March, 2018

• 3 March

  Russia to rescue as Europe draws more natural gas in Siberian chill

  

  Bloomberg Russia is sending more natural gas to Europe than ever before as a blast of Arctic air lifted demand for heat and electricity, underlining the region’s dependence on its eastern neighbour. The freeze severely tested Europe’s energy network over the past week. Spot gas prices tripled to a record, drawing in more Russian supplies by pipeline and prompting a …

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• 3 March

  Exxon puts force majeure on exports from quake-hit Papua LNG project

  TOKYO / Reuters ExxonMobil Corp has declared force majeure on exports from its Papua New Guinea liquefied natural gas (LNG) project, which has been shut since a powerful earthquake, an industry source familiar with the matter said. At least 31 people were killed by the 7.5 magnitude quake, and Prime Minister Peter O’Neill has declared a state of emergency across …

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• 3 March

  Draghi confronts limits of his power as Latvian crisis endures

  

  Bloomberg For all his influence on the wider European economy, Mario Draghi is finding out that he has little sway in fixing a much more local problem. Almost two weeks after a member of his Governing Council was briefly detained for bribery and extortion, the European Central Bank president still has few options available to address a lingering crisis that …

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• 3 March

  Green, Islamic investors find common ground with Indonesian sukuk

  

  SYDNEY / Reuters A first sale of green Islamic bonds by Indonesia could help open the door for more crossover deals across Asia, as religious and environmentally-minded investors find a middle ground in the sukuk funding format. Last week, Indonesia became the first Asian sovereign to sell green sukuk, raising $1.25 billion via a five-year deal, alongside a $1.75 billion …

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• 3 March

  Pakistan drafts ‘rules’ for Islamic firms, securities

  

  Islamabad / Reuters Pakistan’s capital market regulator has drafted governance rules that cover sharia-compliant companies and securities, the latest government initiative aimed at develo- ping the country’s Islamic finance industry. The move by the Securities and Exchange Commission of Pakistan (SECP) marks the first time a regulator has defined comprehensive requirements for companies that deem themselves to be compliant with …

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• 3 March

  BofA sees $6trn stock slump, clashing with Credit Suisse

  

  Bloomberg The swings are getting bigger in stocks, and the divide is getting wider among people whose job is to forecast them. Bank of America (BofA) strategists led by Michael Hartnett say they see another correction coming, similar to the one in early February when about $6 trillion was erased globally. This year’s turbulence is part of a topping process …

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• 3 March

  Norges Bank has inflation target cut after struggling to meet it

  

  Bloomberg Norway lowered the central bank’s inflation target after policy makers struggled to meet the goal, going against the grain in a global debate where many have called for levels to be raised to allow more room to support economies. The government reduced the target to 2 percent from 2.5 percent, bringing it in line with other central banks such …

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• 3 March

  American Air’s spat with United threatens $8.5bn O’Hare revamp

  

  Bloomberg American Airlines Group Inc. is crying foul over a planned $8.5 billion renovation of Chicago’s O’Hare International Airport, claiming a “secret provision” awards additional gates to United Continental Holdings Inc. in a terminal slated to be torn down. The arrangement favouring Chicago-based United was “inserted at the last minute,” American said. United called the claim “disingenuous,” denied there was …

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• 3 March

  New Manila Airport bid challenged by $3bn offer

  

  Bloomberg A venture of Megawide Construction Corp. and GMR Infrastructure Ltd. submitted a $3 billion proposal to upgrade and expand the Philippine capital’s 70-year-old airport, challenging a $6.7 billion bid from a group that includes billionaires John Gokongwei and Lucio Tan. The GMR-Megawide venture, which is operating and expanding another airport in central Philippines, said it can increase the airfield …

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• 3 March

  Airbus may stock up on jet parts to avoid Brexit delays

  

  Bloomberg Airbus SE may need to stock up on the parts it needs to build wings at its UK plants to avoid the risk of delays to deliveries once Britain formally leaves the European Union. The European planemaker has warned that it can only ensure the UK factories remain untouched if its operations retain the same level of efficiency. “If …

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