October, 2018

• 28 October

  China tells state-owned giants to halt buying oil from Iran

  

  Bloomberg China’s government has told at least two of its state oil companies to avoid purchasing Iranian oil as the US prepares to impose sanctions on the Persian Gulf state, according to people with knowledge of the matter. The freeze on imports by China National Petroleum Corp. (CNPC) and Sinopec is temporary and purchases may resume depending on the outcome ...

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• 28 October

  Exxon Mobil sued for deceiving investors on climate change

  

  Bloomberg Lawyers for Exxon Mobil Corp. stood before a New York judge and told the state’s attorney general to “put up or shut up” after spending three years investigating the company’s public disclosures about climate change, saying authorities should sue the energy giant or move on. Attorney General Barbara Underwood filed a fraud lawsuit against Exxon in state court in ...

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• 28 October

  Endeavor weighs sale after getting takeover interest

  

  Bloomberg Endeavor Energy Resources LP, the largest privately held oil producer in the Permian Basin, is weighing a sale after receiving takeover interest from major energy explorers, according to people familiar with the matter. Midland, Texas-based Endeavor could draw interest from suitors including Chevron Corp. and BP Plc, said the people, who asked to not be identified because the matter ...

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• 28 October

  Tianqi Lithium to buy $4.1 billion stake in SQM

  

  Bloomberg China’s Tianqi Lithium Corp. cleared a major hurdle in its bid to buy a $4.1 billion stake in SQM, the world’s second-largest producer of the mineral used in electric-vehicle batteries. Chile’s constitutional court has declared inadmissible a suit questioning whether an agreement between Tianqi and Chile’s antitrust agency FNE went far enough to protect SQM’s trade secrets against its ...

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• 28 October

  India speeds ahead of China in electric-vehicle revolution

  

  Bloomberg An electric-vehicle revolution is gaining ground in India, and it has nothing to do with cars. The South Asian country is home to about 1.5 million battery-powered, three-wheeled rickshaws — a fleet bigger than the total number of electric passenger cars sold in China since 2011. But while the world’s largest auto market dangled significant subsidies to encourage purchases ...

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• 28 October

  China’s industrial profits growth slows in Sept

  

  Bloomberg Profit growth in Chinese industrial enterprises slowed for a fifth month amid the ongoing US-China trade spat and a weakening domestic economy. Industrial profits rose 4.1 percent in September from a year earlier, versus a 9.2 percent increase in August. Total profits for the month were 545.5 billion yuan ($78.6 billion), the National Bureau of Statistics said. The slowdown ...

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• 28 October

  Naspers to invest $2bn in Swiggy

  

  Bloomberg Naspers Ltd. is planning to increase its stake in Indian online food-delivery business Swiggy as the startup plots its third fund-raising round of the year, according to people familiar with the matter. Africa’s largest company by market value has indicated that it intends to support a financing that could raise more than $600 million, Swiggy’s biggest to date, according ...

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• 28 October

  Zydus agrees to pay $628mn for some Kraft Heinz India brands

  

  Bloomberg Zydus Wellness Ltd., with parent Cadila Healthcare Ltd., agreed to pay 46 billion rupees ($628 million) to acquire some Kraft Heinz Co. businesses in India to strengthen their presence in the world’s fastest growing major economy. Zydus will gain control of nutrition drink Complan, instant-energy drink Glucon-D, talcum powder brand Nycil and ghee brand Sampriti from the acquisition of ...

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• 28 October

  Singapore public housing, envy of world, hits rough patch

  

  Bloomberg Singapore’s long romance with public housing is going through a rocky patch, threatening to undermine one of the most popular government policies. For decades, the no-frills, affordable apartments have been integral to the city-state’s way of life, helping young couples achieve their dreams of home ownership and housing the bulk of the population — while providing a stepping stone ...

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• 28 October

  Microsoft sales, profit jump as cloud-fuelled growth persists

  

  Bloomberg Microsoft Corp. posted another quarter of brisk revenue growth driven by cloud services, underscoring the company’s success in shifting its business towards internet-based computing. The stock rose in early trading. Profit and sales for the period ended on September 30 exceeded analysts’ estimates, with revenue from Azure cloud-computing services jumping 76 percent. Office 365, the internet- based versions of ...

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