November, 2018

• 25 November

  Bank of Italy warns of low growth, public debt risks

  

  Bloomberg Italy’s central bank warned that low growth and high public debt pose the greatest risks to financial stability, while further sovereign bond market tensions would hurt banks’ capital and the solvency position of insurers. In its Financial Stability Report, the Bank of Italy outlines risks arising from uncertainty about the economic and fiscal policy in the country, which led …

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• 25 November

  Nigeria’s base rate loses bite as stealth tightening takes hold

  

  Bloomberg Nigeria’s base interest rate is becoming more and more irrelevant. That’s the view of some analysts after the Monetary Policy Committee in Africa’s biggest oil producer held its key rate for the 14th straight meeting, despite inflation being above its target range of 6 percent to 9 percent for more than three years. Central bank Governor Godwin Emefiele is …

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• 25 November

  Venezuela fuel shortages worsen as tanker staff flee

  

  Bloomberg Venezuela’s fuel shortages are worsening as mass resignations at the state oil company’s tanker fleet have delayed gasoline shipments. Petroleos de Venezuela SA’s refineries are running at less than a quarter of their capacity, forcing the country to rely on imported gasoline. Once the cargoes are unloaded at import docks, smaller ships distribute fuel to terminals along the coast, …

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• 25 November

  ‘Amid Brexit, UK could breach emergency fuel commitments’

  

  Bloomberg The UK might fail to honour commitments relating to emergency fuel stockpiles as its exit from the European Union approaches, a trade group representing the nation’s oil refiners said. Europe manages its fuel inventories as a bloc, so part of the UK’s emergency stocks can be held in other member states. In some cases, the fuels are held by …

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• 25 November

  Buffett solar farm downgraded over PG&E crisis

  Bloomberg PG&E Corp’s financial pain is spreading to some of the power plants that sell it electricity. Fitch Ratings Ltd downgraded the debt of two solar farms in California, citing concern about PG&E’s finances. The utility, which was downgraded last week, is the sole electricity customer for Berkshire Hathaway Energy’s 550-megawatt Topaz Solar Farms and NextEra Energy Inc’s 250-megawatt Genesis …

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• 25 November

  Equatorial Guinea bans oil-services firm Subsea 7

  

  Bloomberg Equatorial Guinea has banned oil-services company Subsea 7 SA from operating in the central African nation over local content rules, according to a person familiar with the situation. TechnipFMC Plc and Schlumberger Ltd have resolved all issues to do with local content, said the person, requesting anonymity because the information is not public. The Opec member considered the exclusion …

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• 25 November

  Grim stock signals pile up as Wall Street mulls ‘recession’

  

  Bloomberg Nine turbulent weeks and a correction in US stocks have left analysts with a thorny question. What’s the market saying about the economy? And while few see incontrovertible signs investors are bracing for a recession, it’s a word that’s been coming up more as they seek a signal in the chaos. From the ascent of defensive industries to the …

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• 25 November

  UBP goes treasure hunting in Asia as stock markets crash

  

  Bloomberg The tech sell-off isn’t something UBP Asset Management Asia Ltd.’s Michiel van Voorst is too worried about. What he’s interested in: treasure hunting in the market wreck. The chief investment officer for the region’s equities sees opportunities to invest in companies trading at 6 to 7 times price-to-earnings ratios and around 5 percent dividend yields. That gives investors plenty …

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• 25 November

  US existing-home sales rise for first time in 7 months

  

  Bloomberg Sales of previously owned US homes rose in October for the first time in seven months, suggesting demand is stabilising at a lower level as available properties become less scarce. Contract closings increased from the prior month to an annual rate of 5.22 million, the National Association of Realtors said. That compared with economists’ projections for sales of 5.2 …

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• 25 November

  China mulls tax cut for parts to aid home-built aircraft

  

  Bloomberg China is discussing a plan to cut tariffs on plane parts imported for domestically developed commercial aircraft, a person familiar with the matter said, a move that may also benefit suppliers such as General Electric Co. and Honeywell International Inc. The Finance Ministry proposal, being reviewed by the State Council, could win approvals in a few weeks, the person …

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