March, 2018

• 6 March

  Oil rises a second day as equity gains offset supply concerns

  

  Bloomberg Oil rose in tandem with global equity markets, shrugging off concerns over a new wave of crude production from the US as fears of a global trade war eased. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the US and other producers maintained a note of caution in the market. Oil ...

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• 6 March

  Saudi’s ex-minister dismisses concerns on future oil demand

  

  Bloomberg Saudi Arabia’s former oil minister has some advice for anyone worried about a possible drop in future demand for crude: Chill. “I would like to put everyone at ease, there are no such worries,” Ali al-Naimi said in Manama, Bahrain, when asked if he sees a threat to oil demand from climate policies and increasing use of electrical vehicles. ...

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• 6 March

  Small businesses next target for India’s solar energy goal

  

  Bloomberg Rakshith Kunder is adding more solar panels to the roofs of his warehouses. He isn’t seeking to save the planet, it’s pure economics. “Solar power costs us just a third of grid power and has also reduced our diesel backup cost,” Kunder, 33, said by phone from the city of Kota, in the southern state of Karnataka. His 3 ...

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• 6 March

  Dominican Republic to join Caribbean energy exploration rush

  

  Bloomberg The Dominican Republic expects to draw interest from energy titans BP Plc and Exxon Mobil Corp. when it opens the country to natural gas and oil exploration for the first time later this month, joining a push by governments across the Caribbean to develop energy production. The government plans to open two land blocks for oil exploration and two ...

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• 6 March

  China attempts to pull off unusual fiscal feat amid slowing economy

  

  Bloomberg China is attempting to pull off an unusual fiscal feat: Cut taxes, boost spending and shrink the deficit, all with a slowing economy. Premier Li Keqiang announced the first budget deficit goal reduction since 2012, to 2.6 percent of gross domestic product from 3 percent. He also pledged tax cuts of 800 billion yuan ($126 billion) for companies and ...

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• 6 March

  Tycoon’s India arm with $7.7 billion dues seeks bankruptcy cover

  

  Bloomberg Billionaire T. Ananda Krishnan’s Aircel Ltd. has asked an Indian court to initiate bankruptcy proceedings as it’s unable to repay about 500 billion rupees ($7.7 billion) of dues. The mobile carrier owes about 150 billion rupees to secured financial creditors and the rest to operational unsecured creditors, including those who provided it goods and services, Janak Dwarkadas, a lawyer ...

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• 6 March

  Kobe Steel chief to quit over fake data scandal

  

  Bloomberg Kobe Steel Ltd. President Hiroya Kawasaki will resign after Japan’s third-biggest steelmaker said an independent investigation into its faked data scandal found further instances of misconduct. Kawasaki, 63, will step down on April 1 and his successor will be selected in coming days, the company said. Kobe’s executive vice president and chief of its aluminum and copper unit, Akira ...

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• 6 March

  Toyota to drop diesel cars this year in Europe

  

  Bloomberg Toyota Motor Corp. announced plans to drop diesel models from its European portfolio this year even as Volkswagen, which sparked the fury over the technology, predicts a rebound. The diverging views of the world’s two largest automakers reflects the uncertainty over the future of diesel, which has faced a steady drumbeat of bad news since Volkswagen’s cheating scandal erupted ...

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• 6 March

  Smartphones nearly killed one Singapore firm, but Tesla revived it back

  

  Bloomberg The rise of the smartphone almost broke Tze-Mon Chuang’s company— Elon Musk provided its salvation. Singapore-based Memtech International Ltd. has more than doubled its market value in the past year thanks to tie-ups with the likes of Tesla Inc. The manufacturer is a key supplier to Musk’s pioneering auto company, making plastic components for its battery packs. It’s a ...

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• 6 March

  EU raises stakes for Trump with tariffs targeting GOP heartland

  

  Bloomberg The European Union is preparing punitive tariffs on iconic US brands produced in key Republican constituencies, raising political pressure on President Donald Trump to ditch his plans for taxing steel and aluminum imports. Targeting 2.8 billion euros ($3.5 billion) of American goods, the EU aims to apply a 25 percent tit-for-tat levy on a range of consumer, agricultural and ...

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