August, 2017

• 29 August

  Full tanks may ease risk of fuel crisis from Harvey

  

  Bloomberg ­­­­­­­­­­­­­­­ As devastating as the flooding has been for oil refiners in the US Gulf Coast, surplus fuel inventories may help the industry withstand the worst storm to hit the country in more than a decade. Deluges from Tropical Storm Harvey have turned Houston’s busiest highways into canals of standing water and displaced thousands of people and livestock. The ...

  Read More »
• 29 August

  Iraq mulls new reference oil price for sales in Asia

  

  Bloomberg OPEC’s second-largest producer is stepping up the campaign to get more for its oil by looking to revamp the way it sells crude to its biggest customers. Iraq is considering plans to use a new reference price for sales to Asia, according to traders, who received a notice from the state oil company SOMO. The producer is proposing to ...

  Read More »
• 29 August

  China’s $1 trillion power industry overhaul is ‘just the beginning’

  

  Bloomberg China’s move to create the world’s biggest power company is expected to be the first such government-managed mega-merger by the largest energy consumer. The newly created China Energy Investment Corp. — a combination of Shenhua Group Corp., the nation’s largest coal miner, and China Guodian Corp., one of its top-five power generators — may be the first of multiple ...

  Read More »
• 29 August

  Denmark waves goodbye to oil industry

  

  Bloomberg In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep. Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA. The $7.45 billion deal is ...

  Read More »
• 29 August

  ‘Biofuels fight to persist’

  

  Bloomberg Billionaire Carl Icahn says an oil industry push for structural change to the US biofuels mandate will persist, raising the prospect of legal action, even if the Environmental Protection Agency denies refiner requests. Independent oil refiners have no plans to abandon their view that the current structure of the Renewable Fuel Standard is flawed, Icahn said in an interview, ...

  Read More »
• 29 August

  Renault-Nissan expands electric push in China market

  

  Bloomberg The Renault-Nissan alliance is expanding its push into China, teaming up with Dongfeng Motor Group Co. on its first locally designed electric vehicle as emissions rules tighten in the world’s largest car market. Renault SA, Nissan Motor Co. and Dongfeng established a joint venture to develop a battery-powered model based on a small sport utility vehicle platform developed by ...

  Read More »
• 29 August

  CK Hutchison unit receives $1.2bn tax notice from India

  

  Bloomberg A unit of billionaire Li Ka-shing’s CK Hutchison Holdings Ltd. received a formal 79 billion rupee ($1.2 billion) tax bill from India over the company’s sale of its mobile-phone business in the country to a Vodafone Group Plc unit a decade ago. CK’s Hutchison Telecommunications International Ltd. received the penalty order from the Indian Tax Authorities on August 9, ...

  Read More »
• 29 August

  Uber insures 450,000 Indian drivers for free

  

  Bloomberg Uber Technologies Inc. rolled out a free insurance programme for more than 450,000 drivers registered on its ride-hailing app in India to attract more drivers. The San Francisco-based company, which this week chose a new chief executive officer, said that it’s teaming up with ICICI Lombard General Insurance Co., the South Asian country’s largest private non-life insurer, to cover ...

  Read More »
• 29 August

  Singapore’s home sales surge even as foreign demand subdued

  

  Bloomberg After years of declines, Singapore’s home sales are on a roll, even as purchases by foreign buyers have remained muted. Stringent stamp duties levied by the government have had the intended effect of damping speculative foreign demand, with foreign buyers accounting for just 6 percent of purchases in the first half, data from Cushman & Wakefield show. That compares ...

  Read More »
• 29 August

  Chinese developer Greenland discloses overdue debt

  Bloomberg Greenland Holdings Corp., China’s fourth-biggest developer by property sales, said it had overdue loans of $69.2 million in some units in the northeast province of Liaoning at the end of June, underscoring concerns about the company’s debt problems. Companies under Greenland’s unit in Liaoning had overdue short-term debt of 247.5 million yuan, as well as 210 million yuan in ...

  Read More »