable-energy power-purchase contracts, bids from companies to supply clean electricity slid to as little as 3.8 cents ...

Bloomberg Noble Group Ltd.’s shares plunged the most on record to the lowest level in more than 14 years after it warned of a first-quarter loss and as S&P Global Ratings said the commodity trader’s debt-load is unsustainable given its current earnings path. Shares of the Hong Kong-based company, which counts China Investment Corp. as one of its largest shareholders, ...

Bloomberg China’s metals bulls are taking a pause rather than sounding the retreat. A gauge of six metals on the London Metal Exchange slumped to its lowest in four months amid a collapse in copper and aluminum prices. As industry participants gathered in Hong Kong for the LME’s annual Asia event this week, the hope for some is that a ...

Bloomberg Indian exports are defying a firm rupee, riding a rise in global growth with a surge in shipments of the kind of high-tech goods every nation covets. Exports rose to a six year high in March and, for now, that upward trend is tipped to continue as the world economy chugs along and foreign direct investment boosts productivity and ...

Bloomberg Better late than never. The Philippine peso and Malaysian ringgit have clambered aboard the Asian currency rally, advancing against the dollar and spurring flows into equity markets. Global funds have poured $581 million into Malaysian stocks and $198 million into the Philippines since the end of March as the countries’ currencies strengthened 2 percent and 0.5 percent, respectively. That’s ...

Bloomberg UK Prime Minister Theresa May pledged a new right-to-buy program for social housing in an effort to boost home-building by local authorities and help alleviate a growing shortage of low-cost housing. Councils and housing associations will be offered government funding to build homes along with permitting help from the Homes and Communities Agency, the Conservatives said in a statement. ...

Bloomberg The world’s biggest container shipping company and Denmark’s largest issuer of corporate bonds may rely less on debt markets in the near future. A.P. Moller-Maersk A/S has ample liquidity and plans to cut capital expenditure, both of which reduce the need for new bond sales, according to Chief Financial Officer Jakob Stausholm. He also pointed to the century-old conglomerate’s ...