March, 2019

• 3 March

  Uber in advanced talks to buy Careem

  

  Bloomberg Uber Technologies Inc. is in advanced discussions to buy Dubai-based Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter. The companies may announce a cash-and-sh-ares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified …

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• 3 March

  Smart cities to drive GCC’s smart grid market to $33bn by 2042

  

  DUBAI / Emirates Business Schneider Electric, the leader in digital transformation of energy management and automation, announced ahead of Middle East Electricity that smart cities are driving the GCC’s smart grid market to $33 billion by 2042. GCC nationwide digital transformation and smart cities are weaving energy efficiency throughout every project — across renewable energy generation, more efficient power distribution …

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• 3 March

  Kuwait plans $10 billion China investment fund

  

  Bloomberg Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter. The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also …

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• 3 March

  South Africa’s oil hub woos global traders with million-barrel tanks

  

  Bloomberg What started as a strategic oil storage for South Africa during apartheid is now gearing up to attract the biggest traders as it turns into a global center for crude. A venture building a dozen new interconnected tanks on Africa’s southern tip will add to neighbouring government-owned capacity, making it one of the world’s biggest hubs. They are on …

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• 3 March

  Sanction-stained oil sits off Venezuela

  Bloomberg Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars are floating off the country’s coast as the nation struggles to find …

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• 3 March

  Enbridge pipeline delayed in hit to Canada oil sector

  

  Bloomberg In a major blow to the Canadian oil industry, Enbridge Inc. now expects the replacement and expansion of its Line 3 crude oil pipeline to be in service about a year later than expected. The project, previously slated to start shipping crude in the fourth quarter of this year, is now expected to enter service in the second half …

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• 3 March

  Goldman, JPMorgan still see upside in China assets

  

  Bloomberg Chinese stocks have had a great start to 2019, and it may not stop there. The benchmark CSI 300 Index has risen 25 percent this year, outperforming all other major stock gauges. The offshore yuan has risen more than 2 percent versus the US dollar. And while Goldman Sachs Group Inc. and JPMorgan Chase & Co. say some sectors …

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• 3 March

  Domestic revenge ignites in UK stocks as Brexit D-Day averted

  

  Bloomberg A can kicked down the road is better than one that explodes in your face. And so, in stock markets at least, people are feeling more relaxed about Brexit than for some time. With UK Prime Minister Theresa May agreeing to possibly postpone the March 29 scheduled departure date if her deal fails and, at the same time, the …

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• 3 March

  Trump says dollar too strong, swipes at Fed for rate hikes

  

  Bloomberg President Donald Trump said that the US dollar is too strong, and took a swipe at Federal Reserve Chairman Jerome Powell as someone who “likes raising interest rates.” The US economy is doing well in spite of the actions of the central bank, Trump said during a wide-ranging speech at the Conservative Political Action Conference in National Harbor, Maryland. …

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• 3 March

  RBC follows US banks in trading declines

  

  Bloomberg The debt-trading malaise that hurt US lenders last quarter has extended north of the border, though Royal Bank of Canada’s equities traders helped soften the blow. The lender saw a 12 percent drop in trading revenue from fixed income, currencies and commodities in the three months through January, advancing the trend that affected US banks including JPMorgan Chase & …

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