May, 2018

• 19 May

  Angry Birds maker cuts marketing spend to lift profitability

  

  Bloomberg Rovio Entertainment Oyj said its profitability improved in the first quarter after the Angry Birds game maker spent less on winning over users for its games and saw cost efficiencies in brand licensing. Adjusted earnings before interest, tax, depreciation and amortisation grew 43 percent to 14.6 million euros ($17.3 million). The earnings margin rose to 22.2 percent of sales, …

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• 16 May

  NPCC profit up 57%

  

  ABU DHABI / WAM Hussein Al Nowais, Chairman of National Petroleum Construction Company (NPCC), a subsidiary of the Senaat Abu Dhabi, announced the company achieved a profit of AED700 million in 2017, an increase of 57% that the previous year, despite impact of low oil prices. Its revenues increased 21% to AED5.7 billion, an indicator of comp- any’s topline performance. …

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• 16 May

  UPS opens $163mn logistics hub at DP World London Gateway

  

  DUBAI / WAM UPS officially opened its new 32,000 square metre package sorting and delivery facility in the south east of England. At $163 million, the new London Hub is one of UPS’s largest single infrastructure investments outside of the United States in the company’s history. “Every single day, we see evidence of a more inter-connected world of commerce. And …

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• 16 May

  US stocks advance as consumer shares get boost from Macy’s results

  

  Bloomberg US stocks advanced as consumer shares got a boost from Macy’s Inc.’s results and Treasuries rebounded from Tuesday’s selloff. The euro fell amid political uncertainty in Italy. The S&P 500 Index pushed above its average price for the past 100 days, with Macy’s results providing more insight into the strength of the American consumer. The 10-year note yield slipped …

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• 16 May

  Oil trades near $71 as rising supply counters Middle East risk

  

  Bloomberg Oil traded near $71 a barrel as rising stockpiles and signs of slower demand growth countered concerns Iranian supplies will soon be curbed by sanctions. Futures dropped as much as 0.7 percent in New York. The International Energy Agency trimmed estimates for demand growth, and boosted those for supply, as prices have jumped to three-year highs. US industry data …

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• 16 May

  IEA cuts 2018 global oil demand forecast as $70 crude takes a toll

  

  Bloomberg The International Energy Agency cut forecasts for global oil demand growth in 2018 as the highest prices in three years put a brake on consumption. “The recent jump in oil prices will take its toll,” said the Paris-based agency, which advises most major economies on energy policy. Crude has climbed 17 percent this year, trading near $78 a barrel …

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• 16 May

  Repsol ends hunt for oil growth in clean energy shift

  

  Bloomberg Repsol SA will no longer seek growth for its oil and gas business in preparation for the global transition to cleaner energy, according to a person familiar with the matter. The Spanish energy company is the first of its peers to make such a move. It illustrates how the industry’s strategic decisions are starting to be influenced by emissions …

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• 16 May

  Green investing in UK falls to lowest in decade on Brexit

  

  Bloomberg Green investing in the UK fell 56 percent last year, sparking concerns in Parliament that the nation will not maintain its lead in clean energy or meet climate targets after leaving the European Union. “Billions of pounds of investment is needed in clean energy, transport, heating and industry to meet our carbon targets,” said Mary Creagh, a member of …

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• 16 May

  Alberta pipeline disrupted as fire season begins

  Bloomberg Wildfire season in Alberta began with a blaze that cut power to a key pipeline in the oil sands, causing heavy crude prices to surge. Inter Pipeline Ltd. is in the process of restoring service to parts of its Polaris Pipeline system after power was cut to the line’s Lamont Station, the company said. The line, which carried 194,000 …

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• 16 May

  One-fourth of US N-fleet is at risk of early closure

  

  Bloomberg More than a quarter of US nuclear power plants don’t make enough money to cover their operating costs, raising the threat of more early retirements. Of the 66 nuclear power plants operating in the US, 24 are either scheduled to close or probably won’t make money through 2021, according Nicholas Steckler, an analyst with Bloomberg New Energy Finance. These …

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