September, 2019

• 17 September

  China’s economy slows again as trade war risks global slump

  

  Bloomberg China’s slowdown is deepening just as risks for the global economy mount, piling pressure on the authorities to do more to support growth. Industrial output rose 4.4 percent from a year earlier in August, the lowest for a single month since 2002, while retail sales came in below expectations. Fixed-asset investment slowed to 5.5 percent in the first eight ...

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• 17 September

  India’s most valuable steel producer sees iron ore drop to $60

  

  Bloomberg JSW Steel Ltd, India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover. Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director of the Mumbai-based mill, said. The ...

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• 17 September

  Reliance Communications unit GCX files for bankruptcy in India

  

  Bloomberg A unit of Reliance Communications Ltd, Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection. GCX Ltd, which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble. The former billionaire’s Reliance Communications itself fell back into bankruptcy earlier this year. The move by subsidiary GCX comes after it missed ...

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• 17 September

  WTO gauge of services trade shows Q1 slump

  Bloomberg Global trade in services slowed during the first quarter of 2019, according to a new World Trade Organization (WTO) report. The report describes a “broad loss in momentum” among various services sectors like finance, technology, tourism and transportation. The index stood at 98.4, below the baseline of 100, “suggesting that services trade continued to face strong headwinds leading into ...

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• 17 September

  HK exchange LSE bid hit by China rebuff

  

  Bloomberg The Hong Kong bourse’s unsolicited takeover bid for the London Stock Exchange (LSE) Group Plc was greeted with a scathing rejection and the exchange suffered a further humiliation when China praised the rebuff as well. The official People’s Daily wrote that there are “persistent worries” about Hong Kong given the current unrest, and praised the LSE for citing its ...

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• 17 September

  Saudis tell Asian buyers they’ll still get contracted oil supply

  

  Bloomberg Saudi Aramco has told several major Asian buyers that it will supply customers with all contracted oil volumes in spite of the production cuts over the weekend, according to people with knowledge of the matter. The attack on the kingdom’s most important oil production facility halved Saudi output and is crimping the availability of lighter grades such as Arab ...

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• 17 September

  Russia’s main gas route to Europe seen at risk

  

  Bloomberg Russia may hesitate to strike a multiyear deal with the European Union and Ukraine on natural gas supplies after an EU court ruling on a key German pipeline. The judgment reduces the options Gazprom PJSC has to ship billions of dollars of gas to its biggest market without using Ukraine’s pipeline network. But Russia may see the logic in ...

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• 17 September

  Apple takes on EU’s antitrust chief in record $14b tax fight

  

  Bloomberg Apple Inc fights the world’s biggest tax case in a quiet courtroom, trying to rein in the European Union’s powerful antitrust chief ahead of a potential new crackdown on internet giants. The iPhone maker can tell the EU General Court in Luxembourg that it’s the world’s biggest taxpayer. But that’s not enough for EU Competition Commissioner Margrethe Vestager who ...

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• 17 September

  Blackstone adds EU property in $4.7 billion deal

  

  Bloomberg Blackstone Group Inc added new properties in Germany and The Netherlands with the purchase of a Canadian real estate trust, in deal valued at C$6.2 billion ($4.7 billion) including debt. The New York-based private equity firm agreed to pay C$16.79 a share in cash for Dream Global Real Estate Investment Trust, according to a statement from the companies. The ...

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• 17 September

  UK urges EU rethink on ‘damaging’ equity markets plan amid Brexit

  

  Bloomberg Equity markets will face significant damage in a no-deal Brexit unless the European Union reverses a plan to block traders in its home territory from using London exchanges, the UK’s top market watchdog said. Andrew Bailey, the Financial Conduct Authority’s chief executive, called on the EU to urgently rethink its position before October 31, when Britain is scheduled to ...

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