July, 2017

• 18 July

  Oil trades near $46 as Libya’s crude output recovery continues

  

  Bloomberg Oil traded near $46 a barrel as crude production rebounded in Libya, an OPEC member exempt from output curbs. Futures gained 0.3 percent in New York after sliding 1.1 percent on Monday. Libya has increased output to 1.1 million barrels a day, according to a person familiar with the matter. The country will attend a meeting with some OPEC ...

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• 18 July

  Vitol Group drops plan to buy Gupta stake in South African coal terminal

  

  Bloomberg Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by South Africa’s Gupta family. “The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the commodities-trading house said in a statement. The proposed deal, first reported ...

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• 18 July

  Petronet eyes 2019 rescue for nearly idle $700 million India LNG plant

  

  Bloomberg Petronet LNG Ltd. sees a lifeline arriving for its loss-making Kochi liquefied natural gas import terminal by 2019 after it boosts capacity use fourfold. The only LNG terminal in southern India is operating at about 10 percent of its 5 million-ton-a-year capacity, according to Finance Director R.K. Garg. Capacity use may increase to 2 million tons annually after a ...

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• 18 July

  Respite for oil as bears give summer optimism a chance

  

  Bloomberg Oil skeptics are letting a little sunshine in. After the worst June for oil in six years, hedge-fund bets on declining West Texas Intermediate retreated. That made room for futures to rebound more than 5 percent last week on optimism that the summer will finally boost demand for crude and gasoline. “The market is starting to recognize that demand ...

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• 18 July

  Three Gorges leads bidder for $1bn hydro plant in Peru

  Bloomberg China Three Gorges Corp., a state-owned electricity producer, has emerged as the leading bidder for Odebrecht SA’s Chaglla hydropower plant in Peru, according to people with knowledge of the matter. Odebrecht aims to reach a deal with the Beijing-based company in the next few weeks on the sale of the 456-megawatt power plant, the people said, asking not to ...

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• 18 July

  US aims to cut trade deficits through Nafta revamp: Trump

  

  Bloomberg President Donald Trump said the US wants to reduce trade imbala-nces with Mexico and Canada and boost exports of everything from farm goods to financial services as it prepares to kick off talks to revamp the North American Free Trade Agreement. The office of Trump’s top trade negotiator released the administration’s list of negotiating objectives for talks with Mexico ...

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• 18 July

  Ericsson speeds cost cuts as turnaround proves challenging

  

  Bloomberg Ericsson AB cautioned that turning around the beleaguered phone-equipment maker will require even steeper cost cuts, testing the patience of investors who sent the stock tumbling the most this year. Ericsson fell as much as 11 percent to 54 kronor in Stockholm after the company posted a second-quarter loss and warned that a faltering market amid technology shifts could ...

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• 18 July

  Brexit uncertainty to hit UK housing market

  

  Bloomberg The UK housing market will cool this year as uncertainty around Brexit hits the economy, according to PricewaterhouseCoopers LLP. Home-price inflation will slow to 3.7 percent from 7 percent in 2016, and London will be the most severely impacted, PwC said in a report published Tuesday. The changes reflect the wider economic picture as inflation and Brexit take their ...

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• 18 July

  Oracle to add 1,000 employees in its European cloud push

  Bloomberg Oracle Corp. is hiring 1,000 employees in Europe, the Middle East and Africa as it expands its cloud computing services in the region. The company is looking for workers with between two to six years of experience to staff sales, management, finance, recruitment, marketing and human resources roles for its cloud computing service, Oracle said on Tuesday. The Redwood, ...

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• 18 July

  Mahindra boosts US investment as it braces for visa cuts

  

  Bloomberg Mahindra, the Indian cars-to-technology conglomerate, plans to boost US investment as it prepares for the prospect that President Donald Trump will cut quotas for the H-1B visas needed to service clients at its outsourcing business. US investment and employment will be doubled in five years, said Pawan Goenka, managing director at automaker Mahindra & Mahindra Ltd. Mahindra has already ...

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