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Reuters Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member’s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. “We ...
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January, 2017
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23 January
Kurdistan pays dues as oil rally boosts funds
Bloomberg The government of Iraqi Kurdistan paid international oil companies for the first time in seven weeks, as rising crude prices gave a much-needed boost to the region’s coffers. DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. received a combined $53.9 million for oil sold in October as well as arrears, they said Monday. The Kurdistan Regional ...
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23 January
Liabilities mar Jinko’s expansion in solar industry
Bloomberg JinkoSolar Holding Co. is poised to become the latest solar-industry leader to learn coming in first doesn’t always make you a winner. Jinko had 6.5 gigawatts of panel-production capacity at the end of the third quarter, and said full-year 2016 shipments may be as high as 6.7 gigawatts. That means the No. 3 solar company is poised to ...
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23 January
India budget may put consumers before taxes to spur consumption
Bloomberg Taxes are anything but certain for Indian Prime Minister Narendra Modi. Faced with a slump in demand after his shock clampdown on cash, he’s expected to lower taxes in the February 1 budget to spur consumption. The risk is that a cut will rob Modi of a short-term revenue spurt, which his administration had been touting as proof ...
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23 January
Aberdeen sees improvement in India’s economy
Bloomberg India trailing Spain on the sovereign ratings tables makes no sense to Aberdeen Asset Management Plc, which calls the delay in acknowledging the Asian economy’s improving outlook staggering. With India “isolated†and less threatened by possible protectionist measures by US President Donald Trump, Aberdeen is overweight on the country and its local companies, said Hugh Young, the firm’s ...
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23 January
China carmaker Guangzhou aims to crack US
Bloomberg Guangzhou Automobile Group Co., which produces cars in China with Fiat Chrysler Automobiles NV, plans to start exporting its own brand of automobiles to the U.S next year and become the first Chinese carmaker to begin retail sales to American consumers. GAC, which created its Trumpchi brand in 2010 after being a production partner for foreign carmakers for ...
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23 January
China’s GDP defies skeptics shakes off deflationary scare
Bloomberg China has defied the skeptics once more, weathering stock market wobbles and a weakening currency and shaking off a deflationary scare to post 2016 growth that’s almost certain to land smack in the middle of the government’s target range. The stabilization has come at a cost as cheap credit fueled property bubbles in major cities, spurring policy makers ...
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23 January
Samsung blames battery, assembly for Note 7 fires
Bloomberg It was the battery, after all. In a presentation and news conference on Monday that lasted more than two hours, Samsung Electronics Co. detailed the results of its investigation into Note 7 smartphones that overheated and burst into flames last year. There were few surprises. While the company cited flaws in battery manufacturing and design for the fiasco, ...
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23 January
China’s real estate bonds see good times ending
Bloomberg Steps to cool China’s property market are stoking speculation the good times are about to end for developer bonds offshore. The hangover would be big. Yield-starved fund managers around the world have piled into the $65 billion market for dollar-denominated notes sold by Chinese builders. There is plenty of scope for pain after yield premiums for lower-rated US-currency ...
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23 January
S’pore consumer prices rise for first time since 2014
Bloomberg Consumer prices in Singapore rose in December for the first time in more than two years, adding to signs of recovery in the city-state’s economy. CPI rose 0.2 percent from a year earlier, compared with unchanged prices in November. The median estimate of 16 economists in a Bloomberg survey was for a 0.1 percent gain Prices increased 0.2 ...
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