August, 2017

• 20 August

  Philippines courts China, Japan for $135 billion power push

  

  Bloomberg The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track. The Southeast Asian nation has held discussions with China, Japan, Russia and other countries about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilize its power supply as the ...

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• 20 August

  New law to allow firms register within hours in Egypt

  

  CAIRO / Reuters Egypt is hoping that long-awaited regulations approved to its new investment code will draw in fresh and needed cash from abroad as the country pushes ahead with reforms. Investment Minister Sahar Nasr told Reuters in an interview that the law could now be active within days. “Establishing (a company) will literally now take hours. It used to ...

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• 20 August

  Sempra, the ‘mystery third bidder’ for Oncor Electric

  

  Bloomberg Sempra Energy is the mystery third bidder for Oncor Electric Delivery Co. that’s competing with Warren Buffett’s Berkshire Hathaway Inc. and Paul Singer’s Elliott Management Corp., according to people familiar with the matter. San Diego-based Sempra has made a $9.3 billion offer for the Texas utility, said the people, who declined to be identified because the matter is not ...

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• 20 August

  Qatari pilgrims can change riyals, says Saudi central bank

  DUBAI / Reuters Saudi Arabia’s central bank said it had not banned trading of the Qatari riyal since Riyadh cut diplomatic ties with Doha, and said visiting Qatari citizens could exchange their currency. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport ties with Qatar on June 5, accusing Doha of backing terrorism, which Qatar denies. ...

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• 20 August

  Energy Capital, investors to buy Calpine for $5.6 billion

  

  Bloomberg Private equity firm Energy Capital Partners and a consortium of investors struck a deal to buy US power generator Calpine Corp. for $5.6 billion in cash. Calpine investors will get $15.25 a share, the Houston-based company said in a statement, 13 percent more than the closing price. Including debt, the deal is valued at more than $17 billion. The ...

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• 20 August

  Blackstone doubles down on shale boom lasting with Harvest deal

  

  Bloomberg Blackstone Group LP’s reach for $10 billion in energy assets is the firm’s latest bet that the US shale boom is just hitting its stride. The world’s largest alternative-asset manager agreed to buy Harvest Fund Advisors for an undisclosed amount, adding the firm’s 18-member team led by Eric Conklin to an investment empire that spans private equity, real estate, ...

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• 20 August

  China ups the ante against ‘overseas investment’

  

  Bloomberg China formally laid down new rules on overseas investments, making explicit its de facto campaign against “irrational” acquisitions of assets in industries ranging from real estate to hotels and entertainment. The authorities set out three categories—banned, restricted and encouraged—while backing companies to support the nation’s ambitious “Belt and Road” initiative backed by President Xi Jinping, the State Council said. ...

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• 20 August

  Infy’s ex-boss Sikka, just one of the casualties of ‘hire American’

  

  Bloomberg The resignation of Vishal Sikka as chief executive officer of India’s bellwether technology company masks the rot in India’s once feted export sector. While Sikka cited heightened acrimony with a cohort of founders at Infosys Ltd., the malaise is much deeper, and threatens to become a faultline for Asia’s No. 3 economy. Software services exports are experiencing their longest ...

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• 20 August

  JD.com’s loss widens on spending boost to drive sales

  

  Bloomberg JD.com Inc. posted a wider quarterly loss as China’s second-largest online mall boosted marketing spending to drive sales at its mid-year shopping promotion. The net loss was $74 million in the three months ended June, almost double the 252 million yuan loss of a year earlier. Second-quarter sales jumped 44 percent to 93.2 billion yuan, helped by a partnership ...

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• 20 August

  In a good year for Asia currencies, Philippine peso is unloved

  

  Bloomberg Asian emerging market currencies have been having their best year since before the 2013 taper tantrum, bolstered by pace-setting growth rates and attractive yields. But the Philippine peso has been left out of the party—ironically after it held up better than peers including Indonesia’s rupiah back in 2013. Unless things change, it’ll be a fifth straight year of declines ...

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