January, 2020

• 4 January

  Inflation target at risk if oil hits $90: Philippines

  

  Bloomberg Bangko Sentral ng Pilipinas estimates oil prices will have to surge and persist at $90 a barrel for it to impact the central bank’s inflation forecast, Governor Benjamin Diokno said. It’s “too early to say,” Diokno said in a text message when asked if the latest geopolitical development between the US and Iran could threaten inflation targets and impact …

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• 4 January

  VAT-registered businesses rise to 312,000 in two years, says FTA

  

  Abu Dhabi / Emirates Business Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), announced that 2020 will see further evolution in the development of the FTA’s electronic systems, as part of its efforts to provide clear and simple procedures for managing, collecting and implementing federal taxes, ensuring higher rates of customer satisfaction. Al Bustani said that …

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• 4 January

  Duke Energy to save $1.5b in North Carolina coal-ash deal

  

  Bloomberg Duke Energy Corp reached a settlement with North Carolina regulators and environmentalists to close its remaining coal ash ponds in the state, ending a long-running fight over cleaning up waste from power plants. The settlement, which saves the company about $1.5 billion, requires Duke to remove nearly 80 million tons of coal ash. Seven basins will be fully excavated, …

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• 4 January

  Suzlon to offer India banks 68% haircut on debt recast deal

  

  Bloomberg Suzlon Energy Ltd will offer to restructure debt at a steeper discount than Indian banks have been willing to consider so far, said people familiar with the matter, pushing the wind turbine maker closer towards bankruptcy. The Pune-based company proposes to swap its 113 billion rupees ($1.6 billion) of outstanding debt into 36 billion rupees of new debt, translating …

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• 4 January

  Floating wind farm generates power off Portugal’s coast

  

  Bloomberg A wind turbine floating off the coast in northern Portugal began transmitting electricity to the grid, a crucial step for a technology that could vastly increase the potential for offshore wind power. The WindFloat Atlantic project is backed by European energy companies EDP Renovaveis SA, Engie SA and Repsol SA and uses the floating platform developed by Principle Power …

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• 4 January

  Ex-US energy head joins Energy Transfer board

  

  Bloomberg Former US Energy Secretary Rick Perry is joining the board of the general partner that controls Dallas-based pipeline giant Energy Transfer LP. The move puts Perry, who departed the Energy Department in December, back at the table of one of the biggest pipeline operators in the US Billionaire Kelcy Warren’s Energy Transfer has made headlines for pursuing large projects …

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• 4 January

  Pier 1 to close more stores, cut debt in expanded turnaround

  

  Bloomberg Pier 1 Imports Inc is planning a significant increase in store closings as the distressed home-furnishings chain seeks to cut costs and turn around operations. The company expects to announce the new round of shutdowns when it reports results for its third fiscal quarter next week, according to people with knowledge of the plan. The company aims to restructure …

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• 4 January

  Next profit forecast defies UK’s gloomy retail outlook

  

  Bloomberg Fashion retailer Next Plc posted better-than-expected holiday sales and forecast an increase in fiscal 2021 profit in a welcome boost for the beleaguered UK retail market. Pretax profit will rise 1% to 734 million pounds ($963 million) in the year through January 2021, Next forecast in a statement. An extra week of sales next year may generate additional earnings, …

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• 4 January

  Louis Vuitton to shut Hong Kong store amid protests

  

  Bloomberg LVMH, the world’s largest luxury conglomerate, plans to close a store in Hong Kong’s shopping district as overall retail sales dip amid anti-government protests, according to a media report. The decision comes after Wharf Real Estate Investment Co, the owner of the Times Square mall in Causeway Bay, refused the French retailer’s request to lower rents, the South China …

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• 4 January

  UK restaurant group aims to expand in US after New York opening

  

  Bloomberg New York can be harsh on foreign restaurateurs coming to town. When D&D London opened Bluebird London in Columbus Circle in September 2018, Eater described it as “New York’s worst new restaurant of 2018.” In the New York Times, Pete Wells said: “Because you are in an English restaurant, you will be curious about the English food. Because you …

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