February, 2019

• 23 February

  Saudi strikes deal to build $10bn China refining, petchem complex

  

  Bloomberg Saudi Arabia reaffirmed its interest in the Chinese market with a deal to build a $10 billion refining and petrochemicals complex as it vies for crude-oil customers with fellow OPEC members and Russia. Saudi Arabian Oil Co, or Aramco, agreed to set up a joint venture with two Chinese companies to develop the facility in Liaoning province, according to ...

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• 23 February

  Zambia cuts power from world’s biggest man-made reservoir

  

  Bloomberg Zambia has reduced hydropower production at the Kariba Dam because of rapidly declining water levels at the world’s biggest man-made reservoir that straddles the border with Zimbabwe, the energy minister said. “We have noted the poor water situation for the Za-mbezi system nec- essitating reduction in generation at Kariba,” Mat-thew Nkhuwa sa-id, without provi- ding further details. Water outflows ...

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• 23 February

  China extends US trade trip as tariff-hike threat endures

  

  Bloomberg The US and China will extend into the weekend the current round of trade talks as negotiations in Washington yielded progress on currency policy but stopped short of a breakthrough that would prevent higher American tariffs from kicking in next week. “Both parties want to make this a real deal, we want to make it a meaningful deal, not ...

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• 23 February

  Australia denies coal ban from China in bid to ease investor fears

  

  Bloomberg Australia denied that a major port in northern China has banned its coal imports and sought to calm investor nerves that strained political ties are undermining its most important trading relationship. Key government ministers took to the airwaves to dismiss a report that Dalian Port Group has imposed an indefinite ban on Australian coal. While quotas and testing has ...

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• 23 February

  Malaysia hits deflation for first time since 2009 global crisis

  

  Bloomberg Malaysia’s economy swung into deflation in January for the first time since the aftermath of the global financial crisis in 2009 as fuel prices dropped. Consumer prices declined 0.7 percent from a year ago after hovering below 1 percent in the previous seven months, according to the statistics department. The median estimate in a Bloomberg survey of 21 economists ...

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• 23 February

  ‘Singapore has a better Bali on its doorstep’

  

  Bloomberg Singapore’s second-largest developer has a suggestion for the government: re-position the billionaire enclave of Sentosa as a tourism hot-spot like Bali. Property values at Sentosa Cove, a residential area nestled on a tiny island off the south coast, have been hit particularly hard, with home prices down about 30 percent from the highs seen in 2010. Even as the ...

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• 23 February

  Sony to back entrepreneurs with money, support

  

  Bloomberg Sony Corporation, once known for innovations like the Walkman, will begin to back entrepreneurs outside the company with money, marketing support and more as it seeks more breakthroughs. The Tokyo-based company said it would open up an internal accelerator program to external entrepreneurs, including a partnership with Tokyo University under which students can turn ideas into businesses. Depending on ...

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• 23 February

  EU to target Caterpillar, Xerox if US imposes automotive duties

  

  Bloomberg Caterpillar Inc. trucks, Xerox Corp. machines and Samsonite International SA luggage are among US goods that would face retaliatory European Union tariffs should President Donald Trump follow through on a threat to impose automotive duties against the bloc, according to a senior EU official. The person commented on the condition of anonymity because the tit-for-tat list drawn up by ...

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• 23 February

  Amazon agrees to disclose carbon footprint this year

  

  Bloomberg Amazon.com Inc. announced it will disclose its carbon footprint later this year, giving consumers and investors new insight into the environmental cost of its popular two-day shipping. The company also pledged in a blog post that half of its shipments would be “net zero” carbon—also known as carbon-neutral—by 2030. The world’s biggest e-commerce company has for years resisted pressure ...

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• 23 February

  Kraft Heinz faces existential crisis after $16bn rout

  

  Bloomberg Kraft Heinz Co. might need a new recipe. The packaged food giant reported a troika of bad news — profit that missed estimates, a $15.4 billion writedown on assets and an SEC subpoena — that sent its shares plummeting 27 percent to a record low, a plunge that wiped out more than $16 billion in market value. It seems ...

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