September, 2017

• 12 September

  UK offshore wind costs fall below new nuclear plants

  

  Bloomberg The cost of generating electricity from offshore wind farms fell sharply in the UK to below the price the next nuclear reactors will charge, making the form of clean energy one of the cheapest ways to supply the grid. In a government auction that handed out power-purchase contracts worth 176 million pounds ($232 million) a year, all of the ...

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• 12 September

  Flood-hit India’s oil demand falls to a 14-year low

  

  Bloomberg India’s oil consumption in August shrank 6.1 percent, the most since April 2003, as floods ravaged several parts of the country curbing demand for diesel and gasoline. The world’s fastest growing oil consumer used 15.75 million tons of fuels in August, compared with 16.78 million tons a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell. ...

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• 12 September

  OPEC sees higher 2018 oil demand, trims output

  

  AGENCIES OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per ...

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• 12 September

  Oil steadies near $48 as US refiners return after storms

  Bloomberg Oil steadied near $48 a barrel as refiners on the US Gulf Coast continued to recover following two strikes from Hurricane Harvey, while Irma weakened further after moving inland. Futures slipped 0.5 percent in New York after rising 1.2 percent. US refiners closed by Hurricane Harvey more than two weeks ago continue to restart, including the nation’s largest, operated ...

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• 12 September

  Tribal clashes, political void hit oil installations in Iraq’s south region

  

  BASRA / BAGHDAD / Reuters Worsening clashes among tribes and a political void is threatening security at oil installations in Iraq’s main southern oil producing region, officials and security sources said. Iraq has concentrated security forces in the north and west of the OPEC oil producer in the biggest campaign since the US-led invasion in 2003 to retake territory lost ...

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• 12 September

  Bahrain could offer premiums to issue multi-tranche bond

  DUBAI / Reuters The government of Bahrain is expected to offer investors significant premiums over its outstanding debt when it issues bonds this week because of growing concern over its finances in an era of cheap oil, portfolio managers said. A triple-tranche issue may follow, including a long seven-year sukuk issue maturing in 2025, a 12-year conventional bond and, subject ...

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• 12 September

  Amazon China hiring signals ambitions in Alibaba battle

  

  Bloomberg Amazon.com Inc. is hiring by the hundreds in China to fill jobs ranging from internet software engineers to designers for Alexa, positioning the company to recoup some of the market share it lost to Alibaba Group Holding Ltd. in the world’s largest online shopping arena. The online retail giant lists almost 400 Chinese-based openings on its careers website and ...

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• 12 September

  Chinese property buyer Cindat to join $660mn QHotels deal

  

  Bloomberg China’s Cindat Capital Management is joining an acquisition of QHotels Group valuing the UK hospitality company at more than $660 million, people with knowledge of the matter said. Cindat, which focuses on overseas property deals, is negotiating a joint purchase of QHotels with UK investment firm Aprirose, according to the people, who asked not to be identified because the ...

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• 12 September

  China’s latest crackdown on message groups chills WeChat users

  

  Bloomberg Self-censorship is kicking in fast on WeChat as China’s new rules on message groups casts a chill among the 963 million users of Tencent Holdings Ltd.’s social network. Regulations released on September 7 made creators of online groups responsible for managing information within their forums and the behaviour of members. While they don’t take effect until October, authorities have ...

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• 12 September

  Owner of China’s biggest Ponzi scheme firm sentenced to life in jail

  

  Bloomberg A Beijing court has sentenced the owner of the firm behind China’s biggest online lending fraud to life in prison. Ding Ning, the chairman of Yucheng Group, was also fined $15 million for fundraising fraud, smuggling precious metals, and owning guns illegally, according to a judgment handed down by the Beijing First Intermediate People’s Court on Tuesday. Yucheng ultimately ...

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