April, 2020

• 11 April

  Trump exhorts allies to ‘Buy American’ first

  

  Bloomberg The Trump administration has a plan for helping drain US storage tanks filling up with crude: Persuade other countries to buy those American barrels first. That “Buy American” pitch is coming in the form of administration officials exhorting foreign allies to prioritise US crude. The effort involves both the departments of Energy and State, said two people familiar with ...

  Read More »
• 11 April

  Australia to boost oil stock in support of global market

  

  Bloomberg Australia will increase its oil stock through an agreement with the US to help support the global market, following a video conference with G-20 energy ministers. Energy markets in Australia were operating safely and securely and the government is working with the sector to maintain supply for electricity, gas and liquid fuels, Energy Minister Angus Taylor said in a ...

  Read More »
• 11 April

  Cairn, Pharos advance in Shell Egypt assets deal

  

  Bloomberg A consortium of Cairn Energy Plc, Pharos Energy Plc and Egypt’s Cheiron Petroleum has proceeded to a second round of bidding for Royal Dutch Shell Plc’s onshore assets in the African country, in a deal that could value the business at as much as $1 billion, people familiar with the matter said. Shell is proceeding with the planned sale ...

  Read More »
• 11 April

  Nigeria ending fuel subsidies

  Bloomberg Nigeria is ending decades of subsidies paid to ensure uniform gasoline prices in Africa’s biggest oil producer with crude prices at historical lows, the state-owned energy company said. Official gasoline prices have been cut twice in as many weeks, a move the Nigerian National Petroleum Corp (NNPC) said was intended to bring them in line with the current market ...

  Read More »
• 11 April

  EU finance chiefs agree on $590b virus rescue package

  

  Bloomberg European Union (EU) finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the global coronavirus pandemic. It’s now up to EU leaders to approve the accord, which will require overcoming profound political disagreements. In an emergency teleconference, finance chiefs approved a plan to stave off what’s expected to be a ...

  Read More »
• 11 April

  Renault seeks billions in state-backed loans

  

  Bloomberg Renault SA Chairman Jean-Dominique Senard said the French carmaker is seeking as much as 5 billion euros ($5.5 billion) in government-backed loans to weather the coronavirus pandemic, while dismissing the possibility of nationalisation. “We are working on the idea of bank loans that would be guaranteed by the state and are destined to be reimbursed,” Senard Friday on RTL ...

  Read More »
• 11 April

  Bulgaria renews euro accession push in hope for crisis funds

  

  Bloomberg Bulgaria is renewing efforts to join the euro area’s waiting room in the hope for easier access to financial aid in the coronavirus crisis. The European Union’s poorest country has been pushing to join the currency zone since 2016 to boost living standards and avoid being sidelined in the bloc’s decision-making. After numerous setbacks, the central bank has signaled ...

  Read More »
• 11 April

  Italy extends lockdown to May in signal to European business

  

  Bloomberg Italy extended a national lockdown until May 3, rejecting calls by business leaders to allow a gradual restart of the economy. The decision reflects a pattern playing out in many parts of Europe as health officials and politicians warn against letting up too early on restrictions to stem the spread of the coronavirus and avoid a second wave of ...

  Read More »
• 11 April

  Spain’s car industry risks isolation in post-virus reshuffle

  

  Bloomberg The disruption caused by the fallout from coronavirus outbreak is the last thing Spain’s car industry needs. Already under pressure from the shift to electric vehicles, the pandemic risks raising uncomfortable questions for Europe’s second-largest auto producer. As auto bosses plot their course for the years ahead — with less money to spread around — Spain could come up ...

  Read More »
• 11 April

  Caterpillar seeks $3b loan from banks

  Bloomberg Caterpillar Inc. is in discussions with banks to raise a new $3 billion 9-month revolving credit facility. The deal could be increased to about $5 billion in total and will help boost the construction equipment company’s liquidity, the people said. Representatives for Citibank, which is leading the deal, and Caterpillar declined to comment. Other banks on the deal include ...

  Read More »