September, 2017

• 5 September

  Debt-limit default spells Treasuries nightmare in US

  

  Bloomberg Nobody doubts America will make good on its debts. Yet if Congress fails to lift the debt ceiling in time, what’s known as a “technical” default— one that merely delays interest and principal payments— would be on deck for the $14.1 trillion Treasury market, presenting a potentially dizzying array of complications. Bond-market industry groups aren’t waiting to see how ...

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• 5 September

  Boeing on $8.7 billion incentives for 777X jet

  

  Bloomberg Boeing Co. won a round in a long-running US trade dispute with the European Union over government backing for the planemaker and competitor Airbus SE. The World Trade Organisation’s appellate body overruled a lower-level finding that $8.7 billion in tax incentives awarded by Washington state to Chicago-based Boeing for the development of the 777X jetliner constituted the most serious ...

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• 5 September

  Shareholders approve Shoprite ex-chief’s $135mn share sale

  

  Bloomberg Shoprite Holdings Ltd. shareholders voted in favor of the purchase of about 1.75 billion rand ($135 million) of shares from former Chief Executive Officer Whitey Basson, enabling Africa’s largest food retailer to buy at a discount to the current share price. The decision enables the Cape Town-based company to buy 8.68 million shares from Basson at 201.01 rand a ...

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• 5 September

  Blackstone Group may cash out from Maldives

  

  Bloomberg Blackstone Group LP may cash out from the Maldives, the tropical island chain known for its white-sand beaches and turquoise seascapes. The buyout firm is exploring options for seaplane operator Trans Maldivian Airways Pvt, including a possible sale, after receiving takeover interest in the company, according to people with knowledge of the matter. Blackstone is working with a financial ...

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• 5 September

  Airlines’ $10 billion monthly swoon keeps wall street on edge

  

  Bloomberg US airline investors, already absorbing the worst monthly stock performance in a year, are bracing for more disappointment. A Standard & Poor’s index of the five biggest US airlines plunged 7.5 percent in August, wiping out about $10 billion in market value. Shares fell as a price war that started between United Continental Holdings Inc. and heavy discounters spread ...

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• 5 September

  India’s top oil refiner jumps on Modi’s clean energy bandwagon

  

  Bloomberg India’s top oil refiner is exploring the use of natural gas and electricity to power vehicles as Prime Minister Narendra Modi’s government envisions multiple paths towards reducing the country’s dependence on petroleum-based fuels. Indian Oil Corp., which supplies about half the oil products to the world’s fastest-growing consumer, is aiming to sell natural gas for vehicles through its existing ...

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• 5 September

  OPEC compliance with output pact on rise, says Iran

  

  LONDON / Reuters OPEC members’ compliance with the agreement to reduce output has improved in recent months, Iran’s oil minister said, noting that unofficial talks were underway among the oil producing countries to extend the cuts next year. Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd, while Russia and some other non-OPEC producers ...

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• 5 September

  Aramco raises oil pricing to Asia in sign of greater demand

  

  Bloomberg Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents ...

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• 5 September

  ‘Colonial Pipeline blocking fuel shipment after Harvey’

  Bloomberg The biggest independent refiner in US says operator of the nation’s largest gasoline pipeline is blocking its efforts to supply more fuel to East Coast in the aftermath of Harvey. Two of Valero Energy Corp.’s Gulf Coast refineries kept operating throu-ghout the storm, churning out gasoline. After US government waived fuel specifications, allowing refiners to ship winter-grade gasoline two ...

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• 5 September

  Kurdistan poised for bumper gas growth

  

  LONDON / Reuters Iraq’s Kurdistan is poised for a major increase in gas output following the settlement of a court case with developers who are now looking to unlock the full potential of the region’s large resources, investor Dana Gas told Reuters. The semi-autonomous region settled a case with the Pearl Consortium last week by paying $1 billion to its ...

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