January, 2017

• 1 January

  Oil makes biggest annual gain since 2009 before supply cuts

    Bloomberg Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories. Futures rose 52 percent in London this year after closing little changed on Friday. US crude inventories unexpectedly expanded for a second week with a gain of 614,000 barrels last week, the ...

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• 1 January

  Hedge funds bet oil rally to extend into 2017

  Bloomberg Investors are showing no sign of turning their backs on oil heading into 2017. Money managers’ wagers on rising West Texas Intermediate crude prices are triple what they were at the end of 2015, and are the highest since the start of the crude market crash 2 1/2 years ago. Crude futures settled at the highest in almost 18 ...

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• 1 January

  Saudi telecom to work with JPMorgan on options for Oger

  

    Bloomberg Saudi Telecom Co. is working with JPMorgan Chase & Co. to evaluate options including increasing its stake in Turkish telecommunications investor Oger Telecom, according to people familiar with the matter. The Riyadh-based firm could buy a stake in Oger Telecom from Saudi Oger, which holds 65 percent, to boost its current holding of 35 percent, said the people, ...

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• 1 January

  Energy explorers headed for IPO find buyers circling

  

    Bloomberg As oil prices stabilize and confidence returns to the patch, there’s been an uptick in oil and gas companies filing to go public. With prized assets in the industry’s promised lands, not all of them make it that far. In the past month alone, two explorers that were headed for an initial public offering have ins- tead become ...

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• 1 January

  Solar panels sold at loss as prices nosedive

    Bloomberg Solar manufacturers led by China’s Trina Solar Ltd. are probably selling at a loss after prices fell to a record low this week. The global spot market price for solar panels fell 2.4 percent to an average of 36 cents a watt on Dec. 28, according to PVinsights. That’s the bottom end of the cost range for most ...

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• 1 January

  Huawei vows to overhaul business strategies in 2017

  

    WASHINGTON / AFP Huawei Technologies Co. pledged to overhaul its culture and rethink the way it conducts business, expecting global uncertainty to mount in 2017 after sales growth slowed. China’s largest telecommunications equipment maker expects a 32 percent rise in revenue to 520 billion yuan ($75 billion) in 2016, rotating Chief Executive Officer Eric Xu said. That’s down from ...

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• 1 January

  Modi offers subsidies for India’s farmer as cash shortage bites

  

    Bloomberg India’s Prime Minister Narendra Modi offered interest waivers for farmers and cheaper housing loans for the poor in a bid to shore up his popularity, a day after his deadline for exchanging banned notes expired. In a televised speech that stretched close to three-quarters of an hour, Modi praised citizens for bearing the hardship caused by the cash ...

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• 1 January

  Qualcomm to gain fees from Meizu in lawsuit settlement

  

    Bloomberg Qualcomm Inc. said China’s Meizu Technology Co. has agreed to pay licensing fees to settle legal battles in China and three other countries, demonstrating the US company can defend its intellectual property in the world’s biggest smartphone market. Meizu will pay Qualcomm patent fees similar to those accepted by other Chinese phone makers, the two companies said in ...

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• 1 January

  China to abandon 6.5 percent economic growth goal by 2018

  

    Bloomberg China is poised to abandon its 6.5 percent growth target sometime in the next two years as leaders push to contain asset bubbles and financial leverage, according to Societe Generale SA. Signals pointing to acceptance of an expansion below the current objective are encouraging, though authorities haven’t yet confronted the test of a deceleration, which will come in ...

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• 1 January

  Apple to seek lower taxes to start manufacturing in India

  

    Bloomberg Apple Inc. wants India to offer tax concessions on iPhones that the company plans to manufacture in the country, a person with knowledge of the matter said. The company wrote to the industry ministry last month seeking lower import and manufacturing duties, the person said, asking not to be identified citing rules on speaking to the media. The ...

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