May, 2020

• 27 May

  Oil drops from 11-week high with Russia set on easing cuts

  

  Bloomberg Oil declined from the highest settlement in 11 weeks on signs Russia is supporting plans to start easing supply cuts from July, while tensions between the US and China escalated amid the specter of sanctions. Futures fell 1% in New York. Moscow wants to scale back curbs in line with the Opec+ deal, according to people familiar with the …

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• 27 May

  Hydrogen primed for key role in world’s greenest stimulus plan

  

  Bloomberg Europe is betting on emissions-free electricity for big industry in its economic recovery package, drafting measures to scale up the production of hydrogen. The world’s most climate-ambitious stimulus package, which was to be unveiled on Wednesday, is poised to earmark tens of billions of euros for hydrogen technology as well as infrastructure for clean energy. European Commission President Ursula …

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• 27 May

  ‘Floating wind’ gets $22m boost from Tokyo Gas

  

  Bloomberg Japanese natural gas company Tokyo Gas Co Ltd has made a bet that the future of renewable power will be floating at sea. The more than $22 million investment in developer of floating platforms for wind turbines Principle Power Inc is a sign that fossil fuel companies are continuing to invest to prepare their businesses for a low-carbon future. …

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• 27 May

  Suzlon seeks looser terms on debt deal

  

  Bloomberg Just months after coming to terms with its lenders on a debt recast, India’s largest wind turbine maker Suzlon Energy Ltd is seeking to loosen some conditions. The Pune-based company is asking its lenders to accept new convertible debt in place of interest payments due this quarter on its restructured loans, people familiar with the matter said, asking not …

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• 27 May

  Stocks in Europe climb with US futures; oil slips, dollar gains

  

  Bloomberg Stocks advanced in Europe along with US equity futures as investors looked past simmering tensions between Washington and Beijing and focused on progress in relaxing lockdowns. Oil slipped, while Treasuries and the dollar edged higher. The Stoxx Europe 600 Index headed for a third daily increase as the region’s push to revive battered economies looked to be on track, …

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• 27 May

  SGX plunges most in 17 years as MSCI signs pact with HK

  

  Bloomberg Shares in Singapore Exchange Ltd. (SGX) plunged after MSCI Inc. announced it will move licensing for derivatives products on a host of gauges to Hong Kong from Singapore. SGX’s stock fell 11.8% as of 3:22 pm local time, set for the biggest drop since 2003, amid concerns over the loss of revenue stream following the move. MSCI has struck …

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• 26 May

  Oil surges as Russia predicts market may balance in weeks

  

  Bloomberg Oil rose near $34 a barrel following Russia’s prediction that the market may balance as early as next month as global producers take historic amounts of crude out of the market. Russia, a key member of the Opec+ alliance that has pledged record output cuts, expects the market to balance in June or July. Energy Minister Alexander Novak said …

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• 26 May

  Nuclear fusion startup gets $84m to enter next phase

  

  Bloomberg US clean-energy startup, Commonwealth Fusion Systems (CFS), raised an additional $84 million from major investors in Europe and Asia, underscoring that the appetite remains to back new technologies which could mitigate climate change. As the world looks to ramp up the use of intermittent renewable energy, it needs to add forms of flexible clean power that can be turned …

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• 26 May

  Philippine oil refiners shut on weak demand

  

  Bloomberg The Philippines has been left temporarily without any operating oil refineries as one of the world’s longest lockdowns eviscerates demand. Petron Corp, the nation’s largest oil company, said on Tuesday its 180,000 barrel-a-day refinery has been shut since May 5 for maintenance while fuel demand is low. Royal Dutch Shell Plc said the nation’s only other refinery remains temporarily …

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• 26 May

  PG&E fire victims vote to approve its bankruptcy

  

  Bloomberg Victims of wildfires blamed on PG&E Corp voted to approve a reorganisation plan crafted by the California power giant, clearing one of the last hurdles in the company’s effort to exit the largest utility bankruptcy in US history. More than 85% of fire victims who cast ballots voted in favour of PG&E’s plan that includes a $13.5 billion settlement …

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