September, 2017

• 9 September

  Hurricane Irma may inflict $200bn damage to US

  

  Bloomberg Hurricane Irma headed for an all-but-certain collision with southern Florida after devastating the Caribbean islands and swiping at Cuba as it threatens to become the most expensive storm in US history. While top winds dropped to 130 miles (209 kilometres) an hour, the life-threatening storm’s swollen size means most of Florida will face hurricane-force winds as it cuts a ...

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• 9 September

  Angela Merkel cites trust problem at carmakers

  

  Bloomberg Angela Merkel, running for a fourth term as chancellor in Germany’s September 24 election, reiterated that her nation’s auto sector has “seen a great loss of trust” and needs to atone for past mistakes. Speaking on her weekly podcast on Saturday, Merkel said the industry is in a period of rapid change, and “modern drive technology is, of course, ...

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• 9 September

  UK’s bid to retain Euro clearing after Brexit gains EU allies

  

  Bloomberg The UK has gained potential allies in its bid to hold on to the business of clearing euro-denominated derivatives after Brexit. Sweden said a European Union proposal to allow authorities to force the biggest foreign derivatives-clearing firms to set up shop in the bloc could prove excessive, according to an earlier document that summarises the positions of 10 national ...

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• 9 September

  Zuckerberg to testify in lawsuit over voting rights

  

  Bloomberg Mark Zuckerberg is heading back to court. Facebook Inc.’s chief executive officer is expected to testify later this month in a shareholder lawsuit over voting power, according to a person familiar with the plans. The trial, set to start on September 26, will explore whether the board had shareholder interests in mind when it approved a new class of ...

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• 9 September

  Uber Tech faces FBI probe in NY as compliance chief exits

  

  Bloomberg Uber Technologies Inc. is under investigation by federal authorities in New York for its alleged use of a spyware programme designed to undermine competition for its digital ride-hailing service, according to people familiar with the matter. The executive charged with making sure Uber follows the law, Global Head of Compliance Joseph Spiegler, resigned last week after a year and ...

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• 9 September

  China deepens oil ties with Russia in $9bn deal

  

  Bloomberg A closely-held Chinese oil company agreed to buy a minority stake in Rosneft PJSC for about $9 billion, deepening energy and political ties with Russia amid increasing tensions with the US. The deal sees Glencore Plc and Qatar’s sovereign wealth fund selling most of their holding in Russia’s biggest crude producer, which they acquired to much fanfare in December. ...

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• 9 September

  Saudi to cut crude allocations in October by 350,000 bpd

  

  DUBA / Reuters Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy told Reuters. The cuts in allocations are in line with Saudi Arabia’s commitments to the OPEC-led supply reduction pact, under which the top oil exporter is required to cut 486,000 ...

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• 9 September

  Saudi Aramco IPO on track as Riyadh redrafts key economic reform plan

  

  Bloomberg Plans to sell a stake in Saudi Arabian Oil Co. are “well underway,” the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programs. The government’s privatization program “continues to gain traction,” the Ministry of Culture and Information said in a statement. Officials have said the kingdom plans ...

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• 9 September

  Oil tumbles as Irma imperils demand in gasoline-thirsty Florida

  

  Bloomberg Oil declined the most since July as Hurricane Irma threatened to slash energy demand that had only just begun to recover from the wrath of Harvey. Futures slid 3.3% in New York. While Valero Energy Corp. and other refiners resumed fuel production after Harvey roared ashore two weeks ago, demand for gasoline and other transportation fuels may falter across ...

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• 9 September

  Kazakhstan may strike separate deal with OPEC on oil output curbs

  

  ASTANA / Reuters Kazakhstan is aiming for a standalone deal with leading global oil producers on restraining its crude production due to a need to crank up output at its Kashagan field, a Kazakh official said. The Central Asian nation increased oil and gas condensate output by 9.9 percent in January-July to 49.907 million tonnes, or 1.724 million barrels per ...

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