July, 2018

• 15 July

  Mubadala in talks with potential bidders for Spanish oil firm Cepsa

  

  Bloomberg Vitol Group, the world’s largest independent oil trader, is among firms considering bids for Spanish oil company Cepsa Trading SA as its owner weighs alternatives to an initial public offering planned for later this year, according to people familiar with the matter. Cepsa, owned by Abu Dhabi wealth fund Mubadala Investment Co, could be valued at around 10 billion …

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• 15 July

  World’s fastest growing oil user bucks price cuts trend

  

  Bloomberg India, the world’s fastest growing oil consumer, is bucking an emerging market trend of populist measures to curb surging oil prices. While governments in Indonesia, Brazil and elsewhere are cutting or freezing prices, India is standing its ground on gasoline and diesel costs even after they rose as much as 16 percent this year. India has, so far, resisted …

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• 15 July

  OPEC output may be stretched to limit by supply crises: IEA

  

  Bloomberg OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said. “Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare-capacity cushion, which might be stretched to the limit,” …

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• 15 July

  Exxon quits Koch-backed business group

  

  Bloomberg Exxon Mobil Corp quit the American Legislative Exchange Council, a lobbying group bankrolled by fossil fuel companies, following a disagreement over climate-change policy. The oil giant won’t be renewing its membership after it expired in June, spokesman Scott Silvestri said by phone. Exxon had a public spat with ALEC in December when some members backed by climate skeptics such …

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• 15 July

  Ontario to kill over 750 clean-power project contracts

  

  Bloomberg Ontario Premier Doug Ford vowed to cancel and wind down more than 750 contracts for renewable power projects, making good on a campaign pledge to revamp the province’s energy policies. Terminating the early-stage projects, which the government didn’t identify, would save electricity customers in the Canadian province C$790 million ($600 million), Ford’s energy minister, Greg Rickford, said in a …

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• 15 July

  Solar tariffs at record low in India’s largest auction

  Bloomberg Solar tariffs in India remained at record lows in the country’s largest federal auction of 3 gigawatts of projects, according to state-run Solar Energy Corp. of India. Acme Solar Holdings Ltd. won 600 megawatts of projects at the lowest tariff of 2.44 rupees a kilowatt-hour, the record low hit last May and then again in an auction earlier this …

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• 15 July

  Oil explorers in US heartland need $69 crude to boost drilling

  Bloomberg Oil companies operating in the central US want oil to average $69 a barrel before they’ll substantially expand drilling, according to the Federal Reserve Bank of Kansas City. That’s up from $56 a year earlier, according to a survey of firms released by the Kansas City Fed, which serves all or parts of seven states from Nebraska to New …

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• 15 July

  Anxiety lurks everywhere across US stock market

  

  Bloomberg The Nasdaq 100 is at a record, stocks have just strung together two straight weeks of gains and one of the best earnings seasons in a decade is at hand. Bears vanquished? Not entirely. While benchmark measures of volatility are as calm as they’ve been in five months, among individual stocks anxiety is running high. It’s showing up in …

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• 15 July

  Trade war fallout blurs lines between Japan, China stocks

  

  Bloomberg The Japanese stock market got an extra lift around 10:30 am on July 12 in Tokyo. China had started trading, and it had opened higher. But that was a rare lucky day for investors who got used to losses this year, with the Topix index becoming one of the worst performers among developed-market gauges. As the US-China trade conflict …

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• 15 July

  Trump’s ‘tax-cut’ fading into trade-war gloom at top banks

  

  Bloomberg It was supposed to be the best of times for the biggest US banks: Rising interest rates and corporate tax cuts would boost profitability and spur lending, while deregulation lowered costs. The optimism didn’t last. Loan books probably expanded only slightly last quarter while revenue failed to match the acceleration posted in the first three months of the year, …

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