December, 2017

• 20 December

  Saudi sees higher oil revenue as OPEC curbs boost prices

  

  Bloomberg Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018. The top OPEC producer expects to collect 492 billion riyals ($131 billion) from oil sales in 2018, compared with 440 billion riyals this year, the Finance Ministry said in a budget statement. Oil …

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• 20 December

  Oil gains as data signals US stockpiles drop

  

  Bloomberg Oil headed towards its highest close in over a week as industry data was said to show a larger-than-expected drop in US crude stockpiles. February futures in New York added 0.4 percent after gaining 0.6 percent. Inventories fell 5.2 million barrels last week, the American Petroleum Institute was said to report, suggesting further tightening in a market already facing …

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• 20 December

  Eni, Shell to face trial in Italy in $1bn bribery case

  

  Bloomberg Eni SpA and Royal Dutch Shell Plc and senior executives will face trial over a $1.1 billion bribery scandal in Nigeria, an Italian judge ruled on Wednesday. The trial will start on March 5 in Milan, judge Giusy Barbara told reporters. The long-awaited decision, initially expected several months ago, will not only affect the two companies but 11 individuals …

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• 20 December

  As Shell gambles on gas, leaks loom over clean credentials

  

  Bloomberg After spending $50 billion on the world’s biggest bet on natural gas, Royal Dutch Shell Plc is at the forefront of Big Oil’s efforts to clean up its act. But what if the constant, insidious leaks of gas into the atmosphere actually make the fuel more polluting than coal? Methane, the main component in natural gas, can seep into …

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• 20 December

  Tycoons to remake India steel as $26 billion battle heats up

  

  Bloomberg Surging steel prices and a new Indian insolvency law have set the stage for an industry-defining battle between tycoons and producers for more than $26 billion of the sector’s most-coveted assets. Creditors are seeking the approval of India’s new bankruptcy court to sell assets of as many as 40 firms, including steel producers. That’s spurred Lakshmi Mittal, head of …

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• 20 December

  Wanda to quadruple China malls in rebuff to e-commerce

  Bloomberg Chinese billionaire Wang Jianlin vowed to quadruple the size of his shopping-mall empire, betting that retailers will thwart the advance of e-commerce competitors by adding entertaining experiences in stores and mini-theme parks. The Dalian Wanda Group Co. chairman plans to have 1,000 shopping malls covering more than 90 percent of China’s cities within a decade, according to remarks he …

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• 20 December

  India’s Maruti Suzuki set to become next Nifty stock

  Bloomberg Maruti Suzuki India Ltd. is set to become the third stock in an equity index of the nation’s top 50 companies to cross the 10,000-rupee mark, thanks to this year’s record-setting rally. Shares of the carmaker, which accounts for about half of all cars sold in India, rose as high as 10,000 rupees for the first time on Wednesday. …

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• 20 December

  Reliance Communications bondholders organise after default

  

  Bloomberg Bondholders of Reliance Communications Ltd., the embattled Indian mobile phone operator controlled by billionaire Anil Ambani, have hired advisers after the company defaulted on its dollar-denominated notes in November. Certain investors holding a significant percentage of the securities have formed a committee, which has appointed PJT Partners Inc. as its financial adviser and Kirkland & Ellis LLP as its …

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• 20 December

  US urges Russia to end latest upsurge in East Ukraine attacks

  

  Bloomberg The US urged Russia to halt a renewed bout of fighting in the four-year conflict in eastern Ukraine following the Kremlin’s decision to withdraw from a military-monitoring mission. Ukraine, which has been battling Russian-backed insurgents near the two nations’ border since 2014, said eight civilians were wounded on Tuesday by heavy artillery and mortar fire. Two soldiers were killed, …

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• 20 December

  Pro-Spain Catalans to punish Rajoy for ‘timid response’

  

  Bloomberg Mariano Rajoy’s People’s Party is facing substantial losses in Thursday’s Catalan elections as pro-Spain voters punish the prime minister for his cautious response to the push for independence. The PP could lose as many as eight of its 11 seats in the Catalan assembly as voters opposed to secession shift their support to the more hawkish Ciudadanos, according to …

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