July, 2017

• 11 July

  Pemex hires Hogan Lovells to audit contracts

  

  Bloomberg Petroleos Mexicanos has hired the same legal representation used by Brazilian utility Eletrobras to audit its contracts with Odebrecht SA and affiliate Braskem SA amid an ongoing investigation into those two companies by the US Department of Justice. Hogan Lovells US LLP, which for the past two years has been leading an internal audit of state-owned Eletrobras related to ...

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• 11 July

  OPEC caps for Libya, Nigeria wouldn’t fix global glut

  

  Bloomberg A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn’t be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track. The two African nations — exempt from the supply curbs agreed last year due to internal strife — have added enough production in the last two ...

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• 11 July

  Businesses cast doubt on UK-US post-Brexit trade deal

  

  Bloomberg The transatlantic trade deal US President Donald Trump is offering UK Prime Minister Theresa May will ultimately prove easy to promise and hard to deliver. That’s the warning of business leaders and trade analysts after Trump told May last week that the post-Brexit accord she hankers after can be lined up “very, very quickly.” The challenge for the UK ...

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• 11 July

  Google faces $1.3bn French ruling amid rising tax populism

  

  Bloomberg Google will find out this week if it owes 1.12 billion euros ($1.3 billion) in back taxes to France, just days after it was slapped with a record antitrust fine by the European Union. Paris judges are set to rule as soon as Wednesday whether Alphabet Inc.’s Google illegally dodged French taxes by routing sales in the country out ...

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• 11 July

  Syngenta CEO sees dual listing in Europe, US

  

  Bloomberg Syngenta AG, the Swiss pesticide maker acquired by China National Chemical Corp. for $43 billion, is considering bourses in Europe and the US as possible locations for a re-listing of shares in about five years. “I would not be surprised if it was a combination of Europe and the US, as we were before,” Syngenta Chief Executive Officer Erik ...

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• 11 July

  Siemens vows legal action after turbines turn up in Crimea

  

  Bloomberg Siemens AG scrambled to reverse a transaction with a Russian partner to try to save face after gas turbines from one of the biggest German investors in Russia’s economy turned up in the annexed region of Crimea, flouting European Union sanctions. At least two of four turbines manufactured by Siemens for Technopromexport JSC for an electricity project in Taman, ...

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• 11 July

  Tesla seen emerging as winner in US e-car race

  

  Bloomberg More than a dozen automakers are jostling to lead the US electric-car race, but Bloomberg New Energy Finance sees a clear winner separating from the pack: Tesla Inc. The automaker led by Chief Executive Officer Elon Musk will emerge as “the stand-out” in total cumulative deliveries through 2021, reaching almost 709,000 vehicles, according to BNEF’s Long-Term Electric Vehicle Outlook. ...

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• 11 July

  Is the next recession being postponed?

  

  This is not your father’s inflation — and that’s good news. Business cycles often end when higher inflation causes a country’s central bank (the Federal Reserve in the United States) to raise interest rates, slowing the economy and, perhaps, triggering a recession. The good news: The next recession may be delayed, because the Phillips Curve has shifted. The Phillips Curve ...

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• 11 July

  Xiaomi’s rebound portends a return to capital markets

  

  Growth is back at Xiaomi Corp. After suffering some pretty brutal quarters at the hands of compatriot competitors and a weakening global smartphone market, the Chinese startup trumpeted its return last week at an all-hands staff meeting. Shipments in the second quarter climbed 70% from the prior three-month period to 23.16 million handsets, founder Lei Jun said in a statement ...

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• 11 July

  Let your taxidermist cross state lines

  The freedom to move in pursuit of opportunity is a basic — and constitutionally protected — American value. Yet it’s a value in decline. American workers are half as likely to relocate to another state as previous generations. Lower mobility may be one reason why job openings in the U.S. are at an all-time high. The country’s irrationally restrictive system ...

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