June, 2018

• 13 June

  Exxon to take baby steps to expand its oil trading unit

  

  Bloomberg Exxon Mobil Corp. is dipping its toe in the world of oil trading, hiring executives and showing an appetite for expanding its operations. Yet, the US-based company is moving carefully, still far away from building an in-house trading unit similar to the mighty businesses run Royal Dutch Shell Plc, BP Plc and Total SA. Exxon recently hired Paul Butcher, ...

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• 13 June

  Top US regulators don’t back claim that grid faces emergency

  

  Bloomberg Top US energy regulators declined to endorse the notion that power grids face a national emergency during a Senate hearing, tacitly rebuffing President Donald Trump’s argument to prop up struggling coal and nuclear plants. The five members of the Federal Energy Regulatory Commission were testifying before the Senate Energy and Natural Resources Committee when asked by New Mexico Democrat ...

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• 13 June

  American gas prices could double by 2040

  

  Bloomberg American gas prices could double by 2040 as the US exports more liquefied natural gas, but consumers will be shielded as production of the fuel increases and trade balances improve. That’s the conclusion from a study commissioned by the US Department of Energy that found an almost 50 percent chance of gas reaching $5 to $6.50 per million British ...

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• 13 June

  US lowers domestic, world 2019 crude output forecasts

  Bloomberg Next year, the US government doesn’t see global or US crude production as high as it once did. The Energy Information Administration decreased its 2019 forecast for global production to 102.21 million barrels a day, with most of the downward revision from the Organization of Petroleum Exporting countries. World demand growth is unchanged. At the same time, it sees ...

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• 13 June

  Toyota pours $1bn into ride hailing firm

  

  Bloomberg Toyota Motor Corp. is making the largest ever bet by an automaker on ride hailing as it embraces new businesses that threaten to disrupt the industry’s traditional model of vehicle ownership. The world’s most profitable car manufacturer is investing $1 billion in Singapore’s Grab Holdings Inc., valuing Southeast Asia’s largest car-hailing service at just over $10 billion, according to ...

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• 13 June

  Shanghvi gets reprieve as FDA clears Sun Pharma’s key plant

  

  Bloomberg Sun Pharmaceutical Industries Ltd. shares extended a rally after US regulators lifted sanctions on a key plant, clearing the way for India’s biggest drugmaker to renew product launches from the facility after a two and a half year ban. The US Food and Drug Administration has closed its inspection of the Halol plant after the issues contained in a ...

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• 13 June

  Progress on global trade may unravel: Singapore

  Bloomberg Global trade faces greater uncertainty and there’s a risk progress that’s been made on commerce may unravel because of dispute between China and the US, Singapore Deputy Prime Minister Tharman Shanmugaratnam said. The relationship between the world’s two largest economies will be the most important in defining the future of global economics and trade, Shanmugaratnam said at a briefing ...

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• 13 June

  India’s copper imports to rise on Vedanta plant closure

  

  Bloomberg Copper imports by India are about to rise fourfold as the shuttering of a huge smelter in the south of the country slashes local supply at a time when demand is starting to accelerate, according to Care Ratings Ltd. Overseas purchases of refined metal are set to climb to 170,000 metric tons in the year through March from about ...

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• 13 June

  Trainer of North Korean entrepreneurs says change to be slow

  

  Bloomberg In 2016, Geoffrey See was jolted awake on a flight run by North Korea’s national carrier as smoke swirled through the cabin. Passengers sensed that the aircraft was descending rapidly, yet their panic was met with preternatural calm by a crew who insisted nothing was amiss. The travellers sat in white-knuckled fear as the plane made an emergency landing. ...

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• 13 June

  AT&T’s court victory a setback for US merger enforcement

  

  Bloomberg AT&T Inc.’s sweeping court victory allowing its takeover of Time Warner Inc. delivers a sharp setback to the Justice Department’s new approach to policing mergers under President Donald Trump and promises to spark a merger wave across industries. The federal judge’s decision raises the bar for the government’s ability to challenge deals between companies that don’t compete directly. That ...

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