June, 2017

• 11 June

  Iraq seeks to triple refining capacity with slew of projects

  Bloomberg Iraq, the world’s third-biggest crude exporter, plans to triple refining capacity by 2021 to shake off its reliance on refined-product imports. Processing capacity will increase to 1.5 million barrels a day from just over 500,000 now, not including Iraq’s semi-autonomous Kurdish region, Deputy Oil Minister Fayyad Al-Nima said in an interview in Baghdad. The country spends more than $2 ...

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• 11 June

  Oil market abandons 2017 re-balancing hope as contango returns

  

  Bloomberg The oil market has all but abandoned the hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year. The return of a deep contango — when oil prices for immediate delivery are lower than forward contracts — comes days after several Wall Street banks ...

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• 11 June

  Thailand to target Facebook profits over illegal content

  

  Bloomberg Thai regulators plan to impose financial penalties on Facebook Inc. and other compa- nies with video-sharing platforms if they fail to swiftly remove what they deem to be illegal content. The new framework would give authorities the power to immediately demand the removal of offensive material without waiting for a court order, Colonel Natee Sukonrat, vice chairman of the ...

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• 11 June

  Ofo seeks $3bn valuation in China funding wars

  

  Bloomberg Chinese bike-rental startup Ofo is aiming to raise new funds at a valuation of about $3 billion, people familiar with the deal say, further inflaming an already pitched competition for capital by startups backed by the country’s largest technology firms. The company is seeking roughly $500 million, one of the people said, asking not to be named discussing an ...

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• 11 June

  India power plants stranded as 50mn homes left in the dark

  Bloomberg India is scaling back expectations for power demand growth as it struggles to electrify millions of homes despite a glut in generation capacity. The world’s second-most populous nation is building more power plants than it can utilize as state-level distributors struggle to connect 50 million households, according to Ravindra Kumar Verma, head of the Central Electricity Authority, the power ...

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• 11 June

  Jack Ma sees net worth soar $2.8bn in a day

  Bloomberg Jack Ma’s net worth surged $2.8 billion overnight as Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s estimate, despite China’s decelerating economy. Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed $8.5 billion this year to $41.8 billion. The ...

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• 11 June

  Google execs hunker down for summer fight as EU fines loom

  

  Bloomberg As European Union officials count the days before their annual vacation, Google’s lawyers and lobbyists are hunkering down in Brussels, preparing for what may be a record EU antitrust fine. A penalty in the shopping-search probe could come within weeks and many expect it to exceed a $1.2 billion fine on Intel Corp. in 2009. That would be another ...

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• 11 June

  ‘Cobalt rally far from over’

  

  Bloomberg Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group S.a.r.l., which is developing an almost $1 billion project in the Democratic Republic of Congo. Cobalt jumped 71 percent this year on surging demand for the metal used in batteries for electric cars made by firms such as Tesla ...

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• 11 June

  Healthcare propels Stockholm’s First North as Promore plans listing

  

  Bloomberg The number of fresh listings on Nasdaq Inc.’s alternative First North market in Stockholm has more than doubled this year, driven by health-care companies such as Promore Pharma, the latest from that industry to plan an initial public offering. Stockholm’s First North market saw 27 new listings, including 20 IPOs, between early January and May 22, according to data ...

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• 11 June

  UK political chaos intensifies as no DUP deal reached yet

  

  Bloomberg Prime Minister Theresa May’s office backtracked on a statement that a deal was reached with Northern Ireland’s Democratic Unionist Party, adding to a sense of chaos around her government after last week’s disastrous election, and eight days before Brexit talks begin. “The prime minister has tonight spoken with the DUP to discuss finalizing a confidence and supply deal when ...

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