July, 2020

• 18 July

  Oil dips as weak economic data reinforcing sour demand view

  

  Bloomberg Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing. Futures posted a 0.4% decline in New York. Although strength in US equities pushed oil up from the lows of the session, futures were unable to rally amid a flurry of disappointing data points. In the US, consumer …

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• 18 July

  EU leaders near accord for $860b stimulus plan

  

  Bloomberg European Union (EU) leaders meeting in Brussels for a second day are closing in on a deal for a 750 billion-euro ($860 billion) stimulus package after the Dutch government indicated support for the direction of the negotiations. A new proposal unveiled on Saturday, which would keep the overall size of the fund the same but reduce the amount distributed …

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• 18 July

  World Bank urges G-20 to extend debt suspension

  

  Bloomberg World Bank President David Malpass called on Group of 20 leading economies to extend the current suspension of debt repayments by the poorest countries through the end of 2021 and broaden the scope to deal with the global pandemic. The virus and worldwide recession will lead to rising poverty in impoverished nations and debt burdens for some countries are …

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• 18 July

  UAE, China set to step up trade in transition to digital economy

  

  Dubai / WAM Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy. High-level panelists at the first China-UAE Economic and Trade Digital Expo, hosted by the UAE’s Ministry of Economy and China Council for …

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• 18 July

  One-third of US solar projects relied on rule that’s changing

  

  Bloomberg A landmark 40-year-old law that’s been key to the growth of renewable energy in the US is being effectively overhauled, threatening to curb demand for solar projects. Federal regulators imposed new limits on which energy projects fall under the Public Utility Regulatory Policies Act, known as Purpa, which helped spur an entire generation of solar and wind farms across …

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• 18 July

  ‘UK can end gasoline car sale ban to 2030’

  

  Bloomberg Royal Dutch Shell Plc expects the UK can end the sale of gasoline and diesel vehicles in just a decade, as the nation attempts to eliminate emissions by the middle of the century. The ban can be brought forward to 2030 with “the right policy and incentives,” Sinead Lynch, the head of oil giant Shell’s operations in Britain said …

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• 18 July

  Sacramento utility sets more ambitious climate goal than state

  

  Bloomberg The Sacramento Municipal Utility District has set a more ambitious climate goal than California, aiming to be carbon neutral 15 years before the rest of the state. The utility’s board unanimously adopted a resolution to “work towards carbon neutrality by 2030” — a decade sooner than its previous target of 2040. Under state law, all of California’s power must …

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• 18 July

  Three Gorges leads bidding for X-Elio Spanish assets

  

  Bloomberg China Three Gorges Corp is emerging as the leading bidder for Spanish solar park assets owned by X-Elio Energy SL, in what could become one of the few Chinese acquisitions in Europe this year, people familiar with the matter said. The state-owned firm is in advanced talks to acquire 13 photovoltaic power stations from X-Elio after edging out other …

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• 18 July

  Dangote $2b fertiliser plant set for 2020 start

  Bloomberg Dangote Group’s fertiliser plant, now under construction in Nigeria’s biggest city of Lagos, will be ready to start production late this year, according to Saipem SpA, the builders. Owned by Aliko Dangote, Africa’s richest man, the facility located in the Lekki district of Nigeria’s commercial hub, has a name-plate capacity of 3 million tons a year of urea and …

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• 18 July

  Fed may adopt yield-curve caps, ex-chairs Bernanke, Yellen say

  

  Bloomberg Former Fed Chairs Ben Bernanke and Janet Yellen warned that the US economic recovery from the coronavirus shock could be slow and uneven and said the central bank may opt to cap yields on Treasury securities to help it along. “It is possible, though not certain,” that the Fed will implement yield-curve control, they wrote on the Brookings Institution …

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