September, 2020

• 20 September

  Saudi companies begin talks to form $11bn chemicals maker

  

  Bloomberg Saudi Industrial Investment Group and National Petrochemical Co. started talks to merge, potentially creating a firm with $11 billion in assets as Middle Eastern energy companies assess their options in a lower oil-price environment. The talks are at an initial stage, and no agreement has been reached, the companies said on Sunday. Saudi Industrial owns 50 percent of National …

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• 20 September

  TikTok owner seeking $60b valuation in US deal

  

  Bloomberg China’s ByteDance Ltd. is seeking a valuation of $60 billion for TikTok as Oracle Corp. and Walmart Inc. take stakes in the short-video app’s business to address US security concerns, according to a person familiar with the matter. Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that …

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• 20 September

  Pemex expects drop in oil exports over next three years

  

  Bloomberg Petroleos Mexicanos expects a drastic drop in oil exports over the next three years as the company faces the twin challenges of declining output and supplying crude to a controversial new $8 billion refinery championed by the country’s President Andres Manuel Lopez Obrador. Pemex, as the state oil company is also called, is forecasting a reduction of almost 70% …

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• 20 September

  IPO frenzy nets billions for venture capital backers

  

  Bloomberg Billions of dollars could be on the way to Sand Hill Road this week, home base for Silicon Valley’s venture capital elite, after a string of initial public offerings. Venture firms netted handsome returns on paper for their early investments. While the firms mostly won’t be able to sell their shares until lockup periods expire, proceeds from exits could …

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• 20 September

  Europe’s stuck-in-a-rut stock market may stay there throughout year

  

  Bloomberg The consensus among equity strategists is that the European market is going nowhere for the rest of the year after their brisk rebound in the first half of 2020, although predictions range from Deutsche Bank AG calling for an 18% gain to Commerzbank AG’s forecast of an 11% slide. The Stoxx Europe 600 Index will end 2020 at a …

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• 19 September

  Oil posts best week since June as Saudis defend market recovery

  

  Bloomberg Saudi Arabia’s warning to Opec+ cheaters and short-sellers alike helped oil prices stage their biggest weekly rally since June, despite a grim start to the week as industry heavyweights painted a troubling demand picture for the petroleum complex. Futures in New York rise 10% this week following a show of determination by Saudi Arabia, the most influential nation in …

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• 19 September

  China’s TikTok sues Donald Trump administration to block US ban

  

  Bloomberg TikTok asked a federal judge in Washington to block the Trump administration from enacting a ban on the fast-growing social-media network. TikTok and its parent company, ByteDance Ltd., filed a complaint challenging the Trump administration’s recent moves to prevent the app from operating in the US. The lawsuit marks the second time TikTok has challenged President Donald Trump’s actions …

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• 19 September

  Hitachi set to exit UK nuclear power project, say reports

  

  Bloomberg Hitachi Ltd is poised to withdraw from a proposed UK nuclear power plant, according to Japan’s Mainichi newspaper, the latest blow to the troubled project and the nation’s effort to replace its aging atomic fleet. Hitachi’s board was expected to decide to exit the Wylfa nuclear power project in Wales, Mainichi reported, citing an unidentified person. Work was suspended …

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• 19 September

  Nigeria banks on gas-powered vehicles

  

  Bloomberg Nigeria is counting on gas-powered vehicles to help it reduce reliance on gasoline and improve its climate credentials while easing the pangs of ending decades of an expensive fuel-subsidy regime. Energy prices have shot up sharply after the government ended subsidies and the country’s labour unions are threatening a general strike on September 28. After a 60% loss of …

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• 19 September

  Proposed Boeing’s 737 Max fixes win NTSB endorsement

  

  Bloomberg US accident investigators who last year urged broad reforms of aircraft certification after two deadly crashes of Boeing Co’s 737 Max have endorsed fixes for the jet proposed last month by the Federal Aviation Administration. A letter from National Transportation Safety Board (NTSB) Chairman Robert Sumwalt said safety reviews by the regulators and proposed changes to pilot procedures had …

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