October, 2018

• 22 October

  HK developers mull $6bn debt for housing project

  Bloomberg A consortium of Hong Kong property firms led by Henderson Land Development Co. is in talks with banks to raise about HK$46 billion ($5.9 billion) via bonds and loans to fund a residential project in the city’s Yau Tong Bay, according to people familiar with the matter. The group also includes Wheelock & Co., New World Development Co., Sun ...

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• 22 October

  World’s fastest growing economy chokes on toxic air

  

  Bloomberg Asia’s largest economy, China, has long had a reputation for smoggy skies. But these days, neighbouring India is fighting the far bigger battle with pollution: The South Asian country is home to the world’s 10 most polluted cities. India has long struggled to pull together the type of coordinated national approach that’s helped China reduce pollution. Prime Minister Narendra ...

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• 22 October

  Refiners slump as Trump looks to slow-roll shipping fuel rules

  

  Bloomberg US refiners are getting stung by President Donald Trump’s efforts to keep consumer prices from rising in the run up to the 2020 election. The Trump administration is seeking to slow the implementation in 2020 of tighter fuel restrictions on the global shipping industry. The rules, which would slash by more than 80 percent the sulfur allowed in fuel ...

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• 22 October

  Oil holds below $70 as rising US drilling eases supply concern

  

  Bloomberg Oil traded below $70 a barrel as supply concerns eased after American drilling rose to the highest since 2015, and on growing investor optimism crude output in Libya may climb from early next year. Futures in New York were little changed, following a 3.1 percent decline last week. Working US oil rigs increased by four to 873 last week, ...

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• 22 October

  Rwanda mulls inviting private investment for oil search in lake

  

  Bloomberg Rwanda is considering partnering with oil and gas companies for the next stage of exploring Lake Kivu for more hydrocarbons, a government official said. The East African nation has conducted the first round of shallow drilling for geochemistry tests in the methane-gas-producing lake in the west of the country, according to Mines, Petroleum and Gas Board Chief Executive Officer ...

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• 22 October

  Libya oil boss sees output jump as BP, Eni may restart soon

  

  Bloomberg BP Plc and Eni SpA could re-start work on a project in Libya in the first quarter, setting the stage for the OPEC member to boost production by “hundreds of thousands of barrels” a day, the head of the country’s state oil company said. Crude production in the North African nation is averaging “well above 1 million barrels a ...

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• 22 October

  Fiat to sell parts unit Marelli to KKR’s Calsonic in $7.1bn deal

  

  Bloomberg Fiat Chrysler Automobiles NV agreed to sell its car-parts unit, Magneti Marelli, to KKR & Co.’s Calsonic Kansei in the first major deal for the Italian-American carmaker under new Chief Executive Officer Mike Manley. The transaction, valued at 6.2 billion euros ($7.1 billion), will create Japan-based Magneti Marelli CK Holdings, according to a statement. Beda Bolzenius, chief executive officer ...

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• 22 October

  Philips falls as profit disappoints, trade war impact looms

  

  Bloomberg Royal Philips NV shares fell to the lowest level in seven years after missing earnings expectations and warning trade wars and Brexit will weigh on its business. The Dutch health-technology company’s profit and sales growth missed estimates, with the shortfall most notably at the personal-health unit that makes products like electric toothbrushes, shavers and equipment to help with sleep ...

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• 22 October

  Brexit uncertainty slashes investment in UK businesses

  

  Bloomberg Four-fifths of UK companies have cut or withheld investment because of the uncertainty caused by Brexit, Britain’s biggest business lobby said. Some 58 percent of businesses have made plans to cut jobs, adjust supply chains, relocate production and services or stockpile products if no clarity emerges soon on Britain’s future relationship with the European Union after Brexit, according to ...

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• 22 October

  Tesla short seller warns of ‘massive’ supply-chain risk

  

  Bloomberg Short seller Fahmi Quadir, who’s betting against Tesla Inc., said the carmaker faces risks to its supply chain because some vendors haven’t been getting paid. Quadir, the founder and chief investment officer of Safkhet Capital LP, made a name for herself by shorting the drugmaker formerly known as Valeant Pharmaceuticals around its peak in 2015. She said her firm ...

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