May, 2017

• 20 May

  Nigeria dispute threatens Exxon local unit’s output

  

  Bloomberg Nigeria’s manager-level oil union will continue a strike indefinitely at Exxon Mobil Corp.’s local unit, threatening output after talks with the company to end the action reached an impasse, a labor official said. “The meeting broke down, and as of this morning our action has been escalated,” Gbenga Ekundayo, vice chairman of the Petroleum and Natural Gas Senior Staff ...

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• 20 May

  Gulf of Suez wind farm seeks to ‘save pelicans’ with radar

  Bloomberg The Egyptian shores of the Gulf of Suez are becoming increasingly attractive to renewable-energy investors seeking to take advantage of the area’s strong, steady winds. That’s a growing problem for the millions of pelicans, white storks, raptors and other birds that fly by every year while migrating between Eurasia and East Africa. The 200-megawatt Gulf of el Zayt wind ...

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• 20 May

  ‘Asia watching fate of Nafta amid US review’

  

  Bloomberg Asian governments are watching with some anxiety the fate of the North American Free Trade Agreement as the Trump administration kicks off a review of the pact. “All of us are keen to know whether America is committed to have an open, liberal trading environment,” Malaysian Trade Minister Mustapa Mohamed said in an interview on the sidelines of the ...

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• 20 May

  Ant Financial eyes more deals in global expansion

  Bloomberg Ant Financial, China’s largest provider of internet financial services, will continue investing in mobile-payment providers around the world to boost offshore revenue and buttress itself from rising competition and tighter regulation at home. Controlled by billionaire Jack Ma, the Hangzhou-based firm will announce more “partnerships” this year with a focus on Asia and is also “actively assessing” other markets, ...

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• 20 May

  India gold imports to drop back sharply after Q1 spike

  

  LONDON / Reuters Indian gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners’ ability to import gold dore take their toll. Full-year imports will be little changed from 2016’s 524 tonnes, gold industry-funded WGC’s managing director for India ...

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• 20 May

  Monte Paschi $9.8bn bailout plan faces ECB pushback on capital concerns

  

  Bloomberg Italy’s plan for an 8.8 billion-euro ($9.8 billion) bailout of Banca Monte dei Paschi di Siena SpA faces resistance from the European Central Bank, which is concerned the lender may struggle to maintain capital buffers as it tries to get back on its feet, according to people with knowledge of the matter. The ECB’s oversight arm has signaled that ...

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• 20 May

  Largest Indian bank records $430mn profit in Q1

  Bloomberg State Bank of India, (SBI) the country’s largest lender by assets, more than doubled fourth-quarter profit as loan growth accelerated and bad-debt provisions fell. The stock climbed to a two-year high. Net income climbed to 28.1 billion rupees ($430 million) in the three months ended March 31 from 12.6 billion rupees a year earlier, the Mumbai-based lender reported. Outstanding ...

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• 20 May

  Spanish bank lurches towards uncertain fate after loss

  

  Bloomberg Banco Popular Espanol SA’s decade-old crisis may finally be coming to a head. For years, the Spanish lender managed to hold onto a mountain of soured real-estate loans made before the global financial crisis, tapping shareholders for new capital three times in the last five years. Now, with the stock down 98 percent from its 2007 peak and a ...

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• 20 May

  S&P lifts Indonesia’s ratings to investment grade

  

  Bloomberg S&P Global Ratings raised Indonesia’s credit rating to investment grade, bringing it in line with the other two main rating companies and paving the way for more fund inflows into Southeast Asia’s largest economy. Stocks surged to a record and the rupiah advanced. The sovereign rating was lifted to BBB- from BB+ with a stable outlook, S&P said, citing ...

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• 20 May

  East West Bank plans sale of 20% stake

  

  Bloomberg East West Banking Corp., the Philippine lender that took over some of Standard Chartered Plc’s local operations last year, plans to sell a minority stake to a strategic investor, according to people familiar with the matter. The retail-focused bank is working with an adviser to sell about a 20 percent stake, the people said, asking not to be identified ...

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