September, 2018

• 29 September

  Southeast Asia could hit $5 trillion growth mark

  

  Bloomberg Southeast Asia’s been home to almost half of the biggest growth drivers in the past half-century. To keep investors interested, it’ll have to make the right moves across technology, education and infrastructure, according to Diaan-Yi Lin, a senior partner at McKinsey & Co. Among 71 developing economies of the past half-century, 18 are responsible for the lion’s share of ...

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• 29 September

  Pakistan raises interest rate to highest in 3 years

  

  Bloomberg Pakistan raised its key rate to the highest in three years, making it Asia’s most aggressive interest-rate hiker this year as the country’s finances continue to dwindle. The target policy rate was raised for the third straight meeting to 8.5 percent from 7.5 percent, the State Bank of Pakistan said in a statement on Saturday. The move was predicted ...

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• 29 September

  Enbridge eyes long-term deals on biggest oil pipeline

  

  Bloomberg Enbridge Inc. plans to overhaul its system of awarding space on the biggest pipeline carrying Canadian oil to US refiners. Canada’s largest pipeline operator wants to contract 90 percent of the capacity on its 2.85 million-barrel-a-day mainline system by signing long-term deals with potential shippers in an open season early next year, according to people familiar with the matter. ...

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• 29 September

  Nigerian oil union sees Chevron job dispute ending soon

  

  Bloomberg Talks between a Nigerian oil labour union and Chevron Corp. over the US energy giant’s plan to fire thousands of workers ended on September 28 with the prospect of a resolution in sight, the union said. Discussions between the union, Chevron and the Nigeria’s Ministry of Labour and Employment “ended in a cordial way as of yesterday,” Fortune Obi, ...

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• 29 September

  Petrobras agrees to pay $853mn to end ‘carwash’ probes

  

  Bloomberg Brazil’s state-run energy explorer Petrobras will pay $853.2 million to settle claims by authorities in its home country and the US stemming from allegations that its executives facilitated bribes to politicians and then concealed those payments from investors in one of South America’s biggest corruption scandals. The bulk of the penalties — more than $682 million — will go ...

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• 29 September

  Cadillac’s comeback features a small SUV at $35,000

  

  Bloomberg Here we go again. For at least the eighth time in two decades, General Motors Co. has a new brand chief vowing to reboot Cadillac, the once-storied luxury name that has been losing market share and prestige for years. GM promises a $12 billion parade of new models, with the perhaps most significant being a smaller, cheaper sport utility ...

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• 29 September

  Volkswagen to connect cars through Microsoft cloud

  

  Bloomberg Microsoft Corp. and Volkswagen AG are set to strike a deal to use the US software giant’s cloud technology to connect the auto manufacturer’s entire vehicle fleet as the world’s biggest carmaker steps up its transformation into digital and mobility services. VW will channel all of its digital offerings through Microsoft’s Azure software, creating the world’s largest automotive cloud ...

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• 29 September

  Tesla employees to be ‘self-driving’ beta testers

  

  Bloomberg Elon Musk has asked for Tesla Inc. employees to test what the company has billed as full self-driving capability and is dangling $13,000 in savings to entice them to help. Musk wrote in an email obtained by Bloomberg News that Tesla needed about 100 more employees to join an internal testing program linked to rolling out the full self-driving ...

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• 29 September

  Autonomous vehicles: Being first to deliver isn’t fetching premium

  

  Bloomberg In the race to build safe and affordable driverless vehicles, being first to deliver isn’t fetching a premium from investors. French startup Navya SAS would know: the first standalone self-driving company to be publicly traded has sold 15 of its autonomous vehicles that need no steering wheel, mirrors or pedals, and plans to start deliveries next year. It thinks ...

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• 29 September

  Skye’s crash casts doubt over health of small Nigerian banks

  

  Bloomberg The collapse of Skye Bank Plc is darkening the outlook for Nigeria’s other small lenders struggling to recover from the economy’s contraction two years ago, and threatening to derail the regulator’s ambitions of expanding the industry. The Central Bank of Nigeria revoked the lender’s license for failing to meet capital and liquidity thresholds since the authorities first intervened to ...

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