July, 2016

• 24 July

  Iran seeks investment from Total, Mitsui

  

    Bloomberg Iran is in talks with Mitsui & Co. Ltd. and Total SA as part of its push to attract $60 billion in foreign investment to more than double the country’s capacity to produce petrochemicals over the next decade. State-run National Petrochemical Co. plans to increase output capacity to 150 million metric tons a year by 2026, Managing Director ...

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• 24 July

  Iraq oil exports set to rise in July, despite leak

  

    London / Reuters Iraq’s oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC’s second-largest producer back on track after two months of declines. Iraq in 2015 provided OPEC’s biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials ...

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• 24 July

  G-20 pledges to fight weak global recovery

  

    Bloomberg The Group of 20 economies reiterated a pledge to use all policy tools to help boost confidence and growth, while stepping up an emphasis on fiscal and structural measures rather than pumping additional monetary stimulus. “The global economic recovery continues but remains weaker than desirable,” finance ministers and central bank governors from the world’s top developed and emerging ...

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• 24 July

  Cairn,Vedanta merger sealed with revised terms

  

    Bloomberg Vedanta Ltd sweetened the deal for Cairn India Ltd shareholders by increasing the number of preference shares four times to salvage a deal which would help create a natural-resources group to compete with BHP Billiton Ltd. and Vale SA. Vedanta will offer minority shareholders of Cairn India one equity share and four redeemable-preference shares with a face value ...

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• 24 July

  Flooding in China’s Hebei led to US$2.3bn losses

    Bloomberg Flooding in China’s northern Hebei province has killed 105 people and led to direct losses of 15.4 billion yuan (US$2.3 billion) to the economy, the local government said on Saturday. About 307,300 people were evacuated and 104 are missing, according to a statement from Hebei’s government. Water supply in the provincial capital Shijiazhuang has been disrupted due to ...

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• 24 July

  Yen weakens, monetary stimulus to boost Japan’s economy

  

    Bloomberg The yen fell, headed for a second weekly decline, amid speculation that further monetary stimulus to boost Japan’s struggling economy is now inevitable — whether or not it comes at next week central-bank meeting. The Bank of Japan’s next monetary policy statement is due July 29, though Mizuho Bank Ltd says officials may well refrain from cutting their ...

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• 24 July

  Beijing slams EU, Japan, S Korea with steel duties

  

    AFP China said on Sunday it has started imposing anti-dumping tariffs on certain steel imports from the European Union, Japan and South Korea, as Beijing itself comes under fire for similar trade practices. Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 percent, the commerce ministry said ...

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• 24 July

  Bank hacks raise fears for financial sector

  

    AFP A series of spectacular cyber attacks against banks, resulting in the theft of tens of millions of dollars, has heightened fears for an industry becoming an increasingly attractive target for hackers. Banks in Bangladesh, the Philippines, Vietnam and Ecuador have been victimised over the past year in the attacks on the global interbank service known as SWIFT, and ...

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• 24 July

  Naira weakens beyond 300 per dollar for first time

  

    Bloomberg Nigeria’s naira fell to a record against the dollar as Africa’s largest economy struggles with a scarcity of foreign exchange more than a month after the currency was devalued. The naira weakened beyond 300 to the dollar for the first time on Friday, according to generic data compiled by Bloomberg, tumbling 2.3 percent to 300.25, Nigeria’s commercial capital. ...

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• 24 July

  BBVA to weigh thousands of job cuts to reduce costs

  

    BLOOMBERG Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, is weighing a fresh round of job cuts across the company to lower costs, three people with knowledge of the matter said. The bank may eliminate 2,000 positions or more, said the people, asking not to be identified because the matter is private. The cuts would mostly affect branches and ...

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