September, 2017

• 3 September

  Amazon may cut Whole Foods prices more to beat Wal-Mart

  

  Bloomberg Jeff Bezos will have to trade in his potato peeler for a meat cleaver if he wants to fight a price war with Wal-Mart Stores Inc., his biggest grocery competitor. Despite price reductions on kale, bananas and more after Amazon.com Inc. officially took control of Whole Foods recently, the grocer has long touted the superior quality of its food ...

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• 3 September

  Gasoline surges as traders eye Harvey impact on energy assets

  

  Bloomberg Gasoline climbed to the highest level in more than two years as traders assess how quickly key Gulf Coast refineries and pipel- ines are able to return to service following Harvey. Motor-fuel prices jumped 13.5 percent in New York. Harvey has shuttered about 23 percent of US refining capacity since its first landfall on the Texas coast as a ...

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• 3 September

  Vestas expects a rebound in Brazil

  

  Bloomberg Vestas Wind Systems A/S expects demand for wind power to rebound in Brazil, after a slowdown in Latin America’s top market prompted the turbine supplier to focus more attention elsewhere in the region. “I see Brazil coming back in the next year,” said Marco Graziano, president at Vestas Mediterranean. “You’ve got to be patient.” The world’s biggest turbine supplier ...

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• 3 September

  Asia VLCC rates continue to sink on tonnage oversupply

  

  Reuters Freight rates for very large crude carriers (VLCCs) on Asian routes continue to sink on a glut of available tonnage as owners wait for supply disruptions caused by Hurricane Harvey to help support the market, brokers said. Charter rates for VLCCs from the Middle East have fallen to around 36 on the Worldscale measure. “In terms of VLCCs we’ve ...

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• 3 September

  Eskom to sign power deals by October-end

  

  Bloomberg South Africa’s state-owned electricity utility will sign delayed power-purchase agreements with independent producers by the end of October, but not before pricing on the deals is renegotiated, Energy Minister Mmamoloko Kubayi said. Eskom Holdings SOC Ltd. is expected to conclude agreements for 26 projects, Kubayi said in Pretoria. The power company stalled for more than a year on the ...

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• 3 September

  Government owes Egbin power plant $352mn

  

  Bloomberg Nigeria’s Egbin power plant, the biggest in Africa’s most-populous nation, is owed 125 billion naira ($352 million) by the government and half of its output is wasted because of inadequate transmission infrastructure, its chief officer said. Out of the roughly 1,300 megawatts currently generated by the facility’s six units, which is close to full capacity, some 700 megawatts are ...

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• 3 September

  Honda to pay $484 million in air bag malfunction settlement

  

  Bloomberg Honda Motor Co. agreed to pay $484 million to settle economic-loss claims tied to Takata Corp. air bag recalls, bringing total settlements over the faulty safety devices to more than $1 billion. The agreement will provide for faster replacement of recalled air bags and reimburse customers for out-of-pocket costs. The Honda deal follows a $533 million settlement with four ...

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• 3 September

  Vietnam to make own cars; Vingroup to invest $3.5 billion

  

  Bloomberg Vietnam wants to design and make cars for its 90 million motorbike and scooter riders. The country’s largest real-estate company Vingroup JSC said it plans to invest up to $3.5 billion to set up a manufacturing and research and development complex, aiming to roll out the first car in 24 months. The Hanoi-based developer will break ground on the ...

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• 3 September

  Indian billionaire KM Birla to weigh Constellium, Aleris bids

  Bloomberg Indian billionaire Kumar Mangalam Birla is evaluating possible bids for Constellium NV and Aleris Corp. as his conglomerate seeks to grow its aluminum operations overseas, people with knowledge of the matter said. Deliberations are at an early stage, and Aditya Birla Group hasn’t yet decided whether to proceed with an offer for either business, according to the people. The ...

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• 3 September

  Harvey’s roar rumbles half a world away as LPG in Asia jumps

  

  Bloomberg Asian buyers of liquefied petroleum gas are already paying for disruptions half a world away in Texas as record rainfall halted shipments of propane and butane from ports that handle more than 90 percent of US exports to the region. Marine export terminals operated by Enterprise Products Partners LP, Targa Resources Inc. and Phillips 66, all suppliers of the ...

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