July, 2018

• 18 July

  India’s Modi to face no-trust vote as oppn ramps up pressure

  

  Bloomberg PM Narendra Modi’s government faces a no-confidence vote on Friday as the opposition uses the new monsoon session of India’s parliament to challenge his administration ahead of general elections early next year. With a majority in India’s 543-seat lower house of parliament, Modi’s coalition is expected to defeat the no-confidence vote. But the opposition, including the Congress party led ...

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• 18 July

  May pays price of trust to survive in Tory Brexit war

  

  Bloomberg As they paced the dark, wood-paneled corridors deep in the heart of the British Parliament, Theresa May’s government enforcers were getting desperate. It looked as if the prime minister had finally run out of road. After 10 days in which her Brexit plans had been savaged by critics on all sides, a new rebellion was brewing. There were more ...

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• 18 July

  Poland to ‘outsmart’ EU in push to purge top court

  

  Bloomberg Poland’s ruling party will start the fast-track approval of a draft law meant to pre-empt potential punishment from the European Union and complete the most dramatic judicial revamp in the bloc’s former communist east. Racing against EU efforts to halt the overhaul, the Law & Justice party will begin debate on a bill during a three-day parliamentary session starting ...

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• 18 July

  Trudeau keeps key roles intact in cabinet rejig

  Bloomberg Justin Trudeau is resetting after a rocky year dented his chances of re-election. The Canadian prime minister shuffled his cabinet on Wednesday, swapping roles like trade and natural resources — amid the purchase and eventual resale of Kinder Morgan Inc.’s Trans Mountain oil pipeline — while leaving key posts like finance and foreign affairs unchanged, ensuring a continuity of ...

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• 18 July

  Tech shares lead stocks lower; dollar strengthens

  

  Bloomberg US equities mostly edged lower as shares of slumping energy and technology companies offset gains in financials after Morgan Stanley earnings beat forecasts. European shares advanced after a mixed session in Asia. The Nasdaq Composite Index dropped from a record high as Google parent Alphabet Inc. faced a $5 billion fine and Twitter was downgraded. The dollar strengthened as ...

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• 18 July

  China’s yuan hits one-year low

  

  Bloomberg The yuan fell to the lowest since August as the dollar rallied, raising speculation that Chinese officials are comfortable with the currency’s weakness. The yuan fell as much as 0.29 percent to 6.7229 per dollar, while the overseas-traded currency also weakened. Chinese stocks reversed earlier gains, with the Shanghai Composite Index and the Hang Seng China Enterprises Index closing ...

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• 18 July

  Vitol teams with Peabody to grind coal for refineries

  

  Bloomberg Vitol Group, the biggest independent oil trader, and mining giant Peabody Energy Corp are joining forces to give coal a new lease on life. The companies have teamed with a UK startup that’s developed a process to pulverize coal, remove impurities and pollutants, and blend it with crude or fuels for use by refineries and other customers. While unproven ...

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• 18 July

  Dominion Energy plans $1.5 billion power plant sale

  

  Bloomberg Dominion Energy Inc is working with JPMorgan Chase & Co to seek buyers for two power plants in Pennsylvania and Rhode Island, according to people familiar with the matter, as it sells assets to pay down debt. The Richmond, Virginia-based company could fetch about $1.5 billion from the sales of its natural-gas-fired Fairless and Manchester Street Power Stations, said ...

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• 18 July

  Reliance to borrow $6bn in consumer push

  

  Bloomberg Reliance Industries Ltd., India’s second-largest company by market value, plans to raise about $5.8 billion in fresh debt this financial year as it expands its consumer businesses, according to people familiar with the matter. The billionaire Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency, the people said asking not to be named ...

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• 18 July

  Chinese EV battery sector set for tough reshuffle as subsidies revised

  

  Bloomberg China’s electric-vehicle battery sector is set for a brutal reshuffle as the government reforms subsidies to meet the more exacting technological demands of next-generation transport, according to Sanford C. Bernstein & Co. China built massive new battery capacity in recent years, aided by generous government support, creating industry heavyweights Contemporary Amperex Technology Ltd. and the Warren Buffett-backed BYD Co. ...

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