June, 2017

• 28 June

  Shell seeks gas converts among India textile, cement plants

  

  Bloomberg Royal Dutch Shell Plc is turning to India’s textile, cement and steel factories as it seeks to expand demand for its natural gas. The Hague-based energy giant has set up a team of about six executives to identify small businesses that use dirtier fuels like coal and convince them to switch, according to Ajay Shah, a vice president with ...

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• 28 June

  Gabon seeks to reduce reliance on oil as IMF approves $642 million loan

  

  Bloomberg Gabon, OPEC’s smallest member by production, will try to reduce its reliance on oil by increasing investments in agriculture and mining as part of pledges made to win a $642 million International Monetary Fund facility, Economy Minister Regis Immongault said. Oil’s proportion of state revenue will decline to about 25 percent by mid-2020, from 30 percent currently, he said ...

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• 28 June

  Dong says German grid delay risks confidence in offshore wind

  Bloomberg The world’s biggest offshore wind developer said construction delays on key electricity cables that will take North Sea wind power to Germany’s industrial heartland risk undermining the confidence of investors in new projects. Dong Energy A/S sees delays as driving up costs of working in Germany, board member Samuel Leupold said in an interview in Berlin. Slow completion of ...

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• 28 June

  Oil’s record bearish bets prompt warning of violent rally

  

  Bloomberg On the surface, the oil market is getting worse and worse: there are now more bearish bets on benchmark Brent crude than at any time in at least six years. But to many traders, that’s a signal prices are vulnerable to a sudden, sharp rebound. Oil’s ripe for a so-called “short-covering” rally — where traders who sold contracts hoping ...

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• 28 June

  Alibaba to invest $1bn in Lazada to speed Asian drive

  

  Bloomberg Alibaba Group Holding Ltd. will invest another $1 billion to raise its stake in online mall Lazada Group SA to 83 percent, securing control of a fast-growing startup at the vanguard of its Southeast Asian expansion. The Chinese e-commerce leader is buying out most other backers in a deal that values the Singapore-based startup at $3.15 billion, Lazada CEO ...

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• 28 June

  Toshiba sues Western Digital for $1.1bn in damages

  

  Bloomberg Toshiba Corp. sued Western Digital Corp. in a Japanese court, asking for 120 billion yen ($1.1 billion) in damages and seeking to stop the US company from interfering in the sale of its chip unit, escalating a legal tussle between the companies. The litigation, filed on Wednesday in Tokyo District Court, seeks to stop Western Digital from making ownership ...

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• 28 June

  China plans coal import ban at some ports

  Bloomberg China plans to ban coal imports starting July 1 at ports that were set up through approvals by provincial authorities, the latest move by President Xi Jinping’s government to exert stricter control on the market. Ports in the world’s largest consumer of the fuel that were approved under the authority of the State Council will still be able to ...

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• 28 June

  Takata tumbles 69% as limits removed

  

  Bloomberg Takata Corp. shares tumbled as much as 69 percent to a record low as the Tokyo Stock Exchange removed daily limits on the stock’s price declines following the company’s bankruptcy protection filings in Japan and the US The stock traded at 35 yen as of 11:21 a.m. in Tokyo trading. Shares of the air-bag maker have slumped 91 percent ...

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• 28 June

  Philips to buy cardiac firm Spectranetics for $1.7bn

  

  Bloomberg Royal Philips NV’s $1.7 billion deal to buy Spectranetics Corp., a US maker of devices to treat cardiac disease, shows the Dutch company is moving more aggressively to bolster its growing health-care business. Philips will offer $38.50 a share in cash for the Colorado Springs-based company, according to a statement on Wednesday. The price is 27 percent above Spectranetics’ ...

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• 28 June

  Maersk shuts down some systems to help contain cyber attack

  

  Bloomberg A.P. Moller-Maersk A/S has shut down systems across its operations to contain a cyber attack against its computer network as it assesses the full impact. Vessels at its Maersk Line unit, the world’s largest container carrier, are maneuverable, able to communicate and its crews are safe, but the Copenhagen-based company isn’t able to accept bookings from clients. “Our portal ...

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