September, 2016

• 4 September

  Saudi raises pricing for Oct crude to Asia on demand

  

    Bloomberg Saudi Arabia, the world’s largest crude exporter, raised pricing for October oil sales to Asia and the U.S. in a sign of strengthening demand. State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday …

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• 4 September

  Iran ready to help restore oil market balance after it regains share

  

    Bloomberg Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share, the Iranian oil ministry’s SHANA news agency reported on Saturday, quoting a minister. Algerian Energy Minister Nouredine Bouterfa said after talks in Tehran with his Iranian counterpart, Bijan Zanganeh, that the Organization of the Petroleum Exporting …

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• 4 September

  New billboards across Cairo extol austerity

    AP Billboards and street signs have gone up across Egypt’s capital extolling austerity and hope, part of a pro-government public relations campaign aimed at preparing Egyptians for sweeping economic reforms. The advertising blitz follows last month’s provisional agreement by the International Monetary Fund to give Egypt a $12 billion loan over three years to help President Abdel-Fattah el-Sissi’s government …

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• 4 September

  Worst is over for oil as investment at risk, says analyst

  

    Bloomberg The worst has passed for oil prices, which are now too low to ensure investment in the new supplies needed during the rest of the decade, IHS Markit Ltd.’s Vice Chairman Daniel Yergin said. Crude futures, trading near $48 a barrel will rise next year to the “mid-$50 range,” Yergin said in an interview. The market is rebalancing …

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• 4 September

  India’s knitwear town aims to be top in apparel export

  

    Bloomberg Indian clothes maker T.R. Vijaya Kumar thinks it’s time for his country to take on Bangladesh, Vietnam and even China for leadership in the global apparel industry. He’s a second-generation manufacturer, who’s transformed his small family undershirt business in southern India into an apparel exporter of 1,700 employees and aims to double its sales by 2020. When it …

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• 4 September

  China overseas land profit rises on property sales

  

    Bloomberg China Overseas Land & Investment Ltd., the country’s second-largest developer by market value listed in Hong Kong, said first-half profit jumped 21 percent on gains from property sales as the nation’s residential prices soared. Net income rose to HK$19.7 billion ($2.5 billion) from HK$16.3 billion a year earlier, the company said in a Hong Kong stock exchange filing. …

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• 4 September

  Steel in troubled French plants used in Japan

    Bloomberg Thirteen Japanese nuclear reactors were constructed with steel from the same company used in a French power plant that’s under scrutiny for anomalies found in the reactor vessel’s structure. Six utilities used steel from Japan Casting & Forging Corp., they all said in separate statements. The steelmaker was identified by Japanese authorities last month as supplying steel to …

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• 4 September

  China’s emergency oil reserve shows 22.5pc gain

    Bloomberg China reported it added about 43 million barrels of crude to its strategic reserves between the middle of 2015 and early this year, in a rare release of such data by the world’s second-biggest oil user. The statement posted on the website of the country’s National Bureau of Statistics is the first update the government has given on …

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• 4 September

  D-day looms for nickel market as top shipper checks on mines

  

    Bloomberg The global nickel market will discover the severity of the Philippines’ mining audit next Thursday as President Rodrigo Duterte’s government presents the findings of the checkup and announces support for communities affected by any further suspensions. Benchmark prices surged. The audit in the world’s largest mined nickel supplier has been completed after 16 teams fanned out across the …

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• 4 September

  IFA dives head-first into the virtual world

  

    Berlin / AFP Always wanted to know what it would be like to watch a TV talkshow in the studio? Or zoom in on a particular player in a Bundesliga game rather than see a wideshot of the field? The technology is there for such “live” 3D television experiences from the comfort of your home, according to the Fraunhofer …

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