November, 2016

• 1 November

  Saudi minister hails ‘bold’ deal with Japan’s SoftBank

    AFP The Saudi energy minister said on Tuesday that a multi-billion-dollar technology investment fund the kingdom is developing in partnership with Japan’s SoftBank showed its determination to diversify its economy. Khaled al-Falih told an international forum that the proposed new fund “is simply one indication of this determination and the bold steps being taken” to reorient the economy of …

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• 1 November

  OPEC approves long-term strategy

  

  Reuters OPEC officials has approved a document outlining the exporter group’s long-term strategy, in a sign its members are making progress in ironing out differences over how and when to manage production levels and, ultimately, oil prices. The approval of the document has been repeatedly postponed with OPEC price hawks such as Algeria and Iran saying the Organization of the …

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• 1 November

  China eyes Asian export markets for power

  

    Bloomberg China is seeking to build up export markets for its power amid signs the nation has invested too much in new generation plants. State Grid Corp. of China, which runs the majority of the nation’s electricity distribution network, is considering how to build links to India, South Korea, Japan and Southeast Asia, a move that would require billions …

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• 1 November

  Sony Q2 profit falls short of estimates on battery unit sale

    Bloomberg Sony Corp.’s second-quarter profit missed estimates, as a one-time charge and stronger yen weighed on profit from financial services and PlayStation games. Operating profit in the period ended September was 45.7 billion yen ($436 million), the Tokyo-based company said in a statement Tuesday. That compares with the 49.7 billion yen average of analysts’ estimates compiled by Bloomberg before …

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• 1 November

  World’s biggest shipping firm seeks more mergers

  

    Bloomberg A.P. Moller-Maersk A/S, owner of the world’s largest container line, said mergers like the combination of its three main Japanese rivals provide relief to an ailing industry that has been characterized by over-capacity. Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. said on Monday they plan to merge, giving them control of 7 percent …

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• 1 November

  China factory gauge records 2-year high

    Bloomberg China’s official factory gauge rose to the highest since July 2014, led by new orders, suggesting the economy’s stabilization continued into the fourth quarter as robust consumption underpins demand. Manufacturing purchasing managers index rose to 51.2 in October, the National Bureau of Statistics said Tuesday, from 50.4 in the prior two months PMI beat all economist forecasts in …

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• 1 November

  Shell smashes estimates as BG acquisition drives up output

  

    Bloomberg Royal Dutch Shell Plc reported third-quarter profit that beat analyst estimates after its acquisition of BG Group Plc boosted oil production, helping to counter a slump in prices. The shares rose. Profit adjusted for one-time items and inventory changes advanced 17 percent from a year earlier to $2.79 billion, Shell said Tuesday. That exceeded the $1.79 billion average …

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• 1 November

  US gasoline jumps most since 2008 as pipe blast boosts premium

    Bloomberg Gasoline in New York jumped the most in almost eight years, and its premium to crude prices soared 60 percent after an explosion and fire in Alabama shut the largest fuel pipeline in the US, killing one person and injuring more. Traders rushed to book cargoes from Europe. December-delivery gasoline rose as much as 15 percent to the …

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• 1 November

  GE seeks boost from Baker Hughes merger

    Bloomberg With the enthusiasm around its industrial transformation stalled, General Electric Co. is hoping for a boost from an oil megadeal that has already won the backing of the activist investor Nelson Peltz. Chief Executive Officer Jeffrey Immelt is merging the company’s oil and gas unit with Baker Hughes Inc. to create a behemoth capable of both weathering the …

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• 1 November

  UK inflation poised to jump

    Bloomberg On Tuesday, IHS Markit’s Purchasing Managers Index showed input prices rose to their highest level in five years, nearing a record high since the survey first began tracking business costs back in 1992. Hard UK inflation data has yet to show a big uptick in prices but a surge in input costs for UK manufacturers foreshadows the looming …

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