October, 2018

• 3 October

  Smartphones to drive sales at Gitex: Retailer

  Dubai / Emirates Business­­­­­ Following the launch of new smartphones from leading brands, Jumbo Electronics, the leading omnichannel retailer in the region, is forecasting that smartphones will drive sales at this year’s edition of Gitex Shopper, scheduled to be held till October 6 at Dubai World Trade Centre (DWTC). During the five-day event, the new iPhone XS/XS Max, Samsung Note …

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• 3 October

  JC Penney names retail veteran Jill Soltau as CEO

  

  Bloomberg JC Penney Co named Jill Soltau as its first female chief executive officer, bringing her 30 years of retail experience to the embattled department-store chain. Soltau, who has served as CEO of Joann Stores since 2015, will step into the role on October 15, JC Penney said in a statement. Shares of the retailer surged as much as 12 …

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• 2 October

  Oil nears 4-year high as supply fears mount

  

  Bloomberg Oil traded near the highest level in almost four years as investors grapple with doubts over OPEC’s ability to replace falling exports from Iran. Futures rose 0.2 percent in New York after closing at the highest since November 2014. Iranian crude and condensate exports declined to their lowest in 2 1/2 years before the impending return of US sanctions. …

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• 2 October

  Russia oil output rises to record

  

  Bloomberg Russia’s oil production rose to a post-Soviet high last month as the country completely rolled back the output cuts it had agreed on with Opec, then pumped some more. The country produced a record 11.356 million barrels of oil and condensate a day in September, according to data released on Tuesday by the Energy Ministry’s CDU-TEK statistical unit. That’s …

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• 2 October

  Iraq crude exports rise in September

  

  Bloomberg Iraq exported more than 4 million barrels a day for a second consecutive month in September as buyers sought alternative supplies to Iran ahead of US sanctions. Shipments from Opec’s No. 2 producer were 4.062 million barrels a day, the highest since November 2016 and compared with 4.061 million a day in August, according to Bloomberg calculations from tanker …

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• 2 October

  Mini-refineries race billionaire to fix Nigerian fuel crisis

  

  Bloomberg In the race to solve a fuel-import crisis in Nigeria, Africa’s richest person faces competition from a swarm of tiny challengers. Billionaire Aliko Dangote is building a 650,000 barrel-a-day refinery in Nigeria that will help cut the nation’s $7 billion annual fuel-import bill. Such is the pressure on its finances, the government is pursuing another option, giving licenses to …

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• 2 October

  Eskom expects new coal deals to recover supply

  Bloomberg South Africa’s Eskom Holdings SOC Ltd. is still running low on fuel at more than half of its power stations and expects to finish supply contracts in October that will replenish the stockpiles. There are 10 of Eskom’s 15 baseload stations throughout the country that have less than three weeks of coal, Khulu Phasiwe, a spokesman for the utility, …

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• 2 October

  YPF shuts gas wells as Argentine economy flops

  

  Bloomberg YPF SA, Argentina’s state-run energy producer, is closing the tap on some of its natural gas wells as the nation’s second recession in three years curbs demand, according to people with direct knowledge of the matter. The company had been investing heavily in shale gas as the government subsidized production to reverse a costly energy trade deficit. But the …

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• 2 October

  US stock futures track global retreat; euro dips

  

  Bloomberg A downbeat mood settled over markets on Tuesday, as fears surrounding the populist Italian government’s fiscal plans topped a list of reasons for caution. US equity futures tracked losses across Europe and Asia, the euro dropped a fifth day, and Treasuries and bunds advanced. Contracts for the S&P 500, Nasdaq and Dow Jones indexes all followed the Stoxx Europe …

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• 2 October

  Emerging-markets: Scene may be set for more gains

  

  Bloomberg After a rally from mid-August gave way to another sell-off through early September, emerging-market investors would be forgiven for being wary of new signs that calm is returning. But with the dollar struggling to make headway and equity valuations in the developing economies near the lowest this year, the scene may be set for more gains. So say commentators …

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