January, 2017

• 2 January

  Oman 2017 state budget projects smaller deficit, continued austerity

      MUSCAT/ Reuters Oman’s government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices, which are hurting state revenues. Government spending this year is projected to total 11.7 billion rials ($30.4 billion) and revenues 8.7 billion rials, which would result in ...

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• 2 January

  Turkmenistan halts gas exports to Iran over payment controversy

  

    Reuters Turkmenistan stopped gas exports to Iran on Sunday in a long-running dispute over arrears, Iran’s state gas company said, days after Tehran said the issue had been temporarily resolved. “Türkmengaz suddenly and … in an illogical manner, contradictory to the agreement, halted gas deliveries to Iran this morning, demanding quick payment of the disputed amount,” the National Iranian ...

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• 2 January

  Qatari construction firm IHG to list shares in $138mn offer

    Doha / Reuters Qatari construction firm Investment Holding Group (IHG) will launch an initial public offer of its shares next week in a boost for the country’s stock market, which has seen only two new listings since 2010. The contracting and trading business will offer 49.8 million shares, or 60 percent of its capital, at a price of 10.1 ...

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• 2 January

  Libya’s oil production rises to 685,000 bpd

    Bloomberg Libya was producing 685,000 barrels of oil per day (bpd), up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said. Output has risen after a two-year blockade was lifted two weeks ago on major pipelines leading from the western fields of Sharara and El Feel. Production has been resuming gradually at ...

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• 2 January

  ‘Gasolinazo’ infuriates Mexico, taints flagship energy reform

    Bloomberg Mexico is bracing for a series of protests as the opposition threatens a “peaceful revolution,” after the government of President Enrique Pena Nieto announced plans to raise gasoline prices by the most in two decades. Gasoline will soar as much as 20 percent in January as the nation moves away from subsidies that have burnt a hole in ...

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• 2 January

  Natural Gas: The best-performing commodity amid polar cold blast

  

    Bloomberg A polar blast that’s poised to sweep the US has turned natural gas into the year’s best performer among major commodities. Frigid weather will sweep the western two-thirds of the nation in the second week of January, stoking gas demand for heating, according to Commodity Weather Group LLC. The deep freeze comes as output from shale basins slows, ...

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• 2 January

  Hyundai, Kia forecast sales to rebound on capacity, models

  

    Bloomberg Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast sales to climb 4.7 percent this year as they count on new model introductions to counter intensifying competition amid global uncertainties. Hyundai and Kia are targeting to deliver a combined 8.25 million vehicles in 2017 from 7.88 million units a year earlier, according to regulatory filings. ...

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• 2 January

  Korea bans sales of some Nissan, BMW models in emissions probe

  

    Bloomberg South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investi- gation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won ($5.9 million), which apply to 4,523 vehicles, and the certifications given for these models ...

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• 2 January

  China starts 2017 engulfed by smog, issues pollution alerts

  

    Beijing / AP Beijing and other cities across northern and central China were shrouded in thick smog, prompting authorities to delay dozens of flights and close highways. The Beijing Municipal Environmental Protection Bureau extended an “orange alert” for heavy air pollution for three more days. Beijing’s smog had initially been forecast to lift by Monday. The “orange alert” is ...

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• 2 January

  India’s manufacturing to shrink as cash shortages cut demand

    Bloomberg A private gauge indicates that India’s manufacturing sector will shrink for the first time in a year as Prime Minister Narendra Modi’s unprecedented clampdown on cash hurts demand. The Nikkei India Manufacturing Purchasing Managers’ Index was at 49.6 in December, a report showed, the lowest since December 2015. A number below 50 indicates a contraction. “Shortages of money ...

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