January, 2018

• 7 January

  Saudi to provide Oman with rare grant to develop port hub

  

  Bloomberg Oman has accepted an amount of $210 million grant from Saudi Arabia to fund two projects at its flagship Arabian Sea port of Duqm, a rare agreement between two countries. The funding, which will be provided by the Saudi Development Fund, will finance a 61-million-rial ($158 million) fishing facility and a road costing 20 million rials, state-run Oman News ...

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• 7 January

  India considering 7.5 percent tariff on imported solar panels

  

  Bloomberg India, the largest buyer of solar equipment from neighbouring China, is considering a 7.5 percent tax on imported solar panels, according to government officials with knowledge of the situation. Such imports aren’t taxed now, but might be reclassified as motors, which are subject to the tariff, the officials said, asking not to be named until a final decision was ...

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• 7 January

  Forties pipeline crack under probe

  

  Bloomberg The UK Health and Safety Executive is investigating the causes of a crack in a key North Sea oil pipeline that disrupted production at more than 80 fields for weeks. While an HSE spokesman couldn’t comment further on the matter, such investigations aren’t automatically triggered. Incidents must be severe or unusual enough to meet the regulator’s criteria for a ...

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• 7 January

  Angola joins long list of oil nations in ditching dollar peg

  Bloomberg Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash four years ago. The southern African nation, an OPEC member, said this week it would let the kwanza trade within a new band. The rate at which it’s been fixed against the ...

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• 7 January

  India’s Fortis Healthcare weighs options to raise $790mn capital

  

  Bloomberg Fortis Healthcare Ltd. is seeking a cash injection of as much as 50 billion rupees ($790 million) as part of its billionaire founders’ talks to sell their stake in India’s second-largest private hospital chain, according to President Daljit Singh. Malvinder Singh and Shivinder Singh have been in talks with private equity firms for the past year to sell their ...

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• 7 January

  India’s Hindalco bids for $2.5bn US firm Aleris

  

  Bloomberg Hindalco Industries Ltd. is among potential buyers that submitted bids for US aluminum producer Aleris Corp., people with knowledge of the matter said, as Indian billionaire owner Kumar Mangalam Birla moves ahead with plans to expand his overseas operations. Mumbai-listed Hindalco made a non-binding offer through its US unit, Novelis Inc., and will now conduct due diligence, according to ...

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• 7 January

  Myanmar tourism stock rises 48% in S’pore debut

  

  Bloomberg Thousands of tourists have floated in a hot-air balloon over Myanmar’s historic Bagan plains dotted with more than 2,200 ancient Buddhist temples, pagodas and monasteries. Chances are they rode one of Memories Group Ltd.’s inflatables. The company, the largest operator of balloons in the area, rose 48 percent above its placement price in its debut session on the Singapore ...

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• 7 January

  Takata recalls 3.3 million air bags under US order

  Bloomberg Takata Corp., the parts supplier that filed for bankruptcy after sparking the largest auto recall in history, called back 3.3 million air bags as part of a US order that scheduled repairs of the potentially deadly devices over several years. The supplier identified at least 15 automakers that purchased the air bags, including Toyota Motor Corp., Honda Motor Co., ...

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• 7 January

  US urges UK to cut EU rules after Brexit for trade

  

  Bloomberg The US wants Britain to cut European Union regulations after Brexit to boost the chances of striking a free-trade deal between the two countries. If Prime Minister Theresa May ditches some EU rules on farming and food processing, “there is a much greater opportunity for trade between the UK and US,” according to Ted McKinney, undersecretary for trade at ...

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• 7 January

  Uber’s former CEO plans 29% stake sale

  Bloomberg Former Uber Technologies Inc. Chief Executive Officer Travis Kalanick, who has long boasted that he’s never sold any shares in the company he co-founded, plans to sell about 29 percent of his stake in the ride-hailing company, people with knowledge of the matter said. Kalanick stands to reap about $1.4 billion from the transaction with SoftBank Group Corp. and ...

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