May, 2017

• 10 May

  Saudi signals first oil supply cut to Asian customers

    TOKYO / Reuters Saudi Arabia, the world’s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its ...

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• 10 May

  Shell proposes adding Russian oil to Brent benchmark

  

    LONDON / Reuters Royal Dutch Shell on Wednesday urged oil pricing agency S&P Global Platts to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process. The suggestion marks a shift from two years ago when Shell said adding Urals would not be “worth the trouble”. ...

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• 10 May

  SEC swings to profit after municipality fee exemption

    DUBAI / Reuters Saudi Electricity Co (SEC) swung to a first-quarter profit on Wednesday after a royal decree exempted the Gulf’s largest utility firm from municipality fees. The company, which the government is aiming to restructure to improve efficiency, made a profit of 4.94 billion riyals in the three months to March 31, a bourse statement said. This compares ...

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• 10 May

  Silk Road lure stokes Chinese demand for Sri Lanka’s bonds

  

    Bloomberg A surge in demand for Sri Lanka’s latest dollar bond is putting a spotlight on the appetite for emerging-market securities, even amid the Federal Reserve’s tighte- ning campaign. The small South Asian country garnered more than $11 billion of orders for the $1.5 billion of 10-year notes it sold last week, marking a quadrupling in demand compared with ...

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• 10 May

  SoftBank invested $5bn in Didi’s record funding round

  

    Bloomberg SoftBank Group Corp. has contributed $5 billion to last month’s record $5.5 billion fundraising by Chinese ride-hailing giant Didi Chuxing. SoftBank Group Capital Ltd., an investment arm of Masayoshi Son’s technology empire, contributed $2 billion to last month’s record fundraising by Chinese ride-hailing giant Didi Chuxing. SBGC invested the money in Xiaoju Kuaizhi Inc., the formal name for ...

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• 10 May

  Gold imports by India rises four-fold in April

  

    Bloomberg Gold imports by India gained more than four-fold in April driven by jewelers restocking in anticipation of a recovery in sales during the wedding season that will last till mid-June. Shipments rose to 98.3 metric tons last month from 22.2 tons a year earlier, according to a person familiar with provisional data from the finance ministry, who asked ...

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• 10 May

  Hyundai Heavy breakup paves way for more deals

  

    Bloomberg The world’s second-largest shipbuilder has split itself into four companies, a move that would facilitate a potential sale of some of the businesses. Hyundai Heavy Industries Co. started trading as four entities on Wednesday as the conglomerate tries to insulate the group from a financial crisis at any one of its divisions. The breakup splits the operations into ...

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• 10 May

  China factory price gains more sluggish that forecasts

  

    Bloomberg China’s producer price gains slowed more than expected in April, adding to signs of a potential easing of global reflation fueled by the world’s second-largest economy. Producer price index rose 6.4 percent from a year earlier, versus a 6.7 percent Bloomberg survey estimate and 7.6 percent gain in March. Consumer price index climbed 1.2 percent, versus 0.9 percent ...

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• 10 May

  China’s belt-road plan may top $500bn

    Bloomberg China could pour more than half a trillion dollars into its Belt and Road Initiative, and the push for greater global influence looks even more promising with US President Donald Trump pulling back from engagement, according to Credit Suisse Group AG. The plan could funnel investments worth $313 billion to $502 billion into 62 Belt-Road countries over the ...

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• 10 May

  Canada’s largest gas-station owner may set sights on US

  

    Bloomberg In the past five years, Parkland Fuel Corp. has more than tripled its market value by snapping up gas stations, propane distributors and other types of fuel sellers across Canada. Its next wave of acquisitions may be in the US. Since Chief Executive Officer Bob Espey took the helm in 2011, Parkland has struck 18 deals valued at ...

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