May, 2017

• 3 May

  Russia oil cut exceeds level demanded in OPEC-led pact

    MOSCOW / Reuters Russia’s oil production on May 1 was 300,790 barrels per day (bpd) below the level in October, meaning it has cut output by more than was demanded under a pact between OPEC and other producers, Russia’s Energy Ministry said on Wednesday. The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, pledged ...

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• 3 May

  China tries to calm investors over tough market regulations

  

    Bloomberg China is breaking out its mouthpieces — and wallet — as it seeks to soothe investors in the face of tighter financial market regulations. The central bank-run Financial News urged stock investors not to overreact to tougher regulations in front-page commentary on Wednesday. The monetary authority will prevent swings in liquidity from exceeding tolerable levels, the official Xinhua ...

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• 3 May

  Pimco warns of credit risks as Asia bond sales at record

  

    Bloomberg Raja Mukherji, head of Asia credit research at Pacific Investment Management Co., has turned less bullish on the region’s dollar bond market, as record offerings raise the risks presented by weaker borrowers. “We don’t have a table-pounding buy on Asian credit today like we did last year, especially not for high-yield bonds,’’ said Mukherji. Asia dollar bond valuations ...

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• 3 May

  India’s property developers put on notice

  

    Bloomberg India’s notoriously unreliable property developers have been put on notice: clean up your act, or you could end up in jail. Under the laws, developers have to use at least 70 percent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all ...

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• 3 May

  Sky-high asset valuations a worry for Hong Kong regulator

  

    Bloomberg Hong Kong’s Securities and Futures Commission plans to look more closely at corporate asset valuations, according to Chief Executive Officer Ashley Alder. Assets such as coal mines or residential property are valued by independent appraisers and their conclusions are used to justify prices paid by companies. It’s time for a “fresh look” at the issue, Alder said at ...

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• 3 May

  China economic momentum slows down in first quarter

    Bloomberg The first peek into China’s economy this quarter shows momentum cooling slightly as a real-estate frenzy and months of producer-price gains may have peaked. Confidence of small- and medium-sized enterprises, a gauge of manufacturing based on satellite imagery and a steel sentiment index edged down in April. International financial market experts remained confident in the future of the ...

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• 3 May

  Big summer shutdowns loom for US auto plants

  

    Bloomberg Auto workers may be getting some extra time off around Independence Day, but they won’t be celebrating. They’ll know it means sales are weak and that profits — and profit-sharing checks — could be shrinking. Manufacturers used to shut plants for a week or two in July for maintenance and to keep inventories in check. As sales boomed ...

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• 3 May

  Most US homes are worth less than before the crash

  

    Bloomberg You can’t blame a homeowner in Fresno, California, for viewing the thriving metropolis to its northwest with both envy and dismay. While San Francisco home values have surged since the recession, Fresno’s housing market is stuck in a rut. Less than 3 percent of homes in the city and its environs have returned to their pre-recession peak, according ...

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• 3 May

  Euro-area recovery maintains pace

    Bloomberg The euro area maintained its growth momentum at the start of 2017, strengthening the case of those pressuring the European Central Bank to sketch out an end to extraordinary stimulus measures. Gross domestic product rose 0.5 percent in the first three months of the year, according to an initial estimate published by the European Union’s statistics office on ...

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• 3 May

  Oman Air to buy wide-body jets from Airbus, Boeing in 2018

  

    Bloomberg Oman Air Transport plans to move ahead with a multi-billion dollar order for wide-body jets early next year even though it won’t now break even in 2017 as the low oil price curbs growth in the Gulf. The carrier is now aiming to end losses by the end of next year, contingent on demand not deteriorating further, Chief ...

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