September, 2016

• 6 September

  Iran supports $50-60 oil price, stability measures

  

    Reuters Iran supports an oil price of $50-60 per barrel and any measure to stabilise the market, state TV quoted the country’s oil minister as saying on Tuesday. “Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,” Bijan Zanganeh said after meeting OPEC Secretary-General Mohammed Barkindo in ...

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• 6 September

  Brent drops as Saudi-Russia stop short of freeze

  

    Bloomberg Brent oil dropped after a pledge by Russia and Saudi Arabia to cooperate to stabilize the market failed to include any specific measures to bolster prices. Futures fell as much as 0.8 percent in London after climbing 4.8 percent over the previous two sessions. Brent jumped as much as 5.5 percent on Monday as news broke that Saudi ...

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• 6 September

  LNG trading meets EBay as startup begins online auction

  

    Bloomberg A group of liquefied natural gas industry executives is launching a digital platform that will allow LNG traders to buy and sell spot cargoes via online auctions. The Global LNG Exchange, or GLX, will begin testing its platform in October and plans to handle live deals starting in the first quarter, Chief Executive Officer Damien Criddle said in ...

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• 6 September

  World’s hottest oil market gets a jolt from China’s taxman

  

    Bloomberg Everyone wants a share of the world’s hottest oil market, including China’s taxman. Purchases by the country’s independent refiners, granted permission last year to buy foreign crude, have soaked up some of the global oil glut and helped revive prices after the biggest collapse in a generation. Sellers from Saudi Arabia to BP Plc have been supplying the ...

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• 6 September

  Coal contract to gain as China cuts output

  

    Bloomberg Metallurgical coal contracts are set for the longest run of gains since quarterly deals were introduced in 2010 as China cuts output and raises steel production. Spot prices for hard coking coal have gained more than 80 percent since the start of June to more than $150 a metric ton, surging above the third-quarter contract price of $92.50. ...

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• 6 September

  India’s first GM food crop inches nod

  

    Bloomberg Genetically- modified mustard may be a step closer to becoming the first food crop in India to be approved for commercial production after a panel of scientists said it poses no risk to humans. The oilseed “does not raise any public health or safety concerns on human beings and animals with respect to overall nutritional characteristics,” the panel ...

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• 6 September

  ChemChina to finalize loan to buy Syngenta

    Bloomberg China National Chemical Corp. has secured commitments from lenders on a $12.7 billion loan for its purchase of Swiss pesticides producer Syngenta AG, people familiar with the matter said. The Beijing-based company, known as ChemChina, attracted 17 banks for the financing, according to the people, who aren’t authorized to speak publicly and asked not to be identified. The ...

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• 6 September

  India iron ore miner cuts costs despite rally

  

    Bloomberg India’s top iron ore miner is feeling the squeeze despite a global rally in the price of the steel-making material. NMDC Ltd. has cut prices about 6 percent in 2016 even as iron ore climbed 36 percent internationally. Challenges include record domestic supplies, moderating local steel demand and transport costs on India’s clogged railway. “Transport costs are prohibitive,” ...

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• 6 September

  US ‘morally obliged’ to heal Laos war wounds: Obama

  

    Vientiane / AFP President Barack Obama pledged on Tuesday to dramatically increase US efforts to clear millions of bombs secretly dropped on tiny Laos by American planes a generation ago, saying the clean-up was a “moral obligation”. Laos became the world’s most-bombed country per capita from 1964 to 1973 as Washington launched a secret CIA-led war to cut supplies flowing ...

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• 6 September

  Floods kill 60, displace 44,000 in N Korea: UN

    Seoul / AFP Flooding following heavy rain has killed 60 people and left over 44,000 homeless in North Korea, the United Nations said on Tuesday, after the country reported that a northeastern river suffered its worst-ever flood. Pyongyang said on Friday the Tumen river, which partially marks the border with China and Russia, experienced the biggest flood ever recorded due ...

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