July, 2017

• 19 July

  Top oil buyer’s demand in peril as OPEC wrestles over output

  

  Bloomberg Oil bulls grappling with OPEC’s weakened resolve to curb output are also having to worry about waning demand in the world’s biggest buyer of overseas crude. State-run China Petroleum & Chemical Corp., the globe’s largest oil refiner, will process about 1 million metric tons a month less than previously planned over June to August, according to people with knowledge ...

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• 19 July

  Oil steadies amid mixed signals on US crude inventories

  

  Bloomberg Oil was steady amid mixed signals on US crude invento-ries, with industry data showing supplies increased last week while government statistics were expected to indicate a decline. Futures were little changed in New York after adding 0.8 percent. US inventories rose by 1.63 million barrels last week, according to people familiar with the API data. That contrasts with a ...

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• 19 July

  Libya’s rising output a challenge for OPEC, Russia

  

  Bloomberg Libya’s rebounding oil output is undermining the supply curbs masterminded by Saudi Arabia and Russia. But any pleas for the OPEC member to exercise restraint will probably be resisted by the technocrat overseeing the North African nation’s turnaround. Production has climbed to a four-year high of 1.1 million barrels a day, with Libya adding output since April that’s equivalent ...

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• 19 July

  Gas lobbies for attention as Perry aims to aid coal

  

  Bloomberg As Energy Secretary Rick Perry considers whether the US should do more keep coal and nuclear power plants online, natural gas producers are trying to ensure they aren’t left in the dark. Lobbyists for the natural gas industry are telling the administration their fuel is just as reliable as coal or nuclear, and that gas-fueled plants have the added ...

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• 19 July

  NRG Energy sees buyers circling for renewables unit

  

  Bloomberg NRG Energy Inc. says buyers are hungry for the company’s renewable-energy business as the power generator looks to cut debt and sell assets under pressure from billionaire investor Paul Singer. Almost a week after the largest US independent power producer disclosed that it’s looking to slim down, the company is seeing “robust engagement from a variety of potential co-sponsors ...

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• 19 July

  India’s blue sky pledge gives power to country’s green bonds

  

  Bloomberg Green bonds issued by Indian companies are gathering pace as the country’s ambitious target for renewable energy fuels interest from investors. Renewable energy developer Greenko Energy Holdings raised $1 billion earlier this week, making it the largest corporate green bond issuer in Asia, Bloomberg data shows. It beat MTR Corp.’s $600 million issue in November. Green bonds from India ...

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• 19 July

  Asia trade talks seek to hammer out deal on ‘sticky issues’

  

  Bloomberg A meeting of 16 nations in India on a mega Asia trade pact is happening in the shadow of elevated border tensions between India and China, a wrinkle that could further slow progress on the deal. Trade officials gathered in the southern city of Hyderabad are seeking to hammer out agreement on sticky issues like the free movement of ...

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• 19 July

  Evergrande has ally against shorts as Lau invests $1bn

  Bloomberg Turns out China Evergrande Group, the indebted developer which earlier this year fought off short sellers, had a hidden ally. Chinese Estates Holdings Ltd., the company controlled by Hong Kong billionaire Joseph Lau and his family, bought HK$8.1 billion ($1 billion) worth of Evergrande shares since April, Lau’s firm revealed on Wednesday as it announced its interest had passed ...

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• 19 July

  Canada to end tax loophole used by doctors, lawyers

  

  Bloomberg Finance Minister Bill Morneau is proposing tax changes that would close loopholes often used by doctors and lawyers to reduce their tax burden, part of the Canadian government’s pledge to level the playing field for middle-income earners. In an Ottawa press conference, Morneau detailed the proposals reported by Bloomberg that were billed as ensuring “fairness for the middle class.” ...

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• 19 July

  IBM misses revenue estimates as cloud services unit falters

  

  Bloomberg IBM missed estimates for quarterly revenue, with sales in a key unit declining for the second consecutive period, further extending Chief Executive Officer Ginni Rometty’s turnaround plan into its fifth year without significant progress. Sales in the company’s technology services and cloud platforms segment dropped 5.1 percent from the same period a year earlier, even though executives had said ...

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